Novo Nordisk (NVO) reported net income of DKK 16,740 million (about DKK 16.7 billion) in the third quarter of 2026, down 16% from the same period last year. Diluted earnings per share (EPS) were DKK 3.79, also 16% lower. Operating profit (reported) was DKK 23,011 million, down 3% in Danish kroner and 9% at constant exchange rates (CER), weighed down by non-cash impairments of DKK 8.7 billion related to ziltivekimab (DKK 4.6 billion) and the adjustment of the manufacturing network (DKK 4.1 billion).
Revenue totaled DKK 79,195 million, up 6% in kroner and 4% at CER, driven by volume growth in GLP-1 drugs, mainly in obesity. Adjusted operating profit (non-GAAP, excluding items the company considers exceptional and non-recurring) was DKK 31,720 million, up 34% in kroner and 27% at CER. The company attributes the increase to growth in GLP-1 sales and a favorable comparison base, since 3Q25 included about DKK 9 billion in transformation costs. Adjusted net income was DKK 25,602 million, down 12%, and adjusted EPS was DKK 5.79.
Obesity sales reached DKK 26,146 million, up 22% at CER. Wegovy pill sales were DKK 5,394 million in the quarter. In the first nine months, free cash flow was DKK 83.8 billion, compared with DKK 71.1 billion a year earlier. The company returned DKK 61.9 billion to shareholders, of which DKK 51.9 billion in dividends and DKK 10.0 billion in share buybacks, under a program of up to DKK 15 billion.
Novo Nordisk raised its 2026 guidance: adjusted sales growth of -2% to +2% at CER (previously -6% to 0%) and adjusted operating profit growth also of -2% to +2% (previously -6% to 0%). Expected free cash flow rose to DKK 60 billion to 70 billion, from DKK 45 billion to 55 billion, and capital expenditure to about DKK 50 billion.
The company also announced that CFO Karsten Munk Knudsen will leave the company at the end of December 2026. Luigi La Corte, currently CFO of Galderma, will take over the role.
