Novo Nordisk beats Q2 forecasts, raises 2026 outlook

Novo Nordisk ↘ 3.12%, the Danish maker of weight-loss drug Wegovy, reported second-quarter adjusted operating profit that exceeded analyst expectations on Tuesday and raised its full-year 2026 outlook for the second time this year, citing stronger-than-expected sales of its GLP-1 drugs for obesity and diabetes.reuters+1

The company posted adjusted operating profit of 33.4 billion Danish crowns ($5.15 billion), up 11% year-on-year at constant exchange rates, against a mean analyst forecast of 28.74 billion crowns from a company-compiled poll. Adjusted sales rose 7% at constant exchange rates to 78.5 billion crowns.globenewswire+2

Raised Guidance

Novo Nordisk now expects adjusted sales and operating profit growth for 2026 to range from zero to minus 6% at constant exchange rates, an improvement from prior guidance of minus 4% to minus 12% for both metrics. Bloomberg reported the company cited higher expectations for its obesity and diabetes drug sales as the driver behind the improved outlook.bloomberg+2

The results excluded 6.3 billion crowns in non-recurring, non-cash impairment charges related to intangible pipeline assets, including 4.0 billion crowns tied to monlunabant, an oral experimental obesity drug.globenewswire+1

Competitive Landscape

CEO Mike Doustdar, who took the helm a year ago, has leaned heavily on the newly launched oral Wegovy pill to drive a recovery after a period marked by sales shortfalls, a collapse in market value, and job cuts. Novo is also going on the offensive against rival Eli Lilly ↘ 1.64%, having sued the American drugmaker in U.S. federal court last month over allegations of false advertising. Lilly has denied wrongdoing.reuters+1

The rivalry defines a market some analysts expect to exceed $100 billion annually by 2030. Lilly still leads in the U.S. market for injectable weight-loss drugs, and investors are watching whether Novo can compete through pipeline results, deals, or sustained prescription growth.reuters

Market Reaction

Despite the beat and guidance raise, Novo Nordisk shares slipped in trading on Tuesday, suggesting investors may have been looking for even stronger signals of a turnaround under Doustdar's leadership.bloomberg