Wegovy Pill Tops Estimates, Lifting Novo Nordisk Shares
CNBC reported Wednesday that Novo Nordisk shares jumped roughly 7% after its oral Wegovy pill generated first-quarter sales that far exceeded market expectations. The strong debut of the pill prompted the Danish drugmaker to lift its full-year profit and revenue guidance.
Pill Sales Shatter First-Quarter Estimates
Wegovy pill revenues reached 2.26 billion Danish kroner in the first three months of 2026. That figure was nearly double the analyst consensus of 1.16 billion kroner compiled by Reuters. The company said roughly 1.3 million prescriptions were written for the pill during the quarter. CEO Mike Doustdar told CNBC the results “speak for themselves,” noting patient tolerance of the oral format has been strong.
Doustdar added that pill sales are still growing at a double-digit pace. That growth is coming despite fresh competition from rival Eli Lilly’s obesity pill Foundayo, which launched in the U.S. in April.
Broader Quarterly Results Show Mixed Picture
Total reported first-quarter sales climbed 32% on a constant-currency basis to 96.8 billion kroner, equivalent to roughly $15.2 billion. Reported operating profit surged 65% to 59.6 billion kroner. On an adjusted basis, however, sales slipped 4% and profit fell 6%. Novo attributed the gap to a $4.2 billion one-time provision reversal tied to the U.S. 340B Drug Pricing Program, which inflated reported figures.
Injectable Wegovy sales grew 12% year-on-year to 18.2 billion kroner, falling slightly short of LSEG estimates. Ozempic, Novo’s flagship diabetes injection, saw sales decline 8% but still came in above expectations, according to LSEG data.
Also Read: Eli Lilly Launches Oral Obesity Drug Foundayo in U.S. Market
Background: A Fiercely Contested Market
Novo and Eli Lilly have spent the past two years battling for dominance in the weight-loss drug market. Analysts project the sector could reach $100 billion in annual value by the end of the decade. The arrival of oral alternatives was widely expected to erode demand for injectable versions. Doustdar pushed back on that concern Wednesday, arguing the pill and the pen are attracting different patient segments and creating a “synergetic effect” rather than cannibalizing each other. Novo’s Wegovy brand now holds a 65% share of new U.S. prescriptions, Doustdar said.
Guidance Raised but Analysts Remain Cautious
Novo now expects adjusted sales and profit to contract between 4% and 12% on a currency-adjusted basis for 2026. The prior guidance pointed to a decline of between 5% and 13%. Analysts at Jefferies warned, however, that the modest improvement at the lower end of the range could disappoint the market. The bank said consensus forecasts may not move higher, and could even drift lower in response to the narrow upgrade.
Novo also confirmed it plans to launch the Wegovy pill outside the United States in the second half of 2026, pending regulatory clearances.
Read Next: Eli Lilly Earnings Preview: Can Foundayo Challenge Wegovy’s U.S. Lead?
