Novo Nordisk shares jumped as much as 9% in Copenhagen, suggesting the stock may finally be bottoming out after a vicious multi-year bear market. The move followed the Danish drugmaker's decision to raise its 2026 guidance ranges for adjusted sales and adjusted operating profit, citing solid momentum in Wegovy sales.
Novo now expects full-year sales and profit declines of around 12%, down from a previous forecast of around 13%. The upgraded outlook was "driven by increased expectations for GLP-1 product sales," according to the company.
Here's a snapshot of the new full-year forecast, courtesy of Bloomberg:
Sees adjusted change in sales at constant exchange rates -4% to -12%, saw -5% to -13%, estimate -7.63% (Bloomberg Consensus)
Sees adjusted change in operating profit at constant FX -4% to -12%, saw -5% to -13%, estimate -8.26%
The key bright spot was momentum in the Wegovy pill:
Wegovy pill was launched in the US on 5 January 2026, and for the week ending 17 April, total weekly prescriptions exceeded 200,000. Coupled with total prescriptions for Q1 2026 of around 1.3 million and now more than 2 million since launch, it marks the strongest-ever GLP-1 volume launch in the US. Q1 2026 sales for the Wegovy pill reached DKK 2,256 million, impacted by pre-launch pipeline fill with wholesalers and telehealth partners.
Pending regulatory decisions, the first Wegovy pill launches outside the US are expected during the second half of 2026.
"We have seen more than 1 million people using the Wegovy pill," CEO Mike Doustdar told analysts on an earnings call earlier. He noted that patients are switching from competing products, with "limited cannibalization" of Novo's other drugs.
Still, Novo's overall business remains under pressure. First-quarter sales fell 10% to 70.1 billion Danish kroner, while adjusted operating profit dropped 15%. Diabetes drug sales fell 18%, with Ozempic hitting its lowest level in two years.
Source: ZeroHedge News
