Novo Nordisk raised its full-year outlook for 2026 after a stronger-than-expected third quarter, driven by rapid sales of its oral Wegovy weight-loss pill.

Adjusted sales rose 4% at constant exchange rates to DKK 79.2 billion in the quarter, while adjusted operating profit climbed 27% to DKK 31.72 billion, beating analyst forecasts. The company said the improved outlook reflected higher expectations for sales of its GLP-1 medicines.

The Wegovy pill, launched in January, generated DKK 5.39 billion of sales in the quarter, well ahead of the DKK 4.62 billion analysts had expected. It was on sale in the United States, the United Arab Emirates, Britain and Germany by the end of the quarter, with four more markets added since. Obesity sales grew 22% at constant exchange rates to DKK 26.15 billion.

Novo now expects adjusted sales and adjusted operating profit growth of between minus 2% and plus 2% at constant exchange rates for 2026, up from a previous range of minus 6% to flat. Free cash flow is expected at DKK 60 billion to DKK 70 billion.

Reported profit hit by writedowns

Reported operating profit fell 9% at constant exchange rates to DKK 23.01 billion after DKK 8.7 billion of non-cash impairment charges, including DKK 4.6 billion on pipeline candidate ziltivekimab and DKK 4.1 billion on the manufacturing network.

"We delivered a stronger-than-expected third quarter and are raising our full-year outlook for adjusted sales and adjusted operating profit," said chief executive Mike Doustdar. "Growth was led by our obesity portfolio, with continued uptake of Wegovy pill in the US and encouraging early launches internationally."

Shares rose about 5% in early trading in Copenhagen. Novo also announced that finance chief Karsten Munk Knudsen will leave at the end of December, with Luigi La Corte of Galderma named as his successor.