𝐍𝐨𝐯𝐨 𝐍𝐨𝐫𝐝𝐢𝐬𝐤: 𝐖𝐞𝐠𝐨𝐯𝐲 𝐏𝐢𝐥𝐥 𝐃𝐫𝐢𝐯𝐞𝐬 𝐌𝐚𝐬𝐬𝐢𝐯𝐞 𝐔𝐒 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧

$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.”