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

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.
  
  

“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.

Company announcement No 65 / 2026