Key Highlights
- First-quarter revenue reached $15.17 billion, substantially exceeding analyst projections of $11.13 billion.
- Earnings per share on an adjusted basis totaled $1.04, surpassing the consensus estimate of $0.87.
- The oral Wegovy formulation, which debuted on January 5, 2026, has accumulated more than 2 million prescriptions and delivered over DKK 2.2 billion in first-quarter sales.
- The company revised its 2026 forecast upward, now projecting sales and operating profit declines of 4%–12%, an improvement from the previous guidance of 5%–13%.
- Shares of NVO gained approximately 1% following the announcement, though they remain down nearly 40% year-over-year.
Shares of Novo Nordisk (NVO) advanced on Wednesday following the Danish pharmaceutical company’s robust first-quarter financial report and upgraded full-year guidance, powered by strong initial reception of its oral Wegovy formulation.
NVO shares were trading approximately 1% higher as the quarterly results were released. While the stock has demonstrated modest recovery since late March, it continues to trade nearly 40% below levels from a year ago — a stark divergence from competitor Eli Lilly, which has posted approximately 18% gains during the same timeframe.
First-quarter revenue totaled $15.17 billion, significantly surpassing the analyst consensus of $11.13 billion. Adjusted earnings per share of $1.04 exceeded expectations of $0.87. Operating profit reached DKK 32.86 billion, comfortably above the mean analyst forecast of DKK 28.74 billion compiled by the company.
The positive results provide much-needed momentum after a challenging period. Throughout the past year, Novo has contended with underwhelming clinical trial outcomes for its next-generation obesity treatment, softer-than-anticipated sales performance, and a dramatic stock decline that wiped out over $400 billion in market capitalization from its 2024 high.
Oral Wegovy Formulation Fuels Performance
The tablet version of Wegovy emerged as the quarter’s headline achievement. Following its U.S. launch on January 5, 2026, the oral medication recorded more than 1.3 million filled prescriptions during Q1 alone. Cumulative prescriptions have now exceeded 2 million since its market introduction. First-quarter revenue from the pill surpassed DKK 2.2 billion.
The tablet formulation provides Novo with an additional competitive avenue in the obesity treatment market against Eli Lilly, especially appealing to patients who favor a daily oral medication over weekly injections.
Nevertheless, Novo’s exclusive position as the sole provider of an oral obesity pill in the United States was short-lived. Early in April, Eli Lilly secured FDA authorization for its competing oral formulation, Foundayo, intensifying the competitive landscape between the pharmaceutical giants.
Lilly recently announced upward revisions to its own full-year earnings and revenue projections, citing robust demand for its weight-loss and diabetes medications.
Outlook Improved Despite Ongoing Challenges
Novo modified its 2026 financial outlook, now forecasting adjusted sales and operating profit to decrease between 4% and 12% on a constant currency basis. This represents an enhancement from the previous projection of -5% to -13%.
CEO Mike Doustdar, who assumed leadership last year, attributed the upgraded forecast to the Wegovy pill’s strong market performance and expansion in international markets.
Despite these improvements, the company continues to manage sustained pricing pressures stemming from last year’s reductions to its injectable Wegovy product. Profit margins remain compressed.
Wall Street analysts tracked by TipRanks currently maintain a consensus Hold rating on the stock, consisting of one Buy recommendation and seven Hold ratings. The average analyst price target stands at $43.00, approximately 4% below NVO’s Wednesday morning trading level.
Analyst coverage and price targets are anticipated to be refreshed in the days ahead as Wall Street digests the quarterly report.
