Novo Nordisk A/S Q3 2026 Earnings Recap

Novo’s Q3 adjusted sales grew 4%, with both operating units back in growth, while the stock was nearly flat at +0.3%. The quarter showed a recovery in patient volumes, but full-year adjusted growth guidance remains a range of -2% to +2%.

Key Takeaways

• Adjusted sales growth was 4% in Q3; U.S. Operations grew 1% and International Operations 8%, including 18% growth in EUCAN.
• The company added 1.3 million patients in Q3: 0.7 million in obesity and about 1 million in diabetes, according to management’s figures.
• Obesity sales grew 22% overall and 24% in International Operations. Novo said it is now treating 5.6 million people for obesity, almost double the number a year ago.
• Wegovy pill had launched in seven International Operations markets; management cited around 90% share of the oral obesity segment in the U.K. and 80% in the UAE, while noting U.K. uptake was normalizing after initial pent-up demand.
• Novo reported DKK 32 billion in adjusted operating profit and more than DKK 28 billion in free cash flow for Q3. Full-year adjusted sales and operating profit growth guidance is -2% to +2% at CER.