Novo Nordisk A/S Class B

Q3 performance & turnaround in volumes (good + important): Adjusted sales +4% YoY to DKK 79.2bn; adjusted operating profit +27% YoY, helped by easier comps after ~DKK 9bn transformation costs in Q3’25. Volumes are the key driver of recovery: after flat end-2025 and slight decline in Q1’26, Novo added +1.3m patients in Q3 (and +1.2m in Q2), with growth coming from both obesity and diabetes (obesity +0.7m in Q3; diabetes moved from -0.8m in Q1 to +1.0m over Q2–Q3).

Updated 2026 guidance (forecast raised) (good): Novo raised guidance again: adjusted sales growth -2% to +2% at CER and adjusted operating profit growth -2% to +2% at CER. Free cash flow outlook improved to DKK 60–70bn for 2026.

GLP-1 leadership & product execution: Wegovy pill/HD momentum (good + surprising): - Obesity remains the main growth driver; obesity sales +22% in Q3. - Wegovy pill: IO progress—launched in 7 markets; by H1’27 expected >20 markets. Early UK/UAE response strong (~90% market share UK, ~80% UAE), Germany ~100,000 packs sold after ~6 weeks (mostly GLP-1-naïve), with some normalization after a bolus launch. - Wegovy HD (7.2 mg): in IO, a rollout priority; in the UK, ~5% of injectable patients have started the high dose. - U.S.: Wegovy pill capturing ~80% of NBRx; since launch >8m cumulative prescriptions (largest U.S. pharma launch by volume outside vaccines in >decade). Sequential growth: pill ~+20% Q3 vs Q2, injectable ~+10%. - Bridge program: weekly TRXs around ~60,000 (injectable + oral); reported as a meaningful part of the sequential growth.