Earnings Analysis November 6, 2026

Novo Nordisk ($NVO) Q3 2026 Earnings Analysis: Adjusted Profit Beats Estimates · Annual Guidance Raised

Earnings Report

Revenue: 79.195 billion DKK (based on Q3 2026 reported/adjusted figures, +6% YoY; comparison withheld due to different currency from the $73.792 billion estimate)

EPS (Earnings Per Share): $5.79 (vs. $4.62 estimate, +25.3%) ✅ Beat

Guidance: Upward revision · For the 2026 full year on a constant currency basis, both adjusted revenue growth and adjusted operating profit growth have been raised to -2% to +2% (previously -6% to 0% respectively)

Stock Reaction: +5.0% (based on BMO closing price on the same day)

Highlights

Obesity Treatment Growth: Q3 2026 revenue increased by 22% YoY on a constant currency basis.

Improved Adjusted Operating Profit: Increased by 27% YoY on a constant currency basis in Q3 2026.

Expansion of Oral Treatments: Wegovy pills have been launched in four countries as of the end of Q3 2026.

The company attributed the increase in adjusted operating profit to the expansion of obesity treatment sales volumes and the comparison effect from restructuring costs in the previous year. The international launch of oral treatments is also ongoing. Company Announcement

Lowlights

Decrease in Reported Profit: Q3 2026 reported operating profit decreased by 9% YoY on a constant currency basis.

Decline in Asset Value: Reflected 8.7 billion DKK in non-cash impairment charges in Q3 2026.

Weakness in Diabetes Treatments: Q3 2026 adjusted revenue for diabetes treatments decreased by 5% on a constant currency basis.

Impairment charges arose from treatments under development and production facility adjustments. It is difficult to conclude that the improvement in adjusted profit alone offsets the losses incurred from development assets and production facilities. Quarterly Report

What the Company Said

CEO Mike Doustdar explained that obesity treatments drove growth, with revenue increasing in both U.S. and international businesses. The company stated its intention to focus on expanding treatment accessibility and sales execution. Company Press Release

Market Reaction and Future Key Points

Stock prices rose on the day of the earnings announcement. The positive changes presented by the company include the expansion of obesity treatment sales and an upward revision of the annual outlook, though the specific impact of individual factors on the stock price has not been confirmed.

In the next quarter, it is necessary to check if the expansion of overseas sales for oral obesity treatments continues.

It is necessary to observe whether the decline in diabetes treatment revenue eases.

It is necessary to monitor whether the gap between adjusted operating profit and reported operating profit narrows.

Earnings Call Key Summary

We have summarized the key points from the Novo Nordisk earnings call.

[Bearish] Weakening pricing effects next year: It was stated that there were favorable effects this year in actual sales amounts reflecting discounts and rebates. This is a warning that it is difficult to expect the same level of assistance next year. Reason UST viewed this as bearish: Because the effects that were favorable to this year's revenue may weaken. "Finally, I would add that there were favorable effects in actual sales amounts reflecting discounts and rebates this year, but we may not be able to expect the same level next year." (Novo Nordisk CEO)

[Bullish] Accelerated launch through production expansion: The background for accelerating the overseas launch of oral Wegovy was higher-than-expected production volumes. The opportunity to secure patients in more countries has arrived sooner. Reason UST viewed this as bullish: Because increased production allows for an accelerated overseas launch. "The background for the accelerated launch is the expansion of production, and the production lines are producing more volume than expected." (Novo Nordisk management)

[Bullish] Additional demand for oral medication: In the UK, it was explained that oral Wegovy does not cannibalize the existing injectable business. This shows the possibility of expanding the business rather than just migrating existing customers. Reason UST viewed this as bullish: Because it grows without cannibalizing the existing injectable business. "What you should pay attention to, and what we are particularly focusing on, is that the oral medication does not cannibalize the existing injectable business." (Novo Nordisk management)