Global pharma powerhouse Novo Nordisk delivered a mixed but strategically upbeat first quarter for 2026, as surging demand for GLP-1 therapies—especially Wegovy—was offset by pricing pressure in the US market.
The company reported net sales of DKK 96,823 million, up 32% at constant exchange rates (CER), but much of the reported strength was driven by a one-off US provision reversal linked to the 340B Drug Pricing Program.
Stripping out that impact, adjusted sales fell 4% at CER, reflecting lower realised prices despite continued volume growth in obesity and diabetes treatments.
Adjusted operating profit followed the same pattern: down 6% at CER to DKK 32,858 million, while reported operating profit surged 65% at CER due to the accounting reversal.
The standout story remains Wegovy, particularly its new oral formulation. The company highlighted record-breaking uptake in the US, with prescriptions accelerating sharply since launch.
“Wegovy is driving a strong start to 2026 for Novo Nordisk, led by the rapid adoption of Wegovy pill - the most efficacious GLP-1 tablet now used by more than one million patients since its January launch.
"As the global momentum behind peptide-based therapies accelerates, Wegovy pill is defining a novel category as the only oral peptide for the treatment of obesity, setting a new benchmark for what patients and physicians can expect.
"The strong Wegovy performance, combined with continued growth in International Operations, has led us to raise our 2026 guidance for both adjusted sales and adjusted operating profit,” said Mike Doustdar, president and CEO of Novo Nordisk.
“During the quarter, we also secured multiple approvals for Wegovy HD, strengthening the Wegovy portfolio, and enabling patients to achieve nearly 21% weight loss.”
For Q1 alone, Wegovy pill generated DKK 2,256 million in sales, though results were affected by pre-launch inventory build-up. Total prescriptions for the quarter reached about 1.3 million, with cumulative usage surpassing 2 million since launch.
Novo Nordisk also advanced its broader pipeline:
1. Wegovy HD (semaglutide 7.2 mg) was approved by the FDA and launched in the US, demonstrating 20.7% mean weight loss in trials.
2. zenagamtide AMAZE phase 3 programme was initiated in obesity.
3. Awiqli, a once-weekly basal insulin for type 2 diabetes, received FDA approval.
4. In rare disease, etavopivat met both co-primary endpoints in the HIBISCUS phase 3 sickle cell trial.
Despite pressure from lower realised prices in the US, Novo Nordisk upgraded its 2026 guidance, citing stronger-than-expected GLP-1 demand.
Adjusted sales growth (excluding the 340B impact) is now expected to be -4% to -12% at CER, while adjusted operating profit is also forecast at -4% to -12%, reflecting continued investment and pricing normalization.
The quarter underscores a company in transition: rapid global uptake of next-generation obesity therapies is reshaping growth, even as US pricing dynamics weigh on near-term profitability. Wegovy remains the central engine—and the defining bet—for Novo Nordisk’s next phase.
