$NOVO B (+1,44%)
$NVO (+1,67%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• EPS: DKK 3.79 (Est. DKK 5.09) ❌, -16% YoY.

• Revenue: DKK 79.20B (Est. DKK 73.83B) ✅, +6% YoY (+4% CER).

• Operating Profit: DKK 23.01B (Est. DKK 27.89B) ❌.

• Adjusted Operating Profit: DKK 31.72B, +27% CER.

• EBITDA: DKK 37.38B (Est. DKK 34.92B) ✅.

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 Adjusted Sales Growth: -2% to +2% CER, raised.

• FY2026 Adjusted Operating Profit Growth: -2% to +2% CER, raised.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 revenue beat consensus by ~7.3%, while EPS missed by ~25.5%.

• Operating profit missed estimates by ~17.5%, impacted by DKK 8.7B in non-cash impairments.

• Obesity Care sales increased 22% CER to DKK 26.15B.

• Wegovy injectable generated DKK 20.41B, while Wegovy Pill contributed DKK 5.39B.

• Ozempic revenue reached DKK 29.71B.

• Rybelsus revenue was DKK 4.94B, down 9% CER.

• Ozempic Pill new prescriptions were approximately 100% above pre-launch Rybelsus levels.

• CagriSema achieved 21% weight loss at week 68 in the REDEFINE 9 trial.

• Non-cash impairments included DKK 4.6B for ziltivekimab and DKK 4.1B related to the manufacturing network.

• Adjusted operating profit grew 27% CER despite pressure on reported earnings.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“We delivered a stronger-than-expected third quarter and are raising our full-year outlook for adjusted sales and adjusted operating profit.”

$NVO (+1,67%)

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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 (+1,67%)

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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 (+1,67%)

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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 (+1,67%)

• 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 (+1,67%)

📊 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.”