NVO Q2 Earnings Call Centers on Wegovy Pill and Outlook Lift

Novo Nordisk A/S NVO used its second-quarter 2026 earnings call to emphasize stronger GLP-1 momentum, led by Wegovy pill, while highlighting pricing pressure, patent expirations and competition.

The company raised its full-year outlook after adjusted sales and operating profit grew 7% and 11%, respectively, at constant exchange rates. Earnings of $0.96 per share topped the Zacks Consensus Estimate of $0.82. Revenues of $12.21 billion exceeded the $11.27 billion consensus mark.

Novo Nordisk A/S Price, Consensus and EPS Surprise

Novo Nordisk A/S price-consensus-eps-surprise-chart | Novo Nordisk A/S Quote

NVO Raises Outlook but Flags Second-Half Pressure

CFO Karsten Knudsen raised 2026 adjusted sales and operating profit growth guidance to 0% to down 6% at constant exchange rates, from down 4% to down 12%.

Knudsen said the improved view reflects higher GLP-1 sales expectations. International Operations should grow, while U.S. Operations should decline amid lower realized prices, reduced Medicaid obesity coverage and intensifying competition.

In response to a Goldman Sachs analyst, Knudsen said second-half comparisons include semaglutide loss of exclusivity in Canada and Brazil and DKK 5 billion of favorable prior-year gross-to-net effects. The patent impact will annualize into 2027.

Novo Nordisk Builds Around Wegovy Pill Demand

Jamey Millar, EVP of U.S. Operations, said Wegovy pill exceeded 5 million total prescriptions, with weekly prescriptions reaching 267,000 as of July 17. The product held about 90% of the oral obesity market.

Millar said roughly 80% of users were new to GLP-1 therapy, while cannibalization of injectable Wegovy remained limited. Most prescriptions were self-pay, highlighting access constraints in reimbursed channels.

The Wegovy franchise held about 60% of branded obesity new-patient starts in July. Millar reported encouraging participation in the Medicare Part D Bridge program while noting that durability must be monitored.

NVO Expands the Pill Beyond the United States

Emil Larsen, EVP of International Operations, said about 300,000 U.K. patients started Wegovy pill within three weeks. Novo Nordisk’s obesity market share there rose from about 30% before launch to 45%.

Larsen attributed the response to pent-up demand and the injection barrier. In the UAE, Wegovy pill captured about 50% of the oral segment despite entering after a competitor.

A Goldman Sachs analyst asked about Germany, where launch is planned for September. Larsen said telehealth represents one-third of that market and more than half of its growth, supporting similar tactics.

Novo Nordisk Defends Its Pipeline Strategy

Martin Lange, EVP of R&D and chief scientific officer, said the ZEUS trial failed to reduce major cardiovascular events despite IL-6 engagement. The hazard ratio was 0.99, and serious infections were higher with ziltivekimab.

Lange said ARTEMIS and HERMES will continue, with results expected in the first half of 2027. He defended ongoing NLRP3 work, saying ZEUS did not settle the broader inflammation question.

On CagriSema, Lange said REIMAGINE 4 achieved non-inferiority to tirzepatide for weight reduction but not A1c reduction. A U.S. obesity decision remains expected at year-end, with a potential 2027 launch.

NVO Details Pricing and Supply Capacity

A Danske Bank analyst pressed management on the 22% constant-currency decline in U.S. injectable Wegovy sales. Millar said volume grew, but lower realized prices matched expectations and did not reflect a new pricing dynamic.

Knudsen said self-pay represented about 35% of U.S. injectable Wegovy volume, versus 10% to 15% a year earlier. Adjusted gross margin fell to 78.2% from 82.7%, reflecting pricing, currency and capacity costs.

In response to JPMorgan, Knudsen said the first product had been validated in the first production unit of a new API facility, while utilization was very low. He said unused capacity supports future international Wegovy pill supply.

Novo Nordisk Keeps Execution at the Center

CEO Mike Doustdar described 2026 as challenging but said first-half progress exceeded the company’s starting expectations. Management remains focused on commercial competitiveness, pipeline progress and reinvestment.

Knudsen said Novo Nordisk is ahead of plan on DKK 8 billion of transformation savings. Headcount fell by almost 12,000 year over year, creating room to fund growth priorities.

NVO’s Zacks Rank and Style Scores Send Mixed Signals

NVO carries a Zacks Rank #5 (Strong Sell), with a Value Score of B, Growth Score of D, Momentum Score of A and VGM Score of B. The scores show favorable value, momentum and combined characteristics, but weaker growth attributes.

Under the Zacks framework, Style Scores complement rather than override the Rank, so favorable A or B grades do not offset a #5 designation. The Zacks Rank can change as analysts revise estimates following the reported results.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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