Novo Nordisk raises outlook after Wegovy pill beats forecasts

Novo Nordisk reported first-quarter sales jumped 32% to 96.8 billion Danish kroner ($15.2 billion), surging well above analyst expectations of 71.3 billion kroner, as the Danish pharmaceutical company revealed its blockbuster weight-loss drugs performed better than expected in the first three months of 2026. Operating profit surged 65% year-on-year to 59.6 billion kroner, also significantly beating expectations. The quarter marked the first period covering sales of Novo's oral weight-loss drug, the Wegovy pill, in the United States, which generated 2.26 billion kroner in sales, roughly double the analyst estimate of 1.16 billion kroner. The company raised its 2026 full-year guidance on the back of increased expectations for GLP-1 product sales. The Wegovy pill saw approximately 1.3 million prescriptions in the first three months of the year, making it the strongest-ever GLP-1 volume launch in the U.S., according to Novo. Meanwhile, injectable Wegovy sales rose 12% year-on-year to 18.2 billion kroner, while diabetes drug Ozempic sales fell 8%. The broader obesity care category saw adjusted constant currency sales rise by 22%. CEO Mike Doustdar stated that the strong Wegovy performance combined with continued growth in International Operations led the company to raise its 2026 guidance for both adjusted sales and adjusted operating profit, now expecting both to contract between -4% and -12% on a currency-adjusted basis. Novo Nordisk and its chief rival Eli Lilly have been locked in a fierce battle for market share in the lucrative weight-loss market, which analysts project will grow to $100 billion by the end of the decade. Lilly, which launched its own weight-loss pill, Foundayo, in early April, has overtaken Novo in the key U.S. market and posted sales growth of 125% and 80% for its rival GLP-1 drugs Mounjaro and Zepbound respectively. Novo has faced setbacks over the past year, including disappointing trial results and a new 5-year stock low after its next-generation drug CagriSema was shown to be inferior to Lilly's Zepbound. Analysts have noted the early lead in the oral weight-loss market is significant for Novo, as prescription trajectories for these drugs have proven difficult to predict in the direct-to-consumer channel.