Novo Nordisk raised its 2026 forecasts for the third time this year after reporting stronger-than-expected third-quarter results, with sales of Wegovy exceeding analysts’ estimates. The Danish drugmaker now expects adjusted sales and operating profit to range from 2% growth to a 2% decline at constant exchange rates, compared with its previous forecast of no growth to a 6% drop.

Adjusted operating profit rose 27% year over year to 31.72 billion Danish kroner, above analysts’ estimate of 28.39 billion. Adjusted sales reached 79.2 billion kroner, compared with the expected 73.22 billion. Novo said higher volumes, especially for obesity treatments in the United States and international markets, drove the improvement.

CEO Mike Doustdar said growth was supported by the obesity portfolio, continued adoption of the Wegovy pill in the U.S. and encouraging initial launches in other countries. The company’s outlook assumes international sales growth alongside a decline in the U.S.

The Wegovy pill, launched in the U.S. in January, generated 5.39 billion kroner in third-quarter sales, up 53% from the second quarter and above the 4.62 billion kroner consensus estimate. U.S. sales accounted for 4.18 billion kroner, while international markets contributed 1.22 billion. U.S. prescriptions reached about 3.6 million during the quarter and exceeded 8 million since launch.

Doustdar said prescription growth had leveled off in recent weeks, attributing the pause to seasonal factors. Novo expects prescriptions to pick up around Christmas and New Year. The company estimates that the pill accounts for about 80% of new U.S. Wegovy prescriptions across reimbursement, cash-pay and telehealth channels. Wegovy is available as a pill in eight markets.

The results come as Novo seeks to narrow the gap with U.S. rival Eli Lilly. Lilly’s obesity injection Zepbound outsells injectable Wegovy, while Novo is betting on pills as a growth driver. Doustdar has said pills could account for as much as half of the obesity market by 2030. Novo’s broader Wegovy line accounts for more than half of new patients starting branded obesity treatments, according to the company, although U.S. sales of injectable Wegovy fell 13% at constant exchange rates. Combined U.S. sales of Wegovy rose 21%.

Novo shares rose as much as 6.6% early in trading and were up 2.78% at around 8:20 a.m. Brasília time. The company’s shares have fallen more than 70% from their peak, while Lilly’s stock has risen. Lilly also increased its forecasts the previous week after reporting better-than-expected profit, citing demand for its injectable weight-loss medicines.

Novo declined to provide guidance for 2027 ahead of February and pointed to challenges including the loss of semaglutide exclusivity in some international markets, continued pressure in China and a less favorable gross-to-net effect than in 2026. The company also said it will cut U.S. list prices for Wegovy and Ozempic to $675 a month from January 1, reductions of about 50% and 35%, respectively, which it expects to affect 2027 cash flow.

Chief financial officer Karsten Munk Knudsen, who has held the position since 2018, will leave at the end of December. Novo named Luigi La Corte, currently CFO of Galderma, as his successor.

Sources: Folha Mercado.