Novo Nordisk reported third-quarter sales of 79.2 billion Danish kroner ($11.9 billion), beating analyst expectations of 73.6 billion kroner. The company's Wegovy pill generated 5.4 billion kroner in sales, above the roughly 4.5 billion kroner analysts expected. Injectable Wegovy brought in 20.4 billion kroner and diabetes drug Ozempic generated 29.7 billion kroner, both exceeding forecasts.
Adjusted operating profit reached 31.7 billion kroner, compared with expected 28.6 billion kroner. The results sent Novo shares up as much as 6% in early trading Wednesday.
The company raised its full-year outlook. Novo now expects adjusted revenue and operating profit growth between negative 2% and 2% at constant exchange rates. It previously projected negative 6% to flat for both metrics.
CEO Mike Doustdar said Novo maintains "80% market share with our product" in the U.S. despite increased competition. He told reporters that recovery "is not done based on one data point, on one quarterly good result," but noted the company's progressive improvement in guidance throughout the year gives him confidence.
Citi analysts maintained a neutral rating on Novo stock, citing uncertainty over weight-loss drug pricing and the lack of a clear Wegovy successor in the pipeline.
Novo also announced that Chief Financial Officer Karsten Munk Knudsen will leave at the end of 2026 after 27 years at the company, including nine years as CFO. Luigi La Corte, currently CFO of Galderma, will succeed him.