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NVO Q1 Earnings & Sales Top Estimates, 2026 Outlook Raised, Stock Up
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Key Takeaways
Novo Nordisk beat Q1 earnings and revenue estimates as GLP-1 drug demand accelerated.
NVO raised its 2026 outlook as Wegovy and obesity-care sales exceeded expectations.
Wegovy pill generated DKK 2.26B in first-quarter sales following its recent launch.
Novo Nordisk A/S (NVO - Free Report) reported adjusted first-quarter 2026 earnings of $1.04 per American Depositary Receipt (ADR), which beat the Zacks Consensus Estimate of 87 cents. The company had reported adjusted earnings of 96 cents per ADR in the year-ago quarter.
Revenues of $15.17 billion increased 24% year over year in the Danish kroner (DKK) and 32% at the constant exchange rate (CER) in the reported quarter, driven by better-than-expected Diabetes and Obesity Care sales, as GLP-1 product sales momentum picked up. Total revenues decisively beat the Zacks Consensus Estimate of $11.13 billion.
Novo Nordisk shares jumped 7% in the pre-market hours on Wednesday as investors were impressed by the first-quarter earnings results and the upward revision of its operating profit outlook for 2026. All growth rates mentioned below are on a year-over-year basis and at CER.
NVO’s Q1 Results in Detail
Novo Nordisk operates under two segments: Diabetes and Obesity Care, and Rare disease.
The Diabetes and Obesity Care segment reported sales of DKK 91.36 billion in the quarter under review, representing a 32% increase. In Diabetes Care, revenues for fast-acting insulins (Fiasp and NovoRapid) were up 44%. Human insulin revenues decreased 28%. Premix insulin (Ryzodeg and NovoMix) revenues were flat year over year. Sales of long-acting insulins (Tresiba, Xultophy, Levemir and Awiqli) increased 57% in the first quarter.
Ozempic recorded sales of DKK 40.48 billion for the quarter, up 32%. Rybelsus recorded sales of DKK 5.12 billion for the quarter, down 5%. Victoza sales recorded DKK 3.08 billion during the reported quarter, up significantly over the year-ago figure.
Obesity Care (Saxenda and Wegovy) sales were up 35% to DKK 23.34 billion. Wegovy injection sales reached DKK 20.51 billion, up 26% year over year. The Wegovy pill recorded sales of DKK 2.26 billion in the first quarter since launch, driven by strong uptake and generating incremental topline revenues.
Year to date, Novo Nordisk shares have lost 11.8% compared with the industry’s 3.3% decline.
Image Source: Zacks Investment Research
Sales in the Rare disease segment were up 26% to DKK 5.46 billion in the first quarter of 2026. Sales of rare blood disorder products (NovoSeven, NovoEight, Esperoct, Refixia, NovoThirteen and Alhemo) were DKK 2.63 billion, down 3%. Sales of Novo Nordisk’s rare endocrine disorder products (primarily Norditropin and Sogroya) gained 93% to DKK 2.39 billion.
Sales and distribution costs declined 13% in the reported quarter to DKK 12.08 billion. The decrease was primarily due to lower expenses in U.S. Operations, aided by a reduction in legal provisions in the first quarter of 2026 and cost savings from the company-wide restructuring carried out in 2025.
Research and development (R&D) costs increased 4% to DKK 10.28 billion. R&D expenses rose due to higher spending on late-stage clinical studies and research activities mainly related to the Obesity and Diabetes portfolio.
NVO’s Revised 2026 Outlook Impresses Investors
Novo Nordisk slightly improved its 2026 financial outlook, now expecting a decline in adjusted sales and adjusted operating profit of 4-12% at CER compared with the earlier guidance of a 5-13% decline. The revised outlook reflects stronger expectations for GLP-1 product sales, particularly in obesity care, despite continued pricing pressure and intensifying competition across key markets. The improved guidance may have also contributed to the recent gain in the company’s stock price.
The company expects growth in International Operations to be supported by continued expansion of the global GLP-1 market, rising adoption of obesity treatment and the broader rollout of Wegovy in additional markets during 2026. However, these positives are expected to be partly offset by lower realized prices, increasing competition and the loss of exclusivity for the semaglutide molecule in certain international markets. Novo Nordisk also noted that favorable U.S. gross-to-net sales adjustments recorded in 2025 are not expected to repeat this year.
In the United States, the outlook remains pressured by weaker prescription trends for injectable GLP-1 products, lower obesity drug coverage under Medicaid and pricing headwinds tied to the “Most Favored Nations” agreement aimed at improving the affordability of GLP-1 therapies. The company is focusing on expanding access to Wegovy and newer formulations, including Wegovy HD and the Wegovy pill, through NovoCare Pharmacy and telehealth partnerships. Expectations tied to the recently launched Wegovy pill are also incorporated into the guidance.
Novo Nordisk now expects free cash flow in the range of DKK 36-46 billion, reflecting the improved sales and profit outlook. Capital expenditure guidance remains unchanged at around DKK 55 billion for 2026 as the company continues investing in expanding manufacturing and supply-chain capacity. Meanwhile, operating profit expectations are also being supported by cost savings from the company-wide restructuring completed in 2025, along with disciplined resource allocation and optimization initiatives across the business.
Our Take on NVO Stock
Novo Nordisk delivered a decisive first-quarter beat, with both earnings and revenues comfortably surpassing expectations as strong GLP-1 demand boosted performance across its diabetes and obesity franchises. Investors appeared encouraged by the robust uptake of Wegovy and Ozempic, alongside the promising early contribution from the newly launched Wegovy pill. NVO’s improved 2026 outlook also provided some reassurance that management may be regaining control over the narrative after months of weakening sentiment and slowing growth concerns. The sharp pre-market rally in the stock reflects renewed optimism that Novo Nordisk could be moving toward a potential turnaround.
That said, the broader picture remains far from clear. While management modestly raised its guidance, the company still expects a decline in adjusted sales and operating profit for 2026. Pricing pressure in the United States, weaker prescription trends for injectable GLP-1 drugs, reduced Medicaid obesity coverage and intensifying competition continue to create significant operational and executional hurdles. The “Most Favored Nations” pricing agreement and the gradual loss of exclusivity for semaglutide in certain international markets further cloud visibility. At the same time, Novo Nordisk continues to ramp up investments in R&D, commercial expansion and manufacturing capacity, which could keep margins under pressure in the near term.
Competition also remains a major overhang. Eli Lilly continues to strengthen its position in the obesity and diabetes markets, raising questions about Novo Nordisk’s ability to fully defend market share and maintain pricing power over time. Although the Wegovy pill launch adds an important growth lever and diversifies the company’s obesity portfolio, sustained execution will be critical as the GLP-1 market becomes increasingly crowded and competitive.
Novo Nordisk A/S Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 EPS have declined from $2.82 to $2.79. CPRX shares have gained 32.3% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Immatics’ 2026 loss per share have narrowed from $1.63 to $1.49. IMTX shares have gained 4.3% year to date.
Immatics’ earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, delivering an average negative surprise of 8.06%.
Over the past 60 days, estimates for Inovio Pharmaceuticals’ 2026 loss per share have narrowed from $1.26 to $1.06. INO shares have plunged 34.5% year to date.
Inovio Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 57.94%.
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NVO Q1 Earnings & Sales Top Estimates, 2026 Outlook Raised, Stock Up
Key Takeaways
Novo Nordisk A/S (NVO - Free Report) reported adjusted first-quarter 2026 earnings of $1.04 per American Depositary Receipt (ADR), which beat the Zacks Consensus Estimate of 87 cents. The company had reported adjusted earnings of 96 cents per ADR in the year-ago quarter.
Revenues of $15.17 billion increased 24% year over year in the Danish kroner (DKK) and 32% at the constant exchange rate (CER) in the reported quarter, driven by better-than-expected Diabetes and Obesity Care sales, as GLP-1 product sales momentum picked up. Total revenues decisively beat the Zacks Consensus Estimate of $11.13 billion.
Novo Nordisk shares jumped 7% in the pre-market hours on Wednesday as investors were impressed by the first-quarter earnings results and the upward revision of its operating profit outlook for 2026. All growth rates mentioned below are on a year-over-year basis and at CER.
NVO’s Q1 Results in Detail
Novo Nordisk operates under two segments: Diabetes and Obesity Care, and Rare disease.
The Diabetes and Obesity Care segment reported sales of DKK 91.36 billion in the quarter under review, representing a 32% increase. In Diabetes Care, revenues for fast-acting insulins (Fiasp and NovoRapid) were up 44%. Human insulin revenues decreased 28%. Premix insulin (Ryzodeg and NovoMix) revenues were flat year over year. Sales of long-acting insulins (Tresiba, Xultophy, Levemir and Awiqli) increased 57% in the first quarter.
Ozempic recorded sales of DKK 40.48 billion for the quarter, up 32%. Rybelsus recorded sales of DKK 5.12 billion for the quarter, down 5%. Victoza sales recorded DKK 3.08 billion during the reported quarter, up significantly over the year-ago figure.
Obesity Care (Saxenda and Wegovy) sales were up 35% to DKK 23.34 billion. Wegovy injection sales reached DKK 20.51 billion, up 26% year over year. The Wegovy pill recorded sales of DKK 2.26 billion in the first quarter since launch, driven by strong uptake and generating incremental topline revenues.
Year to date, Novo Nordisk shares have lost 11.8% compared with the industry’s 3.3% decline.
Image Source: Zacks Investment Research
Sales in the Rare disease segment were up 26% to DKK 5.46 billion in the first quarter of 2026. Sales of rare blood disorder products (NovoSeven, NovoEight, Esperoct, Refixia, NovoThirteen and Alhemo) were DKK 2.63 billion, down 3%. Sales of Novo Nordisk’s rare endocrine disorder products (primarily Norditropin and Sogroya) gained 93% to DKK 2.39 billion.
Sales and distribution costs declined 13% in the reported quarter to DKK 12.08 billion. The decrease was primarily due to lower expenses in U.S. Operations, aided by a reduction in legal provisions in the first quarter of 2026 and cost savings from the company-wide restructuring carried out in 2025.
Research and development (R&D) costs increased 4% to DKK 10.28 billion. R&D expenses rose due to higher spending on late-stage clinical studies and research activities mainly related to the Obesity and Diabetes portfolio.
NVO’s Revised 2026 Outlook Impresses Investors
Novo Nordisk slightly improved its 2026 financial outlook, now expecting a decline in adjusted sales and adjusted operating profit of 4-12% at CER compared with the earlier guidance of a 5-13% decline. The revised outlook reflects stronger expectations for GLP-1 product sales, particularly in obesity care, despite continued pricing pressure and intensifying competition across key markets. The improved guidance may have also contributed to the recent gain in the company’s stock price.
The company expects growth in International Operations to be supported by continued expansion of the global GLP-1 market, rising adoption of obesity treatment and the broader rollout of Wegovy in additional markets during 2026. However, these positives are expected to be partly offset by lower realized prices, increasing competition and the loss of exclusivity for the semaglutide molecule in certain international markets. Novo Nordisk also noted that favorable U.S. gross-to-net sales adjustments recorded in 2025 are not expected to repeat this year.
In the United States, the outlook remains pressured by weaker prescription trends for injectable GLP-1 products, lower obesity drug coverage under Medicaid and pricing headwinds tied to the “Most Favored Nations” agreement aimed at improving the affordability of GLP-1 therapies. The company is focusing on expanding access to Wegovy and newer formulations, including Wegovy HD and the Wegovy pill, through NovoCare Pharmacy and telehealth partnerships. Expectations tied to the recently launched Wegovy pill are also incorporated into the guidance.
Novo Nordisk now expects free cash flow in the range of DKK 36-46 billion, reflecting the improved sales and profit outlook. Capital expenditure guidance remains unchanged at around DKK 55 billion for 2026 as the company continues investing in expanding manufacturing and supply-chain capacity. Meanwhile, operating profit expectations are also being supported by cost savings from the company-wide restructuring completed in 2025, along with disciplined resource allocation and optimization initiatives across the business.
Our Take on NVO Stock
Novo Nordisk delivered a decisive first-quarter beat, with both earnings and revenues comfortably surpassing expectations as strong GLP-1 demand boosted performance across its diabetes and obesity franchises. Investors appeared encouraged by the robust uptake of Wegovy and Ozempic, alongside the promising early contribution from the newly launched Wegovy pill. NVO’s improved 2026 outlook also provided some reassurance that management may be regaining control over the narrative after months of weakening sentiment and slowing growth concerns. The sharp pre-market rally in the stock reflects renewed optimism that Novo Nordisk could be moving toward a potential turnaround.
That said, the broader picture remains far from clear. While management modestly raised its guidance, the company still expects a decline in adjusted sales and operating profit for 2026. Pricing pressure in the United States, weaker prescription trends for injectable GLP-1 drugs, reduced Medicaid obesity coverage and intensifying competition continue to create significant operational and executional hurdles. The “Most Favored Nations” pricing agreement and the gradual loss of exclusivity for semaglutide in certain international markets further cloud visibility. At the same time, Novo Nordisk continues to ramp up investments in R&D, commercial expansion and manufacturing capacity, which could keep margins under pressure in the near term.
Competition also remains a major overhang. Eli Lilly continues to strengthen its position in the obesity and diabetes markets, raising questions about Novo Nordisk’s ability to fully defend market share and maintain pricing power over time. Although the Wegovy pill launch adds an important growth lever and diversifies the company’s obesity portfolio, sustained execution will be critical as the GLP-1 market becomes increasingly crowded and competitive.
Novo Nordisk A/S Price, Consensus and EPS Surprise
Novo Nordisk A/S price-consensus-eps-surprise-chart | Novo Nordisk A/S Quote
NVO’s Zacks Rank & Stocks to Consider
Novo Nordisk currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Catalyst Pharmaceuticals (CPRX - Free Report) , Immatics (IMTX - Free Report) and Inovio Pharmaceuticals (INO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 EPS have declined from $2.82 to $2.79. CPRX shares have gained 32.3% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Immatics’ 2026 loss per share have narrowed from $1.63 to $1.49. IMTX shares have gained 4.3% year to date.
Immatics’ earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, delivering an average negative surprise of 8.06%.
Over the past 60 days, estimates for Inovio Pharmaceuticals’ 2026 loss per share have narrowed from $1.26 to $1.06. INO shares have plunged 34.5% year to date.
Inovio Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 57.94%.