Novo Nordisk: results, sales by product and market reaction
What Novo Nordisk has reported about its sales, outlook and write-downs, and what its stock did on the days that mattered. Novo reports in Danish kroner (DKK), and the Atlas keeps those figures as reported.
Last checked . Figures are company-reported unless a line says otherwise. This is not investment advice. For medicines, trials and approvals see the Novo Nordisk tracker.
Constant exchange rates (CER) remove currency swings so that growth compares like with like. Source: Novo Nordisk's third-quarter 2026 announcement and financial report, November 4, 2026.
Third quarter 2026, reported November 4
Novo reported adjusted sales of DKK 79,195 million, up 6% in kroner and 4% at constant rates. Adjusted operating profit was DKK 31,720 million, up 27% at constant rates. Novo says growth came from GLP-1 volume, with obesity care sales up 22% and diabetes care down 5%. Wegovy injection and Ozempic fell slightly, and the new Wegovy pill filled the gap.
| Product line | Q3 2026, DKK million | Change at CER | Nine months, DKK million | Change at CER |
|---|---|---|---|---|
| Wegovy injection | 20,407 | -2% | 58,126 | +4% |
| Wegovy pill | 5,394 | new | 10,868 | new |
| Ozempic injection | 29,706 | -5% | 88,906 | -3% |
| Ozempic tablets and Rybelsus (reported together) | 4,938 | -10% | 14,738 | -10% |
| Victoza | 105 | -83% | 620 | -74% |
| Obesity care, all products | 26,146 | +22% | 70,210 | +20% |
| Diabetes care, all products | 47,545 | -5% | 142,910 | -5% |
| Insulin | 12,265 | +2% | 36,851 | -4% |
| United States | 41,880 | +1% | 118,134 | -2% |
| International Operations | 37,315 | +8% | 109,612 | +8% |
| Total adjusted sales | 79,195 | +4% | 227,746 | +2% |
Wegovy pill sales in the second quarter were DKK 3,218 million. Novo says the pill has launched in eight markets and that the Wegovy line holds more than 50% of new patient starts in the U.S. branded obesity market. Ozempic tablets launched in the U.S. in May 2026. Source: Novo Nordisk financial report for the period 1 January to 30 September 2026.
Reported profit fell while adjusted profit rose
Reported operating profit for the quarter was DKK 23,011 million, down 9% at constant rates. Adjusted operating profit was DKK 31,720 million, up 27%. The gap includes DKK 8.7 billion of non-cash impairment charges: DKK 4.6 billion for ziltivekimab, an experimental antibody for heart and kidney disease, and DKK 4.1 billion for right-sizing the manufacturing network. A year earlier, the third quarter carried DKK 9 billion of company-wide transformation costs, which makes the 27% growth look larger than it would otherwise.
| Measure | Q3 2026 | Change at CER | Nine months | Change at CER |
|---|---|---|---|---|
| Net sales, reported | DKK 79,195 million | +4% | DKK 254,506 million | +13% |
| Net sales, adjusted | DKK 79,195 million | +4% | DKK 227,746 million | +2% |
| Operating profit, reported | DKK 23,011 million | -9% | DKK 109,690 million | +18% |
| Operating profit, adjusted | DKK 31,720 million | +27% | DKK 97,967 million | +8% |
Novo's outlook is set on the adjusted figures. According to the report, reported U.S. sales for the nine months of DKK 144,894 million include a DKK 26.8 billion reversal of a 340B provision, which the adjusted figures leave out.
How Novo's 2026 outlook has moved
Adjusted sales and adjusted operating profit, growth at constant exchange rates.
| Date | Outlook for both measures | Source |
|---|---|---|
| Before August 4, 2026 | -4% to -12% | Novo's first-half report, as logged by the Atlas |
| August 4, 2026 | -6% to 0% | Novo's first-half report |
| November 4, 2026 | -2% to +2% | Novo's third-quarter announcement |
Novo says the raise reflects higher expectations for GLP-1 sales. It also now expects free cash flow of DKK 60 to 70 billion, up from DKK 45 to 55 billion, and capital spending of around DKK 50 billion, down from around DKK 55 billion. Novo's next report, the 2026 annual results, is scheduled for February 3, 2027.
What the stock did
The Atlas records a move only when a named source reported it and says whether the figure is intraday or a close. The “Market that day” column shows how the wider market did, because a share price can move with the market and not with the company's news. It does not host prices or give targets.
On November 5, 2026, U.S. stocks fell sharply (Fox Business reports the Dow down 3.4% at the close), so share moves that day reflect the wider market as well as any company news. The Atlas has not recorded a Lilly or Novo Nordisk move for that day.
| Date | Event | Reported move | Market that day | Source |
|---|---|---|---|---|
| November 4, 2026 | Third-quarter report, outlook raised | Up as much as 6% in early Copenhagen trading, then about 3.4% higher later in the day (intraday). A Ritzau report the next day has the shares up 5.5% for the day, without saying whether that is the closing figure. | Copenhagen’s C25 index closed up 1.82%, its highest close since September 2024. | The Private Banker, November 4, 2026; Ritzau via The Copenhagen Post, November 5, 2026 |
| February 4, 2026 | Outlook of lower 2026 sales, a day after Novo's report | Fell as much as 6% in afternoon trading (intraday), after dropping more than 20% over the five prior sessions. Eli Lilly rose as much as 10% that day. | In the U.S., S&P 500 down 0.5% and Nasdaq down 1.5% at the close, Dow up 0.5%. The Atlas did not check the Copenhagen index for that day. | Yahoo Finance, February 4, 2026; Associated Press, February 4, 2026 |
Analysts had expected a Wegovy pill figure near DKK 4.5 billion and group sales near DKK 73.6 billion, according to the same Private Banker report, against the reported DKK 5.4 billion and DKK 79.2 billion. For live quotes use Novo Nordisk's investor site or your own brokerage.
Coming up
- Fourth quarter 2026: a U.S. decision on CagriSema is listed in Novo's reports, and Novo says the timing may change. See the tracker.
- February 3, 2027: Novo's financial statement for 2026 and annual report.
Questions about Novo Nordisk's results
How big is the Wegovy pill so far?
Novo reported Wegovy pill sales of DKK 5,394 million in the third quarter of 2026 and DKK 10,868 million over nine months. The second quarter was DKK 3,218 million. These are company-reported kroner figures.
Why did reported profit fall when adjusted profit rose?
Reported operating profit includes DKK 8.7 billion of impairment charges, for ziltivekimab and for the manufacturing network. Novo's adjusted figures leave out items it classes as exceptional. Both sets are in the table above.
Does the Atlas give stock advice?
No. It lists what was reported, with the date and the source. It does not say whether to buy, sell or hold anything, and it does not predict prices.
Where is the Eli Lilly side of the market?
On the Eli Lilly results page. Medicines and trials are in the Novo Nordisk tracker.
Sources
- Novo Nordisk A/S, third-quarter announcement: Novo raises full-year outlook, November 4, 2026. Company-reported figures.
- Novo Nordisk A/S, financial report for the period 1 January to 30 September 2026. Company-reported figures.
- Novo Nordisk A/S, third-quarter 2026 presentation. Company-reported figures.
- The Private Banker, Novo Nordisk raises 2026 outlook for third time, November 4, 2026. Market reporting.
- Yahoo Finance, Eli Lilly stock surges after company touts strong sales outlook, February 4, 2026. Market reporting.
- Ritzau via The Copenhagen Post, Danish C25 stock index reaches highest closing level since September 2024, November 5, 2026. Index close and Novo Nordisk move.
- Associated Press, How major US stock indexes fared Wednesday, 2/4/2026 (copy on WTOP), February 4, 2026. U.S. index closes.
- Fox Business, Nasdaq tumbles 5%, Dow plunges more than 1,800 points, November 5, 2026. Market reporting.
- Atlas Novo Nordisk tracker, including the logs of the second-quarter and nine-month reports.