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How Will Ozempic and Wegovy Sales Aid NVO's Upcoming Q1 Results?
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Key Takeaways
NVO's Ozempic and Wegovy drove 67% of total 2025 sales, making their Q1 performance central to results.
Novo Nordisk launched oral Wegovy and expanded labels, but demand and pricing pressures persist.
NVO faces slower growth due to Eli Lilly's rivalry and expected 2026 decline in core sales and profit.
Novo Nordisk (NVO - Free Report) is a dominant player in the cardiometabolic space, mainly due to the encouraging uptake of its blockbuster semaglutide-based (GLP-1) drugs — Ozempic (for type II diabetes [T2D]) and Wegovy (for obesity). Together, the drugs generated DKK 206.2 billion in 2025, representing about 67% of NVO’s total sales. Investors will be most interested in the sales numbers for these two drugs when Novo Nordisk reports first-quarter 2026 results on May 6.
Since their initial launch, Novo Nordisk has secured several label expansions for both Ozempic and Wegovy injections to expand patient access and drive demand. Wegovy is approved for reducing major cardiovascular events, easing HFpEF symptoms and relieving osteoarthritis-related knee pain in obesity, as well as for liver care. Ozempic is also the only GLP-1 therapy approved to reduce kidney disease progression and cardiovascular death in patients with T2D and chronic kidney disease. NVO recently secured regulatory approval for a higher dose Wegovy (7.2mg) with greater efficacy in the United States and the EU. It is also pursuing a label expansion of Ozempic in treating peripheral artery disease in the United States and the EU.
Novo Nordisk also secured the long-awaited FDA approval for its oral Wegovy pill to treat obesity and reduce cardiovascular risk in late December, followed by its commercial launch in early January. Compared to injectable formulations, the pill offers a far more convenient administration option. Investors will be closely watching the first-quarter earnings call for initial sales figures of the Wegovy pill.
In 2026, NVO is well-positioned to curb the impact of compounded GLP-1 alternatives through legal action, tighter FDA oversight and strategic partnerships with telehealth firms — an issue that significantly weighed on sales in 2025. However, NVO’s structural growth challenges remain unresolved, as is evident from its 2026 outlook.
Novo Nordisk’s subdued 2026 guidance signals limited near-term momentum for its GLP-1 franchise, suggesting that first-quarter sales growth for Wegovy and Ozempic is likely to remain under pressure amid intensifying competition from arch-rival Eli Lilly (LLY - Free Report) . With core sales and operating profit expected to decline and U.S. demand and pricing facing headwinds, the company’s growth outlook appears increasingly constrained. This weaker-than-expected trajectory has also dampened investor enthusiasm around the new Wegovy pill, which is now seen as unlikely to meaningfully offset competitive and pricing pressures in the near term.
Beyond Wegovy and Ozempic, Novo Nordisk’s oral semaglutide therapy Rybelsus for T2D, together with its insulin franchise and Rare Disease portfolio, is likely to have provided additional support to overall revenues during the period.
NVO’s Peers in the Obesity Space
Eli Lilly is Novo Nordisk’s fierce competitor in the diabetes/obesity space, which markets its tirzepatide injections, Mounjaro (T2D) and Zepbound (obesity), competing directly with NVO’s Ozempic and Wegovy injections, respectively. Despite being on the market for just over three years, Mounjaro and Zepbound have become LLY’s key top-line drivers. In 2025, the drugs generated combined sales of $36.5 billion, comprising around 56% of the company’s total revenues. Eli Lilly also secured FDA approval and subsequently launched its oral GLP-1 pill, Foundayo (orforglipron), for obesity in early April, which now competes directly with Novo Nordisk’s Wegovy pill.
The obesity space has garnered much of the spotlight over the past year due to the sizeable and still underpenetrated market opportunity. Smaller biotechs like Viking Therapeutics (VKTX - Free Report) are also developing GLP-1-based therapies to challenge the incumbents. Viking Therapeutics’ dual GIPR/GLP-1 receptor agonist, VK2735, is being developed both as oral and subcutaneous formulations for the treatment of obesity. Viking Therapeutics plans to advance oral VK2735 into phase III development for obesity in the third quarter of 2026.
NVO’s Stock Price, Valuation & Estimates
Year to date, Novo Nordisk shares have lost 20.3% compared with the industry’s 2.7% decline. The company has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
NVO Stock Underperforms the Industry, Sector & the S&P 500
Image Source: Zacks Investment Research
Novo Nordisk is trading at a discount to the industry, as seen in the chart below. Going by the price/earnings ratio, the company’s shares currently trade at 11.99 forward earnings, which is lower than 17.03 for the industry. The stock is trading much below its five-year mean of 29.25.
NVO Stock Valuation
Image Source: Zacks Investment Research
Earnings estimates for 2026 have improved from $3.36 to $3.37 per share over the past 60 days. During the same time frame, Novo Nordisk’s 2027 earnings estimates have increased from $3.34 to $3.41.
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Image: Shutterstock
How Will Ozempic and Wegovy Sales Aid NVO's Upcoming Q1 Results?
Key Takeaways
Novo Nordisk (NVO - Free Report) is a dominant player in the cardiometabolic space, mainly due to the encouraging uptake of its blockbuster semaglutide-based (GLP-1) drugs — Ozempic (for type II diabetes [T2D]) and Wegovy (for obesity). Together, the drugs generated DKK 206.2 billion in 2025, representing about 67% of NVO’s total sales. Investors will be most interested in the sales numbers for these two drugs when Novo Nordisk reports first-quarter 2026 results on May 6.
Since their initial launch, Novo Nordisk has secured several label expansions for both Ozempic and Wegovy injections to expand patient access and drive demand. Wegovy is approved for reducing major cardiovascular events, easing HFpEF symptoms and relieving osteoarthritis-related knee pain in obesity, as well as for liver care. Ozempic is also the only GLP-1 therapy approved to reduce kidney disease progression and cardiovascular death in patients with T2D and chronic kidney disease. NVO recently secured regulatory approval for a higher dose Wegovy (7.2mg) with greater efficacy in the United States and the EU. It is also pursuing a label expansion of Ozempic in treating peripheral artery disease in the United States and the EU.
Novo Nordisk also secured the long-awaited FDA approval for its oral Wegovy pill to treat obesity and reduce cardiovascular risk in late December, followed by its commercial launch in early January. Compared to injectable formulations, the pill offers a far more convenient administration option. Investors will be closely watching the first-quarter earnings call for initial sales figures of the Wegovy pill.
In 2026, NVO is well-positioned to curb the impact of compounded GLP-1 alternatives through legal action, tighter FDA oversight and strategic partnerships with telehealth firms — an issue that significantly weighed on sales in 2025. However, NVO’s structural growth challenges remain unresolved, as is evident from its 2026 outlook.
Novo Nordisk’s subdued 2026 guidance signals limited near-term momentum for its GLP-1 franchise, suggesting that first-quarter sales growth for Wegovy and Ozempic is likely to remain under pressure amid intensifying competition from arch-rival Eli Lilly (LLY - Free Report) . With core sales and operating profit expected to decline and U.S. demand and pricing facing headwinds, the company’s growth outlook appears increasingly constrained. This weaker-than-expected trajectory has also dampened investor enthusiasm around the new Wegovy pill, which is now seen as unlikely to meaningfully offset competitive and pricing pressures in the near term.
Beyond Wegovy and Ozempic, Novo Nordisk’s oral semaglutide therapy Rybelsus for T2D, together with its insulin franchise and Rare Disease portfolio, is likely to have provided additional support to overall revenues during the period.
NVO’s Peers in the Obesity Space
Eli Lilly is Novo Nordisk’s fierce competitor in the diabetes/obesity space, which markets its tirzepatide injections, Mounjaro (T2D) and Zepbound (obesity), competing directly with NVO’s Ozempic and Wegovy injections, respectively. Despite being on the market for just over three years, Mounjaro and Zepbound have become LLY’s key top-line drivers. In 2025, the drugs generated combined sales of $36.5 billion, comprising around 56% of the company’s total revenues. Eli Lilly also secured FDA approval and subsequently launched its oral GLP-1 pill, Foundayo (orforglipron), for obesity in early April, which now competes directly with Novo Nordisk’s Wegovy pill.
The obesity space has garnered much of the spotlight over the past year due to the sizeable and still underpenetrated market opportunity. Smaller biotechs like Viking Therapeutics (VKTX - Free Report) are also developing GLP-1-based therapies to challenge the incumbents. Viking Therapeutics’ dual GIPR/GLP-1 receptor agonist, VK2735, is being developed both as oral and subcutaneous formulations for the treatment of obesity. Viking Therapeutics plans to advance oral VK2735 into phase III development for obesity in the third quarter of 2026.
NVO’s Stock Price, Valuation & Estimates
Year to date, Novo Nordisk shares have lost 20.3% compared with the industry’s 2.7% decline. The company has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
NVO Stock Underperforms the Industry, Sector & the S&P 500
Novo Nordisk is trading at a discount to the industry, as seen in the chart below. Going by the price/earnings ratio, the company’s shares currently trade at 11.99 forward earnings, which is lower than 17.03 for the industry. The stock is trading much below its five-year mean of 29.25.
NVO Stock Valuation
Earnings estimates for 2026 have improved from $3.36 to $3.37 per share over the past 60 days. During the same time frame, Novo Nordisk’s 2027 earnings estimates have increased from $3.34 to $3.41.
NVO Estimate Movement
Novo Nordisk currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.