Novo Nordisk Earnings Face Wegovy Scrutiny

Sales forecasts have softened to 73.65 billion kroner, a decline from the 74.98 billion kroner reported during the same period last year. Shares in the company have struggled recently, shedding 15% over the past twelve months. Much of the focus rests on Wegovy, where momentum in the U.S. and successful international launches drive optimism, even as the injectable version faces a projected 2% sales dip due to aggressive pressure from Eli Lilly’s rival product, Zepbound.

Analysts at Jyske Bank suggest that the company might nudge its 2026 guidance upward, fueled by strong demand for both Wegovy and the diabetes drug Ozempic in key markets like the U.K., Germany, and the UAE. Despite this, there is a palpable sense of caution; the market has already baked much of this growth into the current share price. If the company fails to deliver an upward revision, investors may quickly lose patience. Currently, Novo Nordisk projects a potential 6% decline in adjusted sales and operating profit at constant exchange rates, though some observers expect the new guidance to reflect a more moderate contraction of 3% to 4%.