Key Highlights
- Novo Nordisk delivered Q1 revenue of $15.17 billion, significantly surpassing analyst projections of $11.13 billion.
- Adjusted earnings per share reached $1.04, exceeding the $0.87 analyst consensus.
- The oral Wegovy formulation, introduced on January 5, 2026, accumulated more than 2 million prescriptions and delivered revenue exceeding DKK 2.2 billion during its initial quarter.
- The company upgraded its 2026 forecast, projecting sales and operating profit declines of 4%–12%, an improvement from the previous 5%–13% range.
- NVO shares gained approximately 1% following the announcement while trading roughly 40% below year-ago levels.
Novo Nordisk (NVO) shares advanced Wednesday following the Danish pharmaceutical company’s robust first-quarter financial performance and enhanced full-year projections, powered by strong initial adoption of its oral Wegovy formulation.
NVO shares moved approximately 1% higher as the financial results were released. The stock has experienced a gradual recovery since late March while continuing to trade roughly 40% below its position twelve months earlier — presenting a stark divergence from competitor Eli Lilly, which has gained approximately 18% during the comparable timeframe.
First-quarter revenue totaled $15.17 billion, substantially exceeding the $11.13 billion analyst consensus. Adjusted earnings per share of $1.04 surpassed the $0.87 estimate. Operating profit hit DKK 32.86 billion, beating the DKK 28.74 billion mean forecast compiled from analyst surveys.
These financial results provided a welcome reprieve following a challenging period. Throughout the preceding year, Novo confronted setbacks including underwhelming clinical trial outcomes for its next-generation obesity treatment, revenue shortfalls, and a dramatic stock decline that eliminated over $400 billion in market capitalization from its 2024 high.
Oral Wegovy Formulation Powers Results
The oral Wegovy product emerged as the quarter’s defining achievement. Following its U.S. debut on January 5, 2026, the tablet formulation recorded over 1.3 million filled prescriptions during Q1. Cumulative prescriptions have already exceeded 2 million since market entry. First-quarter revenue from the pill surpassed DKK 2.2 billion.
The tablet format provides Novo with an additional competitive avenue in the obesity pharmaceutical market against Eli Lilly, especially among patients favoring daily oral medication over weekly injectable treatments.
Novo’s exclusive position as the sole oral obesity medication in the U.S. market proved brief. During early April, Eli Lilly secured FDA authorization for its competitive oral formulation, Foundayo, intensifying competition between the pharmaceutical giants.
Lilly recently elevated its own annual profit and revenue projections, citing robust demand for its weight-management and diabetes product portfolio.
Forecast Upgraded Amid Ongoing Challenges
Novo revised its 2026 projections, currently anticipating adjusted sales and operating profit to decrease between 4% and 12% at constant exchange rates. This represents progress from the earlier -5% to -13% range.
CEO Mike Doustdar, appointed to the position last year, attributed the enhanced guidance to the Wegovy pill’s market performance and expansion in global operations.
The company continues addressing persistent pricing challenges stemming from previous year reductions to its injectable Wegovy product. Profit margins remain under pressure.
Wall Street analysts tracked by TipRanks maintain a consensus Hold rating on the stock, comprising one Buy recommendation and seven Hold ratings. The average price target stands at $43.00, approximately 4% beneath Wednesday morning’s trading level.
Analyst ratings and price targets are anticipated to receive updates during upcoming days following today’s earnings release.
