Novo Nordisk (Novo Nordisk (NVO)) is having a very good Wednesday. The Danish drugmaker reported first-quarter earnings that blew past expectations, and it raised its full-year guidance, all thanks to the blockbuster launch of its Wegovy pill. Shares jumped more than 7% in premarket trading.
The company posted Q1 sales of $15.17 billion (96.82 billion Danish kroner), easily beating the consensus estimate of $11.13 billion. Adjusted earnings came in at $1.04 per share (6.63 kroner), versus the 87 cents analysts were looking for. Sales jumped 32% at constant exchange rates, helped along by a one-time provision reversal related to the U.S. 340B Drug Pricing Program.
Adjusted operating profit dipped 6% at CER to 32.86 billion kroner, but reported operating profit surged 65% to 59.62 billion kroner, again thanks to that 340B reversal. So the underlying business is growing fast, even if the headline profit number got a big assist from accounting.
The Wegovy Pill Is Off to a Rocket Start
The big story here is the Wegovy pill. Launched in the U.S. in January 2026, the oral version of Novo Nordisk's blockbuster obesity drug has seen rapid uptake. Weekly prescriptions crossed 200,000 by mid-April, and the company recorded about 1.3 million prescriptions in the first quarter alone. Since launch, total prescriptions have topped 2 million.
Quarterly sales for the pill reached 2.26 billion Danish kroner, a figure that includes some pre-launch inventory stocking by wholesalers and telehealth partners. But even stripping that out, the demand is clearly there. Pending regulatory approvals, international launches are expected in the second half of 2026.
The injectable version of Wegovy isn't slouching either. Sales hit 20.51 billion kroner, up 26% at CER. And Ozempic, the diabetes drug that started it all, saw sales jump 32% to 40.48 billion kroner.
Guidance Raised on GLP-1 Momentum
Given the strong start, Novo Nordisk raised its 2026 sales guidance. The company now expects full-year sales of $42.39 billion to $46.24 billion, up from the previous range of $40.46 billion to $44.32 billion. The consensus estimate was $45.44 billion, so the new range brackets that nicely.
Adjusted sales and operating profit are now projected to decline between 4% and 12% at CER, excluding the 340B-related impact. That's an improvement from the February outlook, which called for a 5% to 13% decline. The narrowing of the decline reflects the stronger underlying demand.
“Wegovy is driving a strong start to 2026 for Novo Nordisk, led by the rapid adoption of the Wegovy pill… The strong Wegovy performance, combined with continued growth in International Operations, has led us to raise our 2026 guidance for both adjusted sales and adjusted operating profit,” said Mike Doustdar, president and CEO of Novo Nordisk.
Stock Price Action
Novo Nordisk shares were up 7.11% at $48.06 in premarket trading Wednesday. Over the past month, the stock has gained about 29.9%, compared to a 10.4% rise in the S&P 500. Year-to-date, NVO is still down roughly 7%, versus the index's 5.6% gain, but the recent momentum suggests investors are betting the pill will be a game-changer.
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