𝐍𝐨𝐯𝐨 𝐍𝐨𝐫𝐝𝐢𝐬𝐤: 𝐐𝟑 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐁𝐞𝐚𝐭𝐬 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐄𝐏𝐒 𝐌𝐢𝐬𝐬𝐞𝐬 𝐚𝐦𝐢𝐝 𝐃𝐊𝐊 𝟖.𝟕𝐁 𝐈𝐦𝐩𝐚𝐢𝐫𝐦𝐞𝐧𝐭

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

⠀

📊 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) ✅.

⠀

🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

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

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

⠀

📌 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.

⠀

💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

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