The company said adjusted operating profit rose 27% to 31.72 billion Danish crowns at constant exchange rates, exceeding analyst expectations of 28.39 billion crowns. Adjusted sales reached 79.20 billion crowns, above the 73.22 billion forecast, according to Reuters.
Novo now expects adjusted sales and operating profit for 2026 to range between 2% growth and a 2% decline at constant exchange rates. Its previous outlook had projected performance between flat and a 6% fall, reflecting pressure from competition, pricing and weaker sales in parts of its portfolio.
The Wegovy pill was a significant contributor to the improved performance. Launched in the United States in January, it generated 5.39 billion crowns in third-quarter sales, up 53% from the previous quarter and ahead of the 4.62 billion crowns expected by analysts. The company said higher volumes of obesity medicines in both US and international markets supported the quarter.
The results provide an important boost as Novo attempts to regain ground against US rival Eli Lilly. Novo's shares have fallen sharply from their previous peak, while Lilly has benefited from strong demand for its injectable weight-loss medicines and recently raised its own outlook.
Competition remains intense. Novo said US sales of injectable Wegovy declined 13% at constant exchange rates, although combined US sales of the Wegovy franchise increased 21%. The company also acknowledged that the prescription growth of its pill had flattened in recent weeks, attributing the trend partly to seasonal factors.
Chief executive Mike Doustdar said the company had held its position following the launch of Lilly's rival pill, but the competitive environment is expected to become more challenging. Novo's ability to sustain prescription growth, expand access and defend pricing will be central to its recovery.
The upgraded forecast signals improving commercial momentum, but it does not remove the strategic challenge facing the company. Investors will be watching whether the pill can generate durable growth and whether Novo can translate stronger demand into a lasting improvement in profitability.
