---
title: "Novo's third-quarter operating profit rose 27% adjusted and fell 9% reported. Its 2026 outlook moved a third time, to -2% to +2%."
description: "Novo Nordisk's nine-month 6-K puts Q3 sales at DKK 79,195 million, up 4% at CER, and adjusted operating profit at DKK 31,720 million, up 27%, on a base with about DKK 9 billion of 2025 transformation costs; reported operating profit fell 9% after DKK 8.7 billion of impairments. The 2026 outlook is now -2% to +2%. Wegovy pill reached DKK 5,394 million, Ozempic fell 5%, and free cash flow guidance of DKK 60-70 billion sits below the DKK 83.8 billion already reported."
canonical: https://evidinvest.com/blog/nvo-q3-2026-nine-months-read-back-wegovy-ozempic-outlook-2026-11-05
date: "2026-11-05"
last_updated: "2026-11-05"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["NVO", "Novo Nordisk", "Wegovy", "Ozempic", "GLP-1", "obesity", "earnings results", "6-K", "SEC filings"]
---

# Novo's third-quarter operating profit rose 27% adjusted and fell 9% reported. Its 2026 outlook moved a third time, to -2% to +2%.

- Published: 2026-11-05
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/nvo-q3-2026-nine-months-read-back-wegovy-ozempic-outlook-2026-11-05
- Research, not investment advice.

> Novo Nordisk's nine-month 6-K puts Q3 sales at DKK 79,195 million, up 4% at CER, and adjusted operating profit at DKK 31,720 million, up 27%, on a base with about DKK 9 billion of 2025 transformation costs; reported operating profit fell 9% after DKK 8.7 billion of impairments. The 2026 outlook is now -2% to +2%. Wegovy pill reached DKK 5,394 million, Ozempic fell 5%, and free cash flow guidance of DKK 60-70 billion sits below the DKK 83.8 billion already reported.

*Every figure below was read from Novo Nordisk's own reports furnished to the SEC on Form 6-K and
is cited with its accession: the financial report for the first nine months of 2026, the
first-half and first-quarter reports that set the lines we read it against, and the weekly
share-repurchase announcements. Amounts are in Danish kroner as filed; growth rates are at constant
exchange rates (CER) where Novo states them so. Outlook figures are the company's own and are
labelled as guidance. We show no analyst estimates, no consensus and no share prices, because none
of them is filed, and nothing from the earnings call. Sums and differences are our arithmetic on
filed values and are marked *(Ours.)* Research, not investment advice.*

Novo Nordisk **[$NVO](https://evidinvest.com/valuation/NVO)** furnished its report for the first nine months of 2026 on
Form 6-K on 4 November (**accession `0001628280-26-069805`**). In August it raised its 2026 outlook
for the second time this year, to adjusted sales growth of 0% to -6% at CER. This is the read-back:
the nine-month report against the lines the first-half report put on file.

The report's title says "third-quarter adjusted operating profit increasing 27% at CER to DKK 31,720
million". Its third bullet says "reported operating profit decreased by 9% at CER". The outlook moved
for the third time this year.

## 1. The quarter: sales and operating profit

The first-half report (**`0000353278-26-000023`**) and the nine-month report (`0001628280-26-069805`), DKK million:

| | Q2 2026 | Growth at CER | Q3 2026 | Growth at CER |
|---|---|---|---|---|
| Net sales (reported) | 78,488 | 3% | 79,195 | 4% |
| Adjusted net sales | 78,488 | 7% | 79,195 | 4% |
| Operating profit (reported) | 27,061 | (16%) | 23,011 | (9%) |
| Adjusted operating profit | 33,389 | 11% | 31,720 | 27% |

The adjusted lines exclude the US 340B rebate-provision reversals (DKK 26.8 billion in Q1 2026, DKK
2.6 billion in Q2 2025) and, in Q2, DKK 6.3 billion of "non-recurring, non-cash impairment charges"
on intangible pipeline assets, "including monlunabant (DKK 4.0 billion)".

**The gap in Q3.** No 340B item touched the quarter, so reported and adjusted sales are the same figure.
The whole operating-profit difference is "DKK 8.7 billion of non-cash impairment charges", on
"ziltivekimab (DKK 4.6 billion) and right-sizing of manufacturing network (DKK 4.1 billion)"; the
reconciliation puts DKK 4,648 million in research and development and DKK 4,061 million in cost of goods
sold (`0001628280-26-069805`). The report's pipeline summary says ziltivekimab's phase 3 trials ZEUS
and HERMES "did not meet the primary endpoint".

**The base in the 27%.** The same bullet says the 27% was driven by GLP-1 sales growth "and a favourable
comparison base following DKK 9 billion of company-wide transformation costs recognised in Q3 2025". It
was "partly offset by around DKK 3.5 billion of one-time costs" in Q3 2026. Q3 2025 operating profit was
DKK 23,682 million, with no adjustments. *(Ours, on the report's rounded figures and in DKK, not CER:
excluding both items, about DKK 35.2 billion against about DKK 32.7 billion, or about 8%.)*

**Nine months**, same report, DKK million:

| | 9M 2026 | Growth at CER |
|---|---|---|
| Net sales (reported) | 254,506 | 13% |
| Adjusted net sales | 227,746 | 2% |
| Operating profit (reported) | 109,690 | 18% |
| Adjusted operating profit | 97,967 | 8% |

Major impairments for nine months are DKK 15.0 billion: ziltivekimab, monlunabant (DKK 4.0 billion),
other intangible pipeline assets (DKK 2.3 billion) and the manufacturing network. The report shows no
major legal matter in either period.

## 2. The 2026 outlook, third time

| Guidance (at CER) | 6 May (`0000353278-26-000018`) | 4 August (`0000353278-26-000023`) | 4 November (`0001628280-26-069805`) |
|---|---|---|---|
| Adjusted sales growth | -4% to -12% | 0% to -6% | -2% to +2% |
| Adjusted operating profit growth | -4% to -12% | 0% to -6% | -2% to +2% |
| Free cash flow | DKK 36–46 billion | DKK 45–55 billion | DKK 60–70 billion |
| Capital expenditure (PP&E) | around DKK 55 billion | around DKK 55 billion | around DKK 50 billion |

The August report: "The improved outlook is driven by increased expectations for GLP-1 product
sales." It also gave the non-adjusted view: "the mid-point of sales and operating profit growth
guidance for 2026, both at CER, would be 5% and 12%, respectively".

The November report: "The improved outlook is mainly driven by increased expectations for GLP-1 product
sales in both operating units", with "fluctuations in growth rates expected across quarters". It does not
repeat the non-adjusted midpoint sentence.

*(Ours: nine-month adjusted operating profit growth of 8% at CER is above the top of the +2% range, so the
range leaves room only for a fall in the fourth quarter at CER. Nine-month adjusted sales growth of 2% is
at the top of its range.)* The report gives no fourth-quarter figure. For operating profit it cites
"targeted investments" in R&D and Commercial, "including launch preparations for CagriSema in the US".

## 3. GLP-1: Obesity care, Wegovy and Ozempic

Adjusted sales by product, first-half and nine-month reports, DKK million, growth at CER:

| | Q2 2026 | Growth | Q3 2026 | Growth |
|---|---|---|---|---|
| Total obesity | 23,152 | 16% | 26,146 | 22% |
| Wegovy® injectable | 19,484 | 1% | 20,407 | (2%) |
| Wegovy® pill | 3,218 | N/A | 5,394 | N/A |
| Ozempic® | 31,375 | 5% | 29,706 | (5%) |
| Ozempic® pill / Rybelsus® | 5,228 | (4%) | 4,938 | (10%) |
| Total diabetes | 50,429 | 3% | 47,545 | (5%) |

The oral diabetes line changed its name between reports: the Q1 table calls it "Rybelsus®"; from Q2
it is "Ozempic® pill / Rybelsus®", after Ozempic pill went on sale nationwide in the US on 4 May.

*(Ours: the pill was 20.6% of obesity sales, against 13.9% in Q2.)* By geography the two Wegovy forms
split differently. In the US, injectable sales fell 13% at CER, the pill reached DKK 4,178 million, and
combined Wegovy grew 21%. In International Operations, injectable grew 16%, the pill reached DKK 1,216
million, and combined Wegovy grew 31%. In the US, Ozempic injectable fell 11%; GLP-1 diabetes sales fell
10%, "mainly driven by lower volumes and wholesaler inventory movements"; Ozempic pill / Rybelsus grew 5%.
Outside the US, Ozempic grew 8%, helped by "a one-off prior-period adjustment" that was "offset by loss
of exclusivity impact in Canada".

## 4. Wegovy pill: prescriptions on file, not only dollars

The first-half report: "For the week ending 17 July 2026, total weekly prescriptions exceeded
265,000", Q2 prescriptions "reached around 2.9 million", and prescriptions since the US launch on 5
January exceeded 5 million. Self-pay prices "range from USD 149–299 per month by dose". Launches
followed in the UAE in June and the UK in July, and the EMA approved the pill in July.

The nine-month report (`0001628280-26-069805`) gives no weekly figure. It says prescriptions "reached
around 3.6 million in Q3 2026" and "more than 8 million since launch", that "More than 30% of the weekly
prescriptions in the US are now for the two highest doses", and that self-pay prices are unchanged at USD
149–299. *(Ours: 3.6 million is about 24% above Q2's 2.9 million.)* Wegovy injectable had about 4.1 million
US prescriptions in the quarter, around 35% of them self-pay.

Outside the US, the pill was on sale in the UAE, the UK and Germany by the end of Q3, and "launches in
Mexico, Spain, France and Poland" brought International Operations to seven markets, with "more than 20
markets in 2027" expected. Nine-month pill sales were DKK 10,868 million: DKK 9,575 million in the US,
which the report says includes "a positive impact in Q1 2026 from pre-launch pipeline fill", and DKK
1,293 million elsewhere.

## 5. International Operations

Reported sales in International Operations were DKK 37,619 million in Q2, up 10% at CER, and DKK
72,297 million in the first half, up 8%; US Operations were DKK 40,869 million in Q2, down 2% at CER
(`0000353278-26-000023`). The outlook assumes "sales growth within International Operations and
expectations for a sales decline within US Operations", with "the loss of exclusivity for the
semaglutide molecule in certain markets in International Operations".

Both units grew in Q3 (`0001628280-26-069805`), DKK million, growth at CER:

| | Q3 2026 | Growth | 9M 2026, adjusted | Growth |
|---|---|---|---|---|
| US Operations | 41,880 | 1% | 118,134 | (2%) |
| International Operations | 37,315 | 8% | 109,612 | 8% |
| of which EUCAN | 19,864 | 18% | 56,988 | 19% |
| of which Emerging Markets | 7,378 | 6% | 22,652 | (3%) |
| of which APAC | 5,039 | (7%) | 15,194 | 2% |
| of which Region China | 5,034 | (5%) | 14,778 | (2%) |

The outlook still assumes a US decline for the year. On patents, the report is specific about one market:
"In Canada, the loss of exclusivity for semaglutide has led to lower realised prices while volumes have
remained broadly stable for Novo." On China: "The lower Wegovy® prices were mainly realised in Region
China, following list price reductions in late Q4 2025."

## 6. US prices: 340B, MFN and the 1 January list price

Three US items are on file. The 340B provision of "USD 4.2 billion (DKK 26.8 billion)" was "fully
reversed" in Q1 2026, with no cash impact. Under the November 2025 "Most Favoured Nations" agreement
with the US Administration, Medicare Part D coverage for obesity runs through the Bridge pilot "from
1 July 2026". And effective 1 January 2027, Novo "will lower the list price, or wholesale acquisition
cost (WAC)" of Wegovy, Ozempic and Ozempic pill to USD 675, "reductions from the current list price
of approximately 50% and 35% for Wegovy® and Ozempic®, respectively", which "is expected to impact
Novo Nordisk's cash flow in 2027".

The nine-month report (`0001628280-26-069805`) changes none of the three. Q3 "was not impacted by any
provision reversals" under 340B. Bridge has been in effect since 1 July and "covers a majority of
beneficiaries"; the report calls initial uptake "encouraging" and gives no patient count. The list-price
paragraph opens "As previously communicated" and keeps USD 675 and the 2027 cash-flow sentence.

## 7. Cash and the buyback

First half (`0000353278-26-000023`): operating cash flow DKK 79,283 million, purchases of property,
plant and equipment DKK 23,986 million, free cash flow DKK 55,297 million; DKK 35,312 million of
dividends and DKK 5,899 million of treasury-share purchases.

The 2026 programme is "up to DKK 15 billion" over twelve months from 4 February 2026; the tranche
running from 6 May to 1 February 2027 is up to DKK 11,200,000,010.45. The weekly announcement of 3
November (**`0001171843-26-007060`**): since 4 February Novo "has repurchased a total 41,714,179 B
shares", for a transaction value of DKK 11,564,364,801, and holds 55,754,876 B shares in treasury,
"1.2% of the share capital". *(Ours: 77.1% of the DKK 15 billion programme.)*

Nine months (`0001628280-26-069805`), DKK million:

| | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 |
|---|---|---|---|---|
| Net cash generated from operating activities | 41,710 | 46,266 | 120,993 | 112,770 |
| Purchase of property, plant and equipment | (13,227) | (13,628) | (37,213) | (41,711) |
| Free cash flow | 28,483 | 32,638 | 83,780 | 71,059 |

The report attributes the nine-month rise to "phasing of operating expenses, timing of US rebate payments
and tax payments, as well as lower capital expenditure". It also says the new DKK 60–70 billion range
reflects the improved outlook, capex and "improvements in working capital". *(Ours: the range is DKK 13.8–23.8
billion below the DKK 83.8 billion already reported, so it implies negative free cash flow in the fourth
quarter. The report gives no fourth-quarter figure. Capex guidance leaves about DKK 12.8 billion for the
quarter.)*

Novo returned DKK 61.9 billion: DKK 51.9 billion of dividends and DKK 10.0 billion of buybacks. Net debt was
DKK 79,725 million, against DKK 95,424 million at the end of 2025. The report's buyback line, as of 2 November,
repeats the two figures above. On 5 November, 04:30 UTC, the 3 November announcement was the newest weekly 6-K on
EDGAR.

## What to read next

The report's calendar sets "3 February 2027" for the financial statement for 2026 and the Annual Report
2026, which will settle where the year landed against -2% to +2% and DKK 60–70 billion. The report says the 1
January list price "is expected to impact Novo's cash flow in 2027". Novo's chief executive says the company is "preparing for the US launch of CagriSema in early
2027, subject to regulatory approval", and capex is "expected to continue to decline" in the coming years.

## Run it yourself

[/filings/NVO](https://evidinvest.com/filings/NVO) lists the 6-Ks, including the weekly buyback announcements, and
[/valuation/NVO](https://evidinvest.com/valuation/NVO) lets you run your own valuation on filed numbers. Write down the
lines you will hold the next report to: the 2026 outlook range, Wegovy pill sales, International
Operations growth and the 1 January list price. Our [Thesis Monitor](https://evidinvest.com/thesis-monitor) reads each new
filing against what you wrote. If you work inside an agent, the same filings are on the
[EvidInvest MCP server](https://evidinvest.com/developers). It is free to start, credit packs from $10, and there is no
subscription.

The report headlines 27%. The lines under it are DKK 8.7 billion of impairments and a DKK 9 billion base.

*Sources. Novo Nordisk A/S Form 6-K, financial report for the first nine months of 2026: accession
`0001628280-26-069805`
([sec.gov](https://www.sec.gov/Archives/edgar/data/353278/000162828026069805/caq32026.htm)). Form 6-K, financial report for the period 1 January to 30 June 2026 (company
announcement No 48 / 2026): `0000353278-26-000023`
([sec.gov](https://www.sec.gov/Archives/edgar/data/353278/000035327826000023/caq22026.htm)). Form
6-K, financial report for the period 1 January to 31 March 2026: `0000353278-26-000018`
([sec.gov](https://www.sec.gov/Archives/edgar/data/353278/000035327826000018/caq12026.htm)). Form 6-K
of 3 November 2026 (share repurchase): `0001171843-26-007060`. EDGAR was checked at 04:30 UTC on 5 November 2026. No
analyst estimate, consensus figure, share price or call remark appears on this page; our arithmetic
is labelled as ours. Research, not investment advice.*

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