$NVO (+0,98%)

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• Novo targets DKK150B+ ($23B) in risk-adjusted pipeline sales by 2035 and more than five multi-blockbuster launches.

• CagriSema showed 12.4% weight loss vs. 9.1% for $LLY Eli Lilly’s tirzepatide in Phase 3, while delivering 21% weight reduction vs. placebo.

• Investors focused on limited near-term catalysts and continued obesity market share erosion to Lilly, with Novo shares now down ~17% YTD.

$NVO (+0,98%)

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• Novo will present new real-world data on Wegovy pill, including weight outcomes, treatment switching and patient-reported results.

• CagriSema presentations will cover appetite regulation, food-cue brain responses, body composition and bone remodeling; zenagamtide Phase 2b data in type 2 diabetes will also be shown.

• Additional data span Wegovy 7.2 mg, Ozempic 2.0 mg, cardio-renal outcomes and comparisons with tirzepatide.

$NVO (+0,98%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Net sales: DKK 78.5B, +3% CER

• Adjusted net sales: DKK 78.5B, +7% CER

• Operating profit: DKK 27.1B, -16% CER

• Adjusted operating profit: DKK 33.4B, +11% CER

• Reported operating profit was impacted by a DKK 6.3B non-cash impairment charge related to pipeline assets, including monlunabant (DKK 4.0B)

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 adjusted sales growth raised to 0% to -6% CER

• FY2026 adjusted operating profit growth raised to 0% to -6% CER

• Improved outlook driven by stronger expectations for GLP-1 product sales

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Wegovy pill surpassed 265,000 weekly US prescriptions and has exceeded 5 million prescriptions since launch

• Wegovy pill launched in the UAE and UK, with additional market launches planned in the coming quarters

• Wegovy HD launched in the US, while the 7.2 mg single-dose pen rollout across the EU is planned for H2 2026

• EMA approved both Wegovy 7.2 mg single-dose pen and Wegovy pill in July

• The Phase 3 ZEUS trial for ziltivekimab did not meet its primary endpoint

$NVO (+0,98%)

• Phase 3 FRONTIER4 extension data showed positive long-term safety and efficacy for investigational Mim8 (denecimig) across once-weekly, biweekly, and monthly dosing in hemophilia A patients of all ages.

• Approximately 71% of adults/adolescents and 89% of children experienced zero treated bleeds while receiving Mim8.

• Novo Nordisk also reported Phase 3 explorer10 data showing concizumab reduced annualized bleeding rates by 82% versus prior on-demand treatment in children with hemophilia A or B with inhibitors.

$NVO (+0,98%)

📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Revenue: DKK 96.8B (+32% CER)

• Adj. revenue: DKK 70.1B (-4% CER)

• Operating profit: DKK 59.6B (+65% CER)

• Adj. operating profit: DKK 32.9B (-6% CER)

• Wegovy pill sales: DKK 2.26B

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY26 Adj. sales growth: -4% to -12% CER

• FY26 Adj. operating profit growth: -4% to -12% CER

• Outlook raised due to stronger GLP-1 expectations

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Core business weaker than headline numbers suggest → adjusted sales/profit both declined

• 340B reversal massively boosted reported results → headline beat somewhat artificial

• Wegovy pill launch is the real story → >2M prescriptions since launch

• Obesity franchise still growing strongly → adjusted obesity sales +22% CER

• US pricing pressure remains severe → US adjusted sales -11% CER

• Pipeline remains elite → Wegovy HD + weekly insulin approvals strengthen moat

• Oral GLP-1 leadership could become major competitive advantage vs injectable-only rivals

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Wegovy® pill is defining a novel category as the only oral peptide for obesity treatment.”

About to buy some $NVO (+0,98%) ahead of results. The stock is down ~36% in the past year and trades at just 12x forward P/E — historically cheap for a company with 33% net margins and 60% ROE.

They beat estimates in 3 of the last 4 quarters, the GLP-1 market is still massive, and yesterday's positive data on oral semaglutide in kids is a nice catalyst going in.

Main risks I see: $LLY (+2,96%) competition and the recent revenue slowdown (-7.6% QoQ).

Do you think they'll beat on May 6th? Anyone else positioned here? 👇