Novo raises full-year outlook on continued GLP-1 momentum, with third-quarter adjusted operating profit increasing 27% at CER to DKK 31,720 million

Q: What were Novo's Q3 2026 sales and operating profit?

Novo reported sales of DKK 79,195 million and operating profit of DKK 23,011 million. At constant exchange rates, sales increased 4% while reported operating profit declined 9%. Adjusted operating profit reached DKK 31,720 million, up 27% on that basis.

Q: What is Novo's raised full-year 2026 outlook?

Novo now expects adjusted sales growth and adjusted operating profit growth of -2% to +2% each at constant exchange rates. The company attributes the improved outlook to increased expectations for GLP-1 product sales.

Q: When does Novo expect to launch Frehemgo in Europe and the US?

Novo plans the first European Frehemgo launches around the turn of the year, pending full EU approval, and expects a US denecimig launch in H1 2027, pending a regulatory decision. Frehemgo received a positive CHMP opinion on 17 September; the US regulatory review remains ongoing.

Nine-month reported sales rose 13% at constant exchange rates, while adjusted sales increased 2% on the same basis.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Positive)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Rhea-AI Summary

Novo (NVO) raised its full-year outlook as third-quarter adjusted operating profit rose 27% at constant exchange rates to DKK 31,720 million. Q3 sales reached DKK 79,195 million, up 4% at constant exchange rates. Reported operating profit fell 9% on that basis to DKK 23,011 million, reflecting DKK 8.7 billion in non-cash impairments. Adjusted profit growth also benefited from transformation costs recorded in Q3 2025.

Novo now expects 2026 adjusted sales and adjusted operating profit growth each of -2% to +2% at constant exchange rates, reflecting higher expectations for GLP-1 product sales. Wegovy pill generated Q3 sales of DKK 5,394 million and has now launched in eight markets. CagriSema delivered 21% weight loss at week 68 in REDEFINE 9. Novo is preparing for a US CagriSema launch in early 2027, subject to regulatory approval.

15 points · 2 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.2026 outlook raised: adjusted sales and operating profit growth each expected at -2% to +2% at constant exchange rates.
Major pointREIMAGINE 5: CagriSema 1.0/1.0 mg achieved superior weight loss, 12.4% versus 9.1% for tirzepatide 5 mg.
Moderate pointQ3 adjusted operating profit of DKK 31,720 million increased 34% in DKK and 27% at constant exchange rates.
Moderate pointQ3 reported and adjusted sales of DKK 79,195 million grew 6% in DKK, 4% at constant exchange rates.
Moderate pointWegovy pill Q3 sales reached DKK 5,394 million following launches in the US, UAE, UK and Germany.
Moderate pointCagriSema 1.0/1.0 mg delivered 21% weight loss at week 68 in the REDEFINE 9 trial.

9 minor points

Minor pointNine-month reported sales of DKK 254,506 million grew 11% in DKK, 13% at constant exchange rates.
Minor pointNine-month operating profit of DKK 109,690 million grew 14% in DKK, 18% at constant exchange rates.
Minor pointNine-month adjusted sales of DKK 227,746 million were unchanged in DKK, up 2% at constant exchange rates.
Minor pointNine-month adjusted operating profit of DKK 97,967 million grew 5% in DKK, 8% at constant exchange rates.
Minor pointOzempic pill weekly new-to-brand prescriptions are currently up around 100% versus pre-launch levels under the Rybelsus brand.
Minor pointREIMAGINE 5: CagriSema demonstrated non-inferior blood-sugar reduction at week 60 in adults with type 2 diabetes and obesity.
Minor pointAMAZE 9 phase 3 trial with oral zenagamtide began in September.
Minor pointFrehemgo received a positive CHMP opinion on 17 September.
Minor point. Forward-looking: it has not happened yet and may not happen.CagriSema US launch preparations target early 2027, subject to regulatory approval.

Negative

Moderate pointQ3 reported operating profit of DKK 23,011 million fell 3% in DKK, 9% at constant exchange rates.
Minor pointNon-cash impairments: DKK 4.6 billion for ziltivekimab and DKK 4.1 billion for manufacturing-network right-sizing.
Minor pointQ3 adjusted profit comparison benefited from DKK 9 billion of transformation costs recognised in Q3 2025.
Minor point. Forward-looking: it has not happened yet and may not happen.Frehemgo European launches planned around year-end remain dependent on full EU approval.
Minor point. Forward-looking: it has not happened yet and may not happen.Denecimig US review remains ongoing; an expected H1 2027 launch depends on the regulatory decision.
Minor point. Forward-looking: it has not happened yet and may not happen.CagriSema's planned early-2027 US launch remains subject to regulatory approval.

News Explained

A separate CagriSema trial adds diabetes-population evidence: weight loss was 12.4% versus 9.1% for tirzepatide, with non-inferior HbA1c reduction.

Novo reports that denecimig received a positive CHMP opinion, but full EU approval is pending and its U.S. review is ongoing; first European launches are planned around year-end, while a U.S. launch is expected in H1 2027 pending a regulatory decision.

The Ozempic pill has launched in the U.S. Weekly new-to-brand prescriptions are around 100% above pre-launch levels under the Rybelsus brand.

In REIMAGINE 5, CagriSema achieved 12.4% weight loss versus 9.1% for tirzepatide 5 mg, with non-inferior HbA1c reduction at week 60 in adults with type 2 diabetes and obesity.

Key Figures

Q3 adjusted operating profit: DKK 31,720 million; +27% at CER Q3 sales growth: +4% at CER Q3 reported operating profit growth: -9% at CER +5 more

Q3 adjusted operating profit: DKK 31,720 million; +27% at CER; Q3 2026
Q3 sales growth: +4% at CER; Q3 2026 adjusted and reported sales
Q3 reported operating profit growth: -9% at CER; Q3 2026
Wegovy pill sales: DKK 5,394 million; Q3 2026
CagriSema weight loss: 21%; REDEFINE 9 trial, week 68
Comparative weight loss: 12.4% vs. 9.1%; CagriSema vs. tirzepatide 5 mg; REIMAGINE 5, week 60
2026 adjusted sales growth outlook: -2% to +2% at CER; Full-year 2026
2026 adjusted operating profit growth outlook: -2% to +2% at CER; Full-year 2026

Historical Context

1 past event · Latest: Oct 02

1 event

Oct 02
Regulatory update

24h Move

+0.6%

FDA review remained ongoing after manufacturing remediation; no clinical-data deficiencies were identified.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

chmp, hba1c, non-inferior, nbrx

4 terms

chmp regulatory

"received positive CHMP opinion"

The CHMP is the European Medicines Agency’s expert panel that evaluates whether a medicine for people should be recommended for approval across the EU. Think of it as a technical review board whose positive or negative opinion strongly affects a drug maker’s ability to sell a product in the European market, shaping potential revenues, regulatory risk and investment timelines for companies developing or marketing therapies.

hba1c medical

"non-inferior HbA1c reduction at week 60"

A1c (HbA1c) is a blood test that measures how much sugar has stuck to red blood cells over the past two to three months, giving a single number that reflects average blood glucose control—think of it as a running average score for blood sugar. Investors watch A1c because it’s a common clinical measure used to judge whether diabetes drugs, devices or care programs work, influence regulatory approvals, treatment guidelines and market demand.

non-inferior medical

"while demonstrating non-inferior HbA1c reduction"

Non-inferior describes a result from a clinical or comparative test showing a new product, treatment, or approach is not meaningfully worse than an existing standard by more than an agreed-upon, acceptable difference. Think of it like proving a new car model performs at least close enough to the old one on key measures so consumers won’t lose out. Investors care because non-inferiority outcomes can clear regulatory or market hurdles and preserve commercial potential without needing to beat the incumbent.

nbrx medical

"Weekly new-to-brand prescriptions (NBRx)"

NBRx stands for "new-to-brand prescriptions" and measures the number of prescriptions written for a particular branded medicine for patients who were not recently using that brand during a defined time period. It shows how many new patients a drug is acquiring, rather than repeat fills. Like counting first-time customers in a store, NBRx helps investors assess a drug’s sales momentum and market adoption over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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11/04/2026 - 01:30 AM EST

4 November - Financial report for the period 1 January 2026 to 30 September 2026

Financial performance

Q3 2026 adjusted and reported sales increased by 4% at CER, driven by continued GLP-1 volume growth across the US and International operations, primarily in obesity.
Q3 2026 adjusted operating profit increased by 27% at CER, driven by GLP-1 sales growth and a favourable comparison base following DKK 9 billion of company-wide transformation costs recognised in Q3 2025.
Q3 2026 reported operating profit decreased by 9% at CER, reflecting DKK 8.7 billion of non-cash impairment charges in the quarter, related to ziltivekimab (DKK 4.6 billion) and right-sizing of manufacturing network (DKK 4.1 billion).

Commercial highlights

By the end of Q3, Wegovy® pill had been launched in the US, UAE, UK and Germany, with uptake driving Q3 2026 sales of DKK 5,394 million. More recently, launches in four additional countries increased the total number of launched markets to eight.
The Wegovy® franchise maintains its US leadership in new patient starts, with more than 50% share in the branded obesity market.
Ozempic® pill was launched in the US in May, with encouraging early momentum. Weekly new-to-brand prescriptions (NBRx) are currently up around 100% compared with pre-launch levels under the Rybelsus® brand.
The global roll-out of Ozempic® 2.0 mg and the Wegovy® 7.2 mg single-dose pen across International Operations is progressing.

Pipeline progress

Within obesity, CagriSema (1.0/1.0 mg) delivered encouraging weight loss of 21% at week 68 in the REDEFINE 9 trial.
Also in obesity, the AMAZE 9 phase 3 trial with oral zenagamtide has been initiated in September.
Within diabetes, CagriSema (1.0/1.0 mg) achieved superior weight loss of 12.4% compared with 9.1% for tirzepatide 5 mg, while demonstrating non-inferior HbA_1c reduction at week 60 in adults with type 2 diabetes and obesity in the REIMAGINE 5 trial.
Within blood & endocrine disorders, Frehemgo® (denecimig) received positive CHMP opinion on 17 September and pending full EU approval, the first launches are planned in Europe around the turn of the year. In the US, the regulatory review of denecimig is still ongoing, and pending regulatory decision, a US launch is expected in H1 2027.

Outlook

Adjusted sales growth for 2026 is now expected to be -2% to +2% at CER and adjusted operating profit growth is now expected to be -2% to +2% at CER. The improved outlook is driven by increased expectations for GLP-1 product sales.

PROFIT AND LOSS DKK million	Q3 2026	Growth in DKK	Growth at CER	9M 2026	Growth in DKK	Growth at CER

Net sales	79,195	6%	4%	254,506	11%	13%
Operating profit	23,011	(3%)	(9%)	109,690	14%	18%
Adjusted net sales¹	79,195	6%	4%	227,746	0%	2%
Adjusted operating profit¹	31,720	34%	27%	97,967	5%	8%
CER: Constant exchange rates; ¹Adjusted sales and adjusted operating profit exclude certain exceptional and non-recurring items not reflective of the Group’s normal course of operating activities, as defined in Appendix 7.

“We delivered a stronger-than-expected third quarter and are raising our full-year outlook for adjusted sales and adjusted operating profit. We are particularly pleased to see both US Operations and International Operations deliver sales growth this quarter. Growth was led by our obesity portfolio, with continued uptake of Wegovy® pill in the US and encouraging early launches internationally. Our focus is on sustaining this progress through disciplined execution and broader access to our medicines. We are also advancing our pipeline and preparing for the US launch of CagriSema in early 2027, subject to regulatory approval,” said Mike Doustdar, president and CEO of Novo.

On 4 November 2026 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under 'Investors' (the contents of the company's website do not form a part of this Form 6-K).

Novo is the global healthcare company that believes lasting health starts now. For over a century, we’ve combined leading scientific expertise with a deep understanding of people’s lives. We develop treatments and support that help millions of people make progress they can see, feel and sustain now and in the future. Every day, over 66,500 employees around the world advance our purpose to drive change for lasting health. Through our partnerships, programmes and investments, we’re working to prevent disease, expand access to treatments and reduce our environmental impact to help even more people live healthier lives. Novo's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com and follow us on Instagram, LinkedIn, TikTok, Facebook, X and YouTube.

Contacts for further information
Media:
Ambre James-Brown +45 3079 9289 globalmedia@novonordisk.com	Liz Skrbkova (US) +1 609 917 0632 usmediarelations@novonordisk.com

Investors:
Michael Novod +45 3075 6050 nvno@novonordisk.com	Sina Meyer +45 3079 6656 azey@novonordisk.com
Christoffer Togo Solgaard-Tullin +45 3079 1471 cftu@novonordisk.com	Max Ung +45 3077 6414 mxun@novonordisk.com
Ida Schaap Melvold +45 3077 5649 idmg@novonordisk.com	Mads Berner Bruun +45 3075 2936 mbbz@novonordisk.com
Frederik Taylor Pitter (US) +1 609 613 0568 fptr@novonordisk.com	Alex Bruce (US) +1 640 230 0276 axeu@novonordisk.com

Company announcement No 65 / 2026

Attachment

CA261104-NOVO-Q3-2026

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Novo's Q3 2026 sales and operating profit?

Novo reported sales of DKK 79,195 million and operating profit of DKK 23,011 million. At constant exchange rates, sales increased 4% while reported operating profit declined 9%. Adjusted operating profit reached DKK 31,720 million, up 27% on that basis.

What is Novo's raised full-year 2026 outlook?

Novo now expects adjusted sales growth and adjusted operating profit growth of -2% to +2% each at constant exchange rates. The company attributes the improved outlook to increased expectations for GLP-1 product sales.

When does Novo expect to launch Frehemgo in Europe and the US?

Novo plans the first European Frehemgo launches around the turn of the year, pending full EU approval, and expects a US denecimig launch in H1 2027, pending a regulatory decision. Frehemgo received a positive CHMP opinion on 17 September; the US regulatory review remains ongoing.

Novo raises full-year outlook on continued GLP-1 momentum, with third-quarter adjusted operating profit increasing 27% at CER to DKK 31,720 million