Novo Nordisk: Q2 2026 Earnings

For reference: Q1 2026 (reported May 6, 2026) delivered total sales up 6% at CER, with obesity care sales up 22% at CER. GLP-1 diabetes sales declined 16% at CER, driven by lower realized prices and volumes for Ozempic and Rybelsus, and Ozempic sales alone fell 14% at CER. Combined, Ozempic and Wegovy generated DKK 63.2 billion in Q1 2026, about 65% of total company sales. Wegovy pill had surpassed 3 million US prescriptions at that point, roughly two thirds of the more than 5 million milestone confirmed this quarter, showing continued rapid adoption through Q2.

• Wegovy pill prescriptions in the US crossed 5 million cumulative since launch, with weekly prescriptions exceeding 265,000 for the week ending July 17
• The Wegovy franchise remains the US market leader among branded obesity medications, measured by new patient starts
• Wegovy pill launched in the UAE in June and in the UK in July, both with encouraging early uptake, with additional select market launches planned in coming quarters
• Wegovy HD, the 7.2 mg formulation, launched in the US in April, while the Wegovy 7.2 mg single-dose pen launched in the UK in June, with an EU-wide rollout planned for the second half of 2026
• The EMA approved both the Wegovy pill and the Wegovy 7.2 mg single-dose pen in July, based on STEP UP trial data showing up to 20.7% mean weight loss

• The FDA approved oral Ozempic in May for adults with type 2 diabetes and to reduce cardiovascular risk, with a subsequent US launch contributing to the quarter
• Rybelsus continues to generate meaningful revenue as Novo Nordisk's existing oral semaglutide therapy for type 2 diabetes
• The GLP-1 diabetes franchise, comprising Ozempic and Rybelsus, has faced continued pricing pressure in the US market through 2026, a trend investors are watching closely for signs of stabilization

• Novo Nordisk faces intensifying competition from Eli Lilly, whose tirzepatide products Mounjaro and Zepbound continue to hold a leading share of the US injectable weight loss market
• Lilly's oral GLP-1 pill, Foundayo, saw early prescription volumes significantly lag those of Wegovy pill over a comparable launch period, according to Lilly CEO David Ricks, who described the ramp as likely to take quarters rather than days
• Novo Nordisk has filed a US federal lawsuit against Eli Lilly alleging misleading promotional practices; Lilly has rejected the allegations
• Some analysts believe the broader obesity drug market could exceed $100 billion in annual revenue by 2030, underscoring the scale of what both companies are competing for

• Shares closed at $47.09 on August 3, the trading day before the report, within a 52-week range of $35.13 to $64.16 and a market capitalization of approximately $209.2 billion
• Analyst sentiment heading into the print stood at roughly 68% buy consensus among 37 covering analysts, with an average price target of $51.19
• Several sell-side firms had recently turned more cautious, including HSBC's downgrade from strong-buy to hold on July 31 and a similar downgrade from Wall Street Zen on August 2
• Novo Nordisk's report joined a broader pattern this week of strong beats meeting skeptical market reactions, echoing similar dynamics seen across other closely watched names reporting the same period
• Next scheduled report: Q3 2026, expected early November 2026

Novo Nordisk's Q2 2026 print is the clearest evidence yet that the Wegovy pill turnaround CEO Mike Doustdar has been describing since taking over is real and accelerating. Prescriptions crossing 5 million in the US, up from 3 million just one quarter prior, alongside a second consecutive guidance raise and fresh EMA approvals opening the European market, together represent genuine operational momentum after a difficult two year stretch defined by profit warnings and share price declines. That the stock still fell roughly 6% on the day underscores how much credibility the company has to rebuild with investors. Two years of disappointment have made the market unwilling to fully reward good news until it sees a longer, cleaner run of beats, and this quarter's guidance range, even after the upward revision, still technically permits a year over year decline in both sales and profit. The core competitive dynamic with Eli Lilly remains unresolved: Wegovy pill's early lead over Foundayo is meaningful but not yet decisive, and the GLP-1 diabetes business built around Ozempic continues to face US pricing pressure that this report did not fully address. For a stock this volatile, sitting well below its 52-week high, the path back to sustained investor confidence likely runs through several more consecutive quarters of exactly this pattern: prescriptions growing, guidance rising, and the GLP-1 diabetes franchise stabilizing, before the market is willing to stop selling good news. Next earnings expected early November 2026.