Novo (NVO Quick QuoteNVO - Free Report) reported adjusted third-quarter 2026 earnings of 89 cents per American Depositary Receipt (ADR), beating the Zacks Consensus Estimate of 81 cents. Adjusted earnings declined 12% year over year in Danish kroner from $1.03 per ADR in the prior-year quarter.

Revenues of $12.19 billion increased 4% year over year at constant exchange rates (CER) and surpassed the consensus estimate of $11.39 billion. Obesity medicines drove growth, with the Wegovy pill generating DKK 5.39 billion. All reported sales growth rates below are year-over-year at CER.

NVO's Q3 Results in Detail

Obesity and Diabetes sales rose 3% to DKK 73.69 billion. Obesity Care jumped 22% to DKK 26.15 billion on higher GLP-1 volumes, while Diabetes Care declined 5% to DKK 47.55 billion.

U.S. Operations generated DKK 41.88 billion, up 1%, as obesity drug demand offset weakness in diabetes treatments. International Operations sales climbed 8% to DKK 37.32 billion on higher volumes, led by European and Canadian markets.

Novo's Wegovy Portfolio Drives Growth

Wegovy injectable sales fell 2% to DKK 20.41 billion. A 13% U.S. decline outweighed 16% international growth, amid pricing pressure. Its oral counterpart added DKK 4.18 billion in U.S. sales and DKK 1.22 billion internationally.

Wegovy pill prescriptions reached roughly 3.6 million during the quarter and have now exceeded eight million since launch, making it the strongest-ever GLP-1 volume launch in the United States. The broader Wegovy franchise retained more than 50% share of new patient starts in the branded U.S. obesity market. Medicare's obesity-drug Bridge program, introduced in July, also supported access.

Year to date, Novo Nordisk shares have lost 21% against the industry’s 24% growth.

Image Source: Zacks Investment Research

NVO's Diabetes Franchise Faces Pressure

Ozempic sales declined 5% to DKK 29.71 billion. U.S. sales fell 11% on lower volumes and wholesaler inventories, partly offset by 8% international growth. Ozempic pill/Rybelsus sales dropped 10% to DKK 4.94 billion, while Victoza declined 83% to DKK 105 million.

Total insulin sales increased 2% to DKK 12.27 billion. Fast-acting (comprising Fiasp and NovoRapid) and premix (comprising Ryzodeg and NovoMix) insulin sales grew 7% and 8%, respectively, while that of long-acting insulin (comprising Tresiba, Xultophy, Levemir and Awiqli) rose 1%. Human insulin sales declined 21%. U.S. insulin sales weakened, despite higher international volumes.

Novo's Blood and Endocrine Sales Rise

Blood and endocrine disorders sales climbed 15% to DKK 5.50 billion. U.S. sales rose 27% and international sales gained 6%, supported by higher volumes of growth-hormone treatments Sogroya and Norditropin.

Blood disorders (comprising NovoSeven, NovoEight, Esperoct, Refixia, NovoThirteen and Alhemo) sales increased 3% to DKK 3.06 billion. Endocrine disorders (primarily Norditropin and Sogroya) surged 43% to DKK 1.99 billion, while Other Blood and endocrine disorders (primarily Vagifem and Activelle) sales grew 8% to DKK 455 million.

NVO's Adjusted Margins Benefit From Savings

Adjusted gross margin widened to 82.1% from 76.1%, reflecting transformation savings, productivity gains and favorable currencies. Adjusted cost of goods sold declined 16% at CER to DKK 14.18 billion.

Sales and distribution costs fell 9% at CER to DKK 15.03 billion, while adjusted R&D costs dipped 1% at CER to DKK 15.26 billion. Adjusted operating profit rose 27% at CER to DKK 31.72 billion, aided by a favorable comparison with 2025 transformation costs. However, reported operating profit declined 9% at CER to DKK 23.01 billion, reflecting DKK 8.7 billion in noncash impairments tied to the cardiovascular candidate ziltivekimab after the ZEUS and HERMES studies missed their primary endpoints, as well as manufacturing operations.

Novo Raises Its 2026 Outlook

Novo now expects adjusted sales growth of -2% to +2% at CER compared to the previous guidance of -6% to 0%.

Adjusted operating profit growth carries the same revised ranges. Higher GLP-1 sales expectations support the revision, but lower realized prices, intensifying competition and semaglutide loss of exclusivity in some markets remain headwinds.

Our Take on Novo Stock

Novo's third-quarter earnings and sales beat, coupled with the upward revision to its 2026 outlook, reflects improving momentum in its obesity franchise. Strong uptake of Wegovy pill is particularly encouraging, providing an additional growth avenue as injectable sales face pricing pressure. International expansion, improving patient access and cost-saving initiatives should further support the company's performance.

However, challenges remain. Weakness in the diabetes franchise, particularly Ozempic, and intensifying competition in the GLP-1 market could continue to weigh on growth. Lower realized prices also remain a concern, as higher prescription volumes may not translate into proportionate revenue gains. Moreover, the sharp increase in adjusted operating profit benefited from a favorable year-ago comparison, raising questions about the sustainability of such growth.

Looking ahead, Novo's ability to sustain momentum will depend on how effectively it expands patient access while navigating an increasingly competitive and price-sensitive GLP-1 market. The growing popularity of oral obesity treatments presents opportunities to reach more patients, but could also shift demand away from existing injectable products. Although international expansion and broader treatment access offer growth opportunities, maintaining market share and balancing volume growth with pricing pressures will remain critical to NVO’s longer-term performance.

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 currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are TG Therapeutics (TGTX Quick QuoteTGTX - Free Report) , ImmunityBio (IBRX Quick QuoteIBRX - Free Report) and Iovance Biotherapeutics (IOVA Quick QuoteIOVA - Free Report) . TGTX sports a Zacks Rank #1 (Strong Buy), while IBRX and IOVA carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 30 days, earnings per share estimates for TG Therapeutics have risen from 92 cents to 94 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from $2.65 to $2.66. TGTX’s shares have risen 103.8% year to date.

TG Therapeutics’ earnings missed estimates in three of the trailing four quarters and beat in the remaining one, with an average surprise of 184.65%.

Over the past 30 days, loss per share estimates for ImmunityBio remain unchanged at 97 cents for 2026. Over the same period, estimates for 2027 loss per share have improved from 14 cents to 11 cents. IBRX’s shares have surged 318.7% year to date.

ImmunityBio’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 13.40%.

Over the past 30 days, loss per share estimates for Iovance Biotherapeutics remain unchanged at 45 cents and 22 cents for 2026 and 2027 respectively. IOVA shares have skyrocketed 223.4% year to date.

Iovance Biotherapeutics beat estimates in three of the trailing four quarters and met in the remaining one, with the average surprise being 16.82%.