Wegovy Pill Sales Smash Forecasts

CNBC reported Wednesday that Novo Nordisk lifted its annual profit guidance after Wegovy pill sales smashed analyst expectations in the drug’s debut quarter on the U.S. market. Shares in the Danish pharmaceutical giant climbed roughly 7% in Copenhagen morning trading.

Wegovy Pill Sales Double Estimates in Debut Quarter

Wegovy pill sales reached 2.26 billion Danish kroner in the first three months of 2026. That figure was nearly double the analyst consensus estimate of 1.16 billion kroner compiled by Reuters. The pill generated around 1.3 million prescriptions during the quarter. CEO Mike Doustdar told CNBC the numbers “speak for themselves,” adding that patients tolerated the product well.

Novo said group first-quarter revenue rose 32% on a constant currency basis, reaching 96.8 billion kroner ($15.2 billion) on a reported basis. Operating profit surged 65% on the same reported basis. Adjusted figures, which strip out a $4.2 billion one-time accounting reversal tied to the U.S. 340B Drug Pricing Program, showed adjusted sales fell 4% and adjusted profits fell 6%.

Background: A Market Worth $100 Billion

Novo Nordisk and rival Eli Lilly have been competing aggressively for dominance in the global obesity drug market, which analysts project could reach $100 billion in annual value. Eli Lilly launched its own oral obesity pill, Foundayo, in the U.S. in April. Doustdar said Novo’s Wegovy brand still commands 65% of all new U.S. prescriptions, describing the company’s recent momentum as a “turnaround situation.”

A key investor concern heading into earnings was whether the pill would erode sales of Novo’s older injectable Wegovy product. Doustdar pushed back on that idea, arguing the two formats are working together rather than competing. Injectable Wegovy revenue rose 12% year-on-year to 18.2 billion kroner. Sales of diabetes blockbuster Ozempic slipped 8% but still beat analyst expectations.

Guidance Raised but Analysts See a Ceiling

Novo updated its 2026 full-year outlook, now expecting adjusted sales and operating profit to contract between 4% and 12% on a currency-adjusted basis. That compares to a prior forecast of a 5% to 13% decline. The company also said the Wegovy pill is on track to launch outside the U.S. in the second half of 2026, pending regulatory clearance.

Analysts at Jefferies offered a cautious read of the guidance revision. They noted that Novo’s failure to lift the lower end of its guidance range more aggressively could be read negatively by the market. Consensus earnings forecasts may not move higher in response, the bank said.

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