Novo Nordisk Q3 2026 earnings review

Adjusted operating profit rose 33.9% and beat estimates, and Novo raised its 2026 guidance.

Novo Nordisk · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Novo Nordisk Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Novo Nordisk (NVO) Q3 2026 earnings review

Adjusted operating profit rose 33.9% and beat estimates, and Novo raised its 2026 guidance

  1. 1.Net sales rose 5.6% to DKK 79.2B, 7.6% above FactSet
  2. 2.Adjusted operating profit of DKK 31.7B beat the CNBC-cited estimate by 10.9%
  3. 3.Wegovy pill sales of DKK 5.4B beat the analyst estimate by 19.9%
  4. 4.Net profit fell 16.3% to DKK 16.7B after DKK 8.7B of major impairments
  5. 5.2026 adjusted sales and operating profit growth guidance rose to a range of -2% to +2% at CER
  6. 6.Shares closed at DKK 285.20 in Copenhagen on Nov 4, up 5.6% from Nov 3

Note: CER is constant exchange rates. Prices are Nasdaq Copenhagen closes. No reliable source gave a reason for the move.Source: Novo Nordisk Form 6-K, Nov 4, 2026; FactSet and analyst estimates via CNBC; Yahoo Finance prices, Nov 3–4, 2026

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2 · Executive summary

Q3 net sales beat FactSet by 7.6%, and adjusted operating profit beat estimates by 10.9%

Q3 2026 results vs. consensus (FactSet and analyst estimates via CNBC, Nov 4, 2026)

MetricActualConsensusVarianceResult
Net sales (FactSet)DKK 79,195MDKK 73,600M+DKK 5,595M / +7.6%Beat
Adjusted operating profitDKK 31,720MDKK 28,600M+DKK 3,120M / +10.9%Beat
Wegovy pill salesDKK 5,394MDKK 4,500M+DKK 894M / +19.9%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance, Nasdaq Copenhagen)

Novo Nordisk BNov 3 closeNov 4 closeChange
NOVO B (DKK)DKK 270.15DKK 285.20+5.6%

Closes on Nasdaq Copenhagen at 5:00 PM CET.

Note: CNBC names FactSet only for net sales; the other two estimates have no named provider.Source: Novo Nordisk Form 6-K, Nov 4, 2026; FactSet and analyst estimates via CNBC, Nov 4, 2026; Yahoo Finance prices

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3 · Q3 results vs. consensus

2026 adjusted operating profit growth guidance rose 300 bps at the midpoint, to -2% to +2%

2026 guidance at CER, Nov 4 vs. Aug 4, 2026

MetricAug 4 rangeNov 4 rangeMidpoint change
Adjusted sales growth-6% to 0%-2% to +2%+300 bps
Adjusted operating profit growth-6% to 0%-2% to +2%+300 bps

Key modelling assumptions

MetricAug 4Nov 4
Financial items (net), loss of aboutDKK 1.1BDKK 1.6B
Effective tax rate21% to 23%21% to 23%
Reported DKK growth vs. CERSales 1 pt lower, OP 2 pts lowerIn line with CER
2026 share buyback, up toDKK 15.0BDKK 15.0B (DKK 11.6B done by Nov 2)

Note: CER is constant exchange rates. No named consensus for 2026 guidance was found, so it is not scored.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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4 · 2026 guidance

Net sales rose 5.6% in DKK while adjusted operating profit rose 33.9%

  1. Obesity led growthObesity sales rose 22% at CER, while diabetes sales fell 5%.
  2. Reported profit fellOperating profit fell 2.8% to DKK 23.0B on major impairments.

Key figures

MetricQ3 2025Q3 2026YoY
Net salesDKK 75.0BDKK 79.2B5.6%
Adjusted operating profitDKK 23.7BDKK 31.7B33.9%
Net profitDKK 20.0BDKK 16.7B(16.3%)
Diluted EPS (DKK)DKK 4.50DKK 3.79(15.8%)

Note: Growth is in DKK unless marked CER (constant exchange rates). Adjusted figures are Novo’s own non-IFRS measures.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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5 · Q3 key financials

Obesity and Diabetes sales rose 4.9%, while its operating profit fell on impairments

Sales and operating profit by segment

Q3 2026

SegmentSalesSales YoYOperating profitMargin
Obesity and DiabetesDKK 73.7B+4.9%DKK 21.6B29.3%
Blood and endocrine disordersDKK 5.5B+16.6%DKK 1.4B26.1%
TotalDKK 79.2B+5.6%DKK 23.0B29.1%
Wegovy pill sales reached DKK 5.4B in its first year“Growth was led by our obesity portfolio, with continued uptake of Wegovy® pill in the US and encouraging early launches internationally.” Mike Doustdar, CEO

Note: Segment growth is in DKK. Margin is segment operating profit divided by segment sales.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

6

6 · Segment results

Obesity and Diabetes added DKK 3,436M of net sales, more than blood and endocrine

Net sales bridge by segment

DKK million, Q3 2025 to Q3 2026

DKKM · Q3 2025: 74,976DKKM · Obesity and Diabetes: 3,436DKKM · Blood and endocrine: 783DKKM · Q3 2026: 79,195Q3 2025Obesity andDiabetesBlood andendocrineQ3 202670,000M72,500M75,000M77,500M81,000M74,9763,43678379,195
Blood and endocrine sales added DKK 783M

Note: Steps are each segment’s change in reported DKK sales.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

7

7 · Net sales bridge

Ozempic sales of DKK 29.7B fell 5% at CER, while Wegovy pill added DKK 5.4B

Sales by key product

DKK million, Q3 2026

DKKM · Ozempic: 29,706DKKM · Wegovy injectable: 20,407DKKM · Insulin: 12,265DKKM · Wegovy pill: 5,394DKKM · Blood, endocrine: 5,504DKKM · Ozempic pill: 4,938OzempicWegovyinjectableInsulinWegovy pillBlood,endocrineOzempic pill0M10,000M20,000M33,000M29,70620,40712,2655,3945,5044,938
Obesity was 33.0% of net sales

Note: CER is constant exchange rates. Insulin is total insulin. Ozempic pill includes Rybelsus.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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8 · Sales by key product

Net profit fell 16.3% to DKK 16,740M as impairments offset higher adjusted profit

Net profit bridge

DKK million, Q3 2025 to Q3 2026

DKKM · Q3 2025: 20,006DKKM · Adjusted op. profit: 8,038DKKM · Impairments: -8,709DKKM · Financial items: -3,412DKKM · Income taxes: 817DKKM · Q3 2026: 16,740Q3 2025Adjusted op.profitImpairmentsFinancialitemsIncome taxesQ3 20260M10,000M20,000M30,000M20,0068,038-8,709-3,41281716,740
Major impairments cut profit by DKK 8,709M

Note: Adjusted operating profit excludes major impairments. Q3 2025 had none.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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9 · Net profit bridge

Adjusted operating margin rose 847 bps to 40.1% of net sales

Margins

% of net sales, Q3 2025 vs. Q3 2026

Adjusted operating margin · Q3 2025: 31.6%Adjusted operating margin · Q3 2026: 40.1%Adjusted gross margin · Q3 2025: 76.1%Adjusted gross margin · Q3 2026: 82.1%Q3 2025Q3 20260.0%25.0%50.0%75.0%100.0%31.6%40.1%76.1%82.1%

Adjusted operating marginAdjusted gross margin

Adjusted gross margin rose 598 bps to 82.1%

Note: Margins are divided by net sales. Adjusted figures exclude major impairments.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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10 · Margin analysis

Free cash flow fell 12.7% to DKK 28,483M on lower operating cash flow

Operating cash flow to free cash flow

DKK million, Q3 2026

DKKM · Operating cash flow: 41,710DKKM · Capex: -13,227DKKM · Free cash flow: 28,483Operating cash flowCapexFree cash flow0M10,000M20,000M30,000M40,000M45,000M41,710-13,22728,483
Capex was DKK 13,227M, down from DKK 13,628M

Note: FCF is operating cash flow less purchases of property, plant and equipment, as defined by Novo.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

11

11 · Free cash flow

12 · Sales by region

Net debt fell DKK 15,699M to DKK 79,725M since December

Net debt

DKK million, Dec 31, 2025 vs. Sep 30, 2026

DKK millionDec 31, 2025Sep 30, 2026
Borrowings excluding leasesDKK 122,386MDKK 126,077M
Cash and marketable securitiesDKK 26,962MDKK 46,352M
Net debtDKK 95,424MDKK 79,725M
Trade receivablesDKK 70,856MDKK 95,118M
Equity rose to 36.4% of total assets

Note: Net debt is borrowings excluding lease liabilities, less cash at bank and marketable securities.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

13

13 · Balance sheet and net debt

2026 guidance rests on GLP-1 volumes, while Ozempic sales fell 5% at CER

Indicator
What to watch
Implication
Latest reading
US pricing
Diabetes sales
Lower realised prices
US Operations up 1% at CER
Wegovy pill uptake
Obesity growth
Launches in more markets
DKK 5.4B of Q3 sales
Currency
DKK growth
Reported growth vs. CER
Q3 sales up 5.6% in DKK
Pipeline impairments
Operating profit
DKK 4.6B ziltivekimab charge
DKK 8.7B major impairments

Note: CER is constant exchange rates; GLP-1 is glucagon-like peptide-1. These are analytical watch points, not company targets.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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14 · Key risks to guidance

Appendix: segment profit detail

ClaimEvidenceCalculation
Obesity and Diabetes margin fell34.5% to 29.3%Segment operating profit over sales
Blood and endocrine turned to profitDKK 540M loss to DKK 1,437MSegment information
Blood and endocrine sales growth15% at CERSogroya and Norditropin volumes
Obesity sales growth22% at CERFinancial highlights

CER is constant exchange rates. Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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15 · Appendix: Segment detail

Appendix: profit and impairment detail

ClaimEvidenceCalculation
Ziltivekimab impairmentDKK 4.6BTrial results
Manufacturing network impairmentDKK 4.1BRight-sizing of capacity
Q3 2025 transformation costsAbout DKK 9.0BFavourable comparison base
Effective tax rate21.6% to 21.9%Q3 2025 to Q3 2026
Q3 one-time costs, other items and R&DAbout DKK 3.5BIncluded in reported profit
Adjusted net profit fellDKK 29.2B to DKK 25.6BNon-IFRS measure
Impairments in COGS and R&DDKK 4.1B and DKK 4.6BIncome statement lines

Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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16 · Appendix: Profit and impairments

Appendix: capital return detail

ClaimEvidenceCalculation
Dividends paid, 9M 2026DKK 51.9BCash flow statement
Share repurchases, 9M 2026DKK 10.0BCash flow statement
Returns as share of 9M free cash flow74%Dividends plus buybacks over FCF
2026 buyback programmeDKK 11.6B of up to DKK 15.0B done by Nov 2Company announcement

Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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17 · Appendix: Capital returns

Appendix: cost ratio and EBITDA detail

ClaimEvidenceCalculation
Sales and distribution costs to sales21.3% to 19.0%Transformation savings
R&D costs to sales20.5% to 25.1%Includes ziltivekimab impairment
EBITDA rose18.9% to DKK 37.4BNovo definition
Adjusted diluted EPS fellDKK 6.56 to DKK 5.79Non-IFRS measure
Administrative costs fell35.0% to DKK 1.2BTransformation savings
Diluted shares fell4,446.8M to 4,422.9MShare buybacks
Depreciation and amortisationDKK 3.8B to DKK 3.6BEBITDA reconciliation

Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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18 · Appendix: Costs and EBITDA

Appendix: income statement and adjusted profit detail

Income statement

DKK billionQ3 2025Q3 2026
Net salesDKK 75.0BDKK 79.2B
Gross profitDKK 57.1BDKK 61.0B
R&D costs-DKK 15.4B-DKK 19.9B
Operating profitDKK 23.7BDKK 23.0B

Operating profit to adjusted

DKK billionQ3 2025Q3 2026
Operating profitDKK 23.7BDKK 23.0B
Major impairmentsDKK 0.0BDKK 8.7B
Adjusted operating profitDKK 23.7BDKK 31.7B

Note: Major impairments are losses above DKK 1 billion each, as defined by Novo.Source: Novo Nordisk Form 6-K, Nov 4, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Novo Nordisk Form 6-K, Nov 4, 2026 — https://www.sec.gov/Archives/edgar/data/353278/000162828026069805/0001628280-26-069805-index.htm
  • Financial report, 1 Jan to 30 Sep 2026 (Company announcement No 65 / 2026) — https://www.sec.gov/Archives/edgar/data/353278/000162828026069805/caq32026.htm
  • Consensus: FactSet (net sales) and unnamed analyst estimates via CNBC, Nov 4, 2026 — https://www.cnbc.com/2026/11/04/novo-q3-earnings-wegovy-sales.html
  • Share price: Yahoo Finance NOVO-B.CO history, Nov 3 and Nov 4 closes — https://finance.yahoo.com/quote/NOVO-B.CO/history/
  • All company figures are IFRS, in Danish kroner (DKK). Prior guidance is the Aug 4, 2026 column in the same report.
  • Prices are Nasdaq Copenhagen closes at 5:00 PM CET. The NYSE ADR (NVO) is not used.
  • CER is constant exchange rates, as reported by Novo. Adjusted sales and operating profit growth guidance is at CER.
  • Adjusted figures, EBITDA, free cash flow and net debt are Novo’s non-IFRS measures, reconciled in Appendix 7 of the report.
  • The report was released before the Copenhagen open on Nov 4, 2026, with an earnings call at 1:00 PM CET.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Novo Nordisk's Form 6-K of November 4, 2026 (financial report for the first nine months of 2026). Consensus estimates (FactSet and others via CNBC) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS, in Danish kroner, for the quarters ended September 30, 2026 and 2025. Growth at constant exchange rates is company-provided.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-IFRS measures. Adjusted sales, adjusted operating profit, adjusted net profit, EBITDA, free cash flow and net debt follow Novo's own definitions and are reconciled in its report. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Novo Nordisk A/S. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 4, 2026, after the Copenhagen close.

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21

21 · Disclosures

Sources

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