Key Highlights
- Novo Nordisk reported first-quarter revenue of $15.17 billion, significantly exceeding the $11.13 billion analyst consensus.
- The company’s adjusted earnings per share reached $1.04, surpassing Wall Street’s $0.87 projection.
- Oral Wegovy, which debuted on January 5, 2026, has already accumulated over 2 million prescriptions and delivered more than DKK 2.2 billion in first-quarter sales.
- The pharmaceutical giant upgraded its 2026 financial outlook, now projecting sales and operating profit declines of 4%–12%, versus the previous forecast of 5%–13%.
- Despite Wednesday’s gains of approximately 1%, NVO shares remain down roughly 40% year-over-year.
Shares of Novo Nordisk (NVO) advanced Wednesday following the Danish pharmaceutical company’s impressive first-quarter financial performance and upgraded full-year projections, fueled primarily by robust initial uptake of its oral Wegovy formulation.
NVO shares climbed approximately 1% during Wednesday’s trading session as investors digested the quarterly report. While the stock has shown modest recovery since late March, it continues to lag significantly, down nearly 40% from levels seen twelve months ago — a stark divergence from competitor Eli Lilly, which has posted gains of roughly 18% during the identical timeframe.
First-quarter revenue totaled $15.17 billion, substantially exceeding the Street’s $11.13 billion expectation. On the bottom line, adjusted earnings per share of $1.04 outpaced the consensus estimate of $0.87. Operating profit hit DKK 32.86 billion, comfortably above the DKK 28.74 billion average projection compiled from analyst surveys.
The strong quarterly performance provided a welcome reprieve following a turbulent twelve-month period. Novo has grappled with setbacks including underwhelming clinical trial outcomes for its next-generation obesity treatment, softer-than-anticipated product sales, and a dramatic stock decline that vaporized over $400 billion in shareholder value from its 2024 high-water mark.
Oral Wegovy Emerges as Quarterly Highlight
The newly launched oral version of Wegovy represented the quarter’s most compelling narrative. Following its U.S. commercial debut on January 5, 2026, the pill formulation generated over 1.3 million filled prescriptions during Q1 exclusively. Cumulative prescriptions have now eclipsed the 2 million threshold since market introduction. The oral product contributed more than DKK 2.2 billion in revenue during its inaugural quarter.
This tablet formulation provides Novo with an additional competitive weapon in the obesity therapeutics market against Eli Lilly, especially among patients who favor daily oral administration over weekly subcutaneous injections.
Nevertheless, Novo’s exclusive position as the sole provider of an oral obesity medication in America proved fleeting. Early in April, Eli Lilly secured FDA clearance for Foundayo, its competing oral therapy, intensifying the head-to-head competition between these pharmaceutical titans.
Lilly recently elevated its own full-year earnings and revenue projections last week, citing accelerating demand across its weight-loss and diabetes medication portfolios.
Improved Guidance Amid Ongoing Headwinds
Novo revised its 2026 financial guidance upward, now forecasting adjusted sales and operating profit declines ranging from 4% to 12% on a constant-currency basis. This represents a meaningful upgrade from the company’s previous projection of -5% to -13%.
CEO Mike Doustdar, who assumed leadership last year, attributed the enhanced outlook to the oral Wegovy product’s strong commercial traction and expanding momentum in international markets.
Nonetheless, the organization continues confronting substantial pricing headwinds stemming from last year’s price reductions on injectable Wegovy formulations. Profit margins remain under considerable compression.
Wall Street analysts tracked by TipRanks maintain a consensus Hold recommendation on the stock, derived from one Buy rating and seven Hold ratings. The average analyst price target stands at $43.00, representing approximately 4% downside from NVO’s Wednesday morning trading levels.
Analyst coverage, including ratings and price targets, is anticipated to undergo revisions in the days ahead as firms incorporate Wednesday’s quarterly results into their models.
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