Quick Summary
- First-quarter revenue of $15.17 billion significantly exceeded Wall Street’s consensus estimate of $11.13 billion at Novo Nordisk.
- The company delivered adjusted earnings per share of $1.04, surpassing analyst expectations of $0.87.
- Oral Wegovy, which debuted on January 5, 2026, has surpassed 2 million cumulative prescriptions and brought in more than DKK 2.2 billion during the first quarter.
- Management upgraded 2026 financial projections, now forecasting revenue and operating profit declines of 4%–12%, an improvement from the previous -5% to -13% outlook.
- Shares of NVO gained approximately 1% following the announcement, though the stock remains down roughly 40% year-over-year.
Shares of Novo Nordisk (NVO) advanced Wednesday following the Danish pharmaceutical company’s robust first-quarter financial performance and improved full-year projections, propelled by impressive uptake of its oral Wegovy formulation.
NVO shares climbed approximately 1% during trading as investors digested the quarterly results. While the stock has experienced gradual recovery since late March, it continues to trail significantly over the past year with a decline of nearly 40% — standing in stark contrast to competitor Eli Lilly, which has posted gains of approximately 18% during the same timeframe.
First-quarter revenue totaled $15.17 billion, substantially exceeding the Street’s consensus forecast of $11.13 billion. The company’s adjusted earnings per share of $1.04 outperformed the $0.87 estimate. Operating profit registered DKK 32.86 billion, surpassing the average analyst prediction of DKK 28.74 billion compiled by the company.
The strong quarterly performance provides much-needed momentum after a challenging twelve-month period. Novo has faced headwinds including underwhelming clinical trial outcomes for its next-generation obesity treatment, softer-than-anticipated sales figures, and a dramatic stock price decline that wiped out over $400 billion in market capitalization from its 2024 high.
Oral Wegovy Pill Emerges as Key Growth Driver
The tablet version of Wegovy represented the headline achievement of the quarter. Following its U.S. market introduction on January 5, 2026, the oral formulation generated over 1.3 million filled prescriptions during the first three months alone. Cumulative prescriptions have already exceeded the 2 million milestone. The pill contributed more than DKK 2.2 billion in revenue during its initial quarter of availability.
The tablet formulation provides Novo with an important competitive advantage in the obesity treatment market against Eli Lilly, especially among patients who favor a daily pill format over weekly injections.
Nevertheless, Novo’s exclusivity in the oral obesity medication segment proved short-lived. Early in April, Eli Lilly secured FDA clearance for its rival oral medication, Foundayo, intensifying the competitive landscape between the pharmaceutical giants.
Lilly recently elevated its own annual profit and revenue projections, citing robust demand for its weight-loss and diabetes treatment portfolio.
Financial Outlook Improved Despite Ongoing Challenges
Novo revised its 2026 financial guidance upward, now projecting adjusted revenue and operating profit declines between 4% and 12% on a constant currency basis. This represents an improvement from the company’s previous guidance range of -5% to -13%.
CEO Mike Doustdar, who assumed leadership last year, attributed the enhanced outlook to the oral Wegovy pill’s commercial success and expansion in international markets.
Nevertheless, the organization continues to contend with persistent pricing pressures stemming from last year’s price reductions on its injectable Wegovy product. Profit margins remain constrained.
According to TipRanks analyst consensus, the stock carries a Hold rating, derived from one Buy recommendation and seven Hold ratings. The consensus price target stands at $43.00, approximately 4% below NVO’s trading level Wednesday morning.
Analyst coverage and price targets are anticipated to be refreshed in the days ahead following Wednesday’s earnings release.
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