Novo Nordisk reported a significant outperformance in the first quarter of 2026, driven by the launch of its oral weight-loss drug, the Wegovy pill, in the U.S. The Danish pharmaceutical company announced that first-quarter sales soared 32% on a constant currency basis to 96.8 billion Danish kroner ($15.2 billion), far exceeding the analyst consensus of 71.3 billion kroner compiled by FactSet. Operating profit surged 65% year-on-year to 59.6 billion kroner, also beating expectations of 31.7 billion kroner. However, on an adjusted basis, which excludes a $4.2 billion non-recurring impact from a provision reversal related to the 340B Drug Pricing Program in the U.S., sales fell 4% and profits dropped 6% [1].
The Wegovy pill generated sales of 2.26 billion kroner in its first quarter, nearly double the analyst estimates of 1.16 billion kroner compiled by Reuters. The pill saw around 1.3 million prescriptions in the first three months, marking the strongest-ever GLP-1 volume launch in the U.S. Despite accounting for only a fraction of total sales, the pill's rapid uptake is seen as a key indicator of future market expansion [1].
Sales of the injectable Wegovy drug rose 12% year-on-year to 18.2 billion kroner, though this was slightly below expectations compiled by LSEG. Meanwhile, sales of diabetes drug Ozempic fell by 8%, but still surpassed expectations. The broader obesity care category saw adjusted constant currency sales rise by 22% [1].
In response to these results, Novo Nordisk raised its 2026 full-year guidance, now expecting adjusted sales to contract by -4% to -12% on a currency-adjusted basis and adjusted operating profit growth to fall in the same range. CEO Mike Doustdar attributed the improved outlook to the strong Wegovy performance and continued growth in International Operations. The company remains in fierce competition with Eli Lilly, which recently launched its own weight loss pill, Foundayo, in early April. Analysts project the weight-loss market could reach $100 billion by the end of the decade [1].
CONCLUSION
Novo Nordisk's first-quarter results were bolstered by the successful launch of the Wegovy pill, leading to a raised full-year guidance for 2026. The company's strong performance underscores its competitive position in the rapidly expanding weight-loss market, despite ongoing rivalry with Eli Lilly.