Earnings resultsNov 4, 2026

Novo NordiskNVO · Drug Manufacturers - General

NVO · November 4, 2026Before open · Since the previous regular close

+6.91%Session snapshot

Novo Nordisk (NVO) Q3 2026 Earnings Review: Wegovy pill growth lifts the outlook

Earnings results

EPS
Adjusted profit per share: DKK 5.79 · Matching consensus not provided.
Revenue
Actual: DKK 79.20B · Matching consensus not provided.
Guidance raised
2026 adjusted sales and operating profit growth: -2% to +2%, from -6% to 0%, excluding currency changes.

By Stocks To Buy Now AI ResearchPublished Nov 4, 2026 · 7:40 AM ET

THE CATALYST

What the company reported

Novo Nordisk raised its 2026 adjusted sales and operating profit growth outlook to -2% to +2%, excluding currency changes, as stronger expected GLP-1 medicine sales offset pricing pressure.

AT A GLANCE

Q3 2026 earnings recap

Novo Nordisk raised its full-year sales and operating profit outlook as Wegovy pill demand strengthened, improving the growth picture despite continued pricing pressure.

Third-quarter revenue rose 6% to DKK 79.2 billion, including DKK 5.4 billion from the Wegovy pill.
Adjusted profit per share fell 12% to DKK 5.79, showing that stronger sales have yet to restore earnings growth.
Noncash write-downs of DKK 8.7 billion weighed on reported operating profit, including costs tied to unsuccessful drug trials and manufacturing changes.
Novo raised its annual free cash flow outlook to DKK 60–70 billion from DKK 45–55 billion, helped by lower planned capital spending.
At the November 3 close, shares traded near 10.6 times trailing reported profit, but a large noncash rebate reversal makes that valuation look cheaper.
Shares gained about 6.7% before open on November 4 versus the previous close, moving above the roughly $41 longer-term price average.

Watch continued pill adoption and the upcoming US decision on higher-dose Ozempic tablets, while lower prices and competition remain risks to margins.

THE VISUAL RESEARCH

Financials, technicals and earnings

Charts through Nov 3, 2026.

Financials

Technicals

Earnings & peers

WHAT TO WATCH

Technical setup and risks

Wegovy pill adoption and the coming US decision on the 25 mg Ozempic pill are the next demand milestones, while lower prices, competition and failed trials threaten profits.

AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.

EXPLORE COMPANY RESEARCH

Novo Nordisk A/S: the full stock picture

Earnings history, financials, price action and peer comparisons — all below.

Open NVO stock page ↗

EXPLORE THE COMPANY

Novo Nordisk A/S (NVO)

Explore earnings, price action, financials and industry comparisons.

Symbol: NVO
Sector: Healthcare
Industry: Drug Manufacturers - General
Instrument type: EQUITY

Profile information from our saved company catalog. This is not a live quote or confirmation of current listing status.

EARNINGS & COMPANY RESEARCH

NVO earnings, valuation & price action

View in calendar ↗

NEXT EXPECTED REPORTNov 4 2026Before open · ET

EPS ESTIMATE0.73

REVENUE ESTIMATE11.07B

Expected dates may change. Estimates use the source’s reporting currency. Quotes and research are snapshots, not live prices.

COMPANY RESEARCH · Healthcare

Novo Nordisk A/S NVO

Drug Manufacturers - General · Updated 11/3/2026

Adjusted closing price · USD40.19 Nov 3

Price50-day average200-day average-17.7% in view

VALUATION & EXPECTATIONS

Trailing P/E10.1×

Forward P/EN/A

Trailing P/S3.5×

Forward P/SN/A

EPS beat rate88%

Revenue beat rate88%

Positive window50%

EPS beats: 7 of 8 comparable reports. Positive price windows: 4 of 8.

Market caps may be up to 14 days old; prices up to seven days old; ratios and analyst estimates up to fourteen days old. Forward multiples use consensus for the fiscal year ending 2026-12-31, not the next 12 months. Negative or unavailable earnings multiples show “N/A”. Forward ADR multiples are omitted when the currency/share basis is not reconciled.

50-day average40.97

200-day average43.61

RSI (14)55

20-day range37.53 – 40.45

Relative volume1.1×

1-year change-17.7%

Last eight reported earnings for NVO
Report date	EPS estimate	EPS actual	Surprise	Result	Revenue actual	Price window*	5 sessions*
Aug 5 2026	0.82	0.96	+17.1%	Beat	12.13B	+3.8%	+4.8%
May 6 2026	0.87	1.04	+19.5%	Beat	11.02B	+2.1%	+4.9%
Feb 3 2026	0.90	1.00	+11.1%	Beat	12.5B	-19.9%	-16.7%
Nov 5 2025	0.77	1.02	+32.5%	Beat	11.53B	-3.6%	+4.2%
Aug 6 2025	0.93	0.97	+4.3%	Beat	11.97B	+3.3%	+7.8%
May 7 2025	0.92	0.92	0.0%	Met	11.9B	-2.2%	-2.8%
Feb 5 2025	0.88	0.91	+3.4%	Beat	11.86B	+5.5%	-1.0%
Nov 6 2024	0.87	0.88	+1.4%	Beat	10.68B	-2.3%	-2.9%

*Adjusted close before the report date to the first (or fifth) trading close after it. This window can span two sessions and is not an isolated earnings-day return. Figures may be revised by the provider.

Smart Money activity

Recent insider and politician transactions, and disclosed fund positions for NVO.

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02 / FINANCIALS

Novo Nordisk A/S financials

Revenue, earnings, cash flow and financial strength in one view.

Reporting currency unconfirmed.

Financial history

Revenue

Net income

Gross profit

Operating income

EBITDA

Operating cash flow

Capital expenditure

Cash

Total assets

Total liabilities

Shareholder equity

Total debt

Net profit margin

Gross margin

Short interest: days to cover

How to read these financial metrics

Figures use the app’s saved statements for the displayed period, not a trailing-year total. Margins divide profit by revenue; quick ratio uses current assets less inventory divided by current liabilities. Compare dates and currencies before comparing companies.

03 / WHAT COMES NEXT

Novo Nordisk A/S event catalysts

Company earnings and scheduled market events that may change expectations.

2026-11-04

NVO earnings

Watch reported results, management’s outlook and the share-price reaction.

See earnings expectations ↑

2026-11-0410:00 AM ET

ISM services PMI

Services prices and employment can influence the outlook for inflation and rates.

Release schedule ↗Scheduled

2026-11-058:30 AM ET

Initial jobless claims

Use the multiweek trend to distinguish normal volatility from a sustained increase in layoffs.

Release schedule ↗Scheduled

2026-11-068:30 AM ET

Jobs report · payrolls & unemployment

Read revisions and wages alongside the headline. Strong hiring can support demand but also lift rate expectations.

Release schedule ↗Scheduled

2026-11-0610:00 AM ET

Consumer sentiment · preliminary

Watch changes in inflation expectations as well as sentiment.

Release schedule ↗Scheduled

2026-11-108:30 AM ET

CPI inflation

Compare headline and core inflation with expectations; watch Treasury yields and growth stocks.

Release schedule ↗Scheduled

2026-11-11Time not announced

MSCI · index review announcement

Review official additions, deletions and weight changes; release time is not specified here.

Release schedule ↗Scheduled

2026-11-128:30 AM ET

Initial jobless claims

Use the multiweek trend to distinguish normal volatility from a sustained increase in layoffs.

Release schedule ↗Scheduled

2026-11-138:30 AM ET

PPI inflation

Watch the surprise versus expectations and implications for margins and interest rates.

Release schedule ↗Scheduled

Dates use U.S. Eastern time and can change. Calendar events provide context; they do not determine the direction of a stock move.

04 / SIDE BY SIDE

Compare NVO with its peers

Drug Manufacturers - General · Compare valuation, financial strength and price performance.

Companies with valuation data7

Peer median positive P/E34.4×

NVO P/E10.1×

NVO peer comparison: valuation
Company	Price	Market cap	P/E	Forward P/E	P/S	Forward P/S
NVONovo Nordisk A/S2026-11-03 · USD	40.19	174.65B	10.1×		3.5×
ABBVAbbVie Inc.2026-11-03 · USD	286.00	510.59B	49.6×	20.5×	7.7×	7.6×
AMGNAmgen Inc.2026-11-03 · USD	461.26	237.31B	27.1×	20.0×	6.2×	6.1×
AZNAstraZeneca PLC2026-11-03 · USD	183.88	289.36B	26.1×	17.9×	4.6×	4.6×
GSKGSK plc2026-11-02 · USD	49.13	101.97B	15.6×		2.3×
JNJJohnson & Johnson2026-11-03 · USD	266.17	663.03B	41.8×	24.0×	6.7×	6.6×
LLYEli Lilly and Company2026-11-03 · USD	1,409.38	1.33T	45.7×	40.1×	15.4×	14.7×

NVO10.1×

ABBV49.6×

AMGN27.1×

AZN26.1×

GSK15.6×

JNJ41.8×

LLY45.7×

The peer median excludes the selected stock and is based on 6 available positive multiples. P/E median excludes negative or missing earnings multiples. Peer reports can have different fiscal periods and currencies; values are not currency-converted.

05 / PEER ANALYSIS

Explore NVO alongside its peers

Drug Manufacturers - General · 15 companies · Cached market data

Comparison

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Price / sales

NVONovo Nordisk A/S

Market cap: 174.65B
Price / sales: 3.5×

Valuation snapshot: 2026-11-03

View research ↗

13 of 15 companies have both plotted values.

P/S distribution

Trailing price-to-sales multiples · 13 companies

Median P/S5.5×

Middle 50%2.7× to 6.4×

NVO P/S3.5×

NVO

1.6×8.1×

Tap a bar to see the companies in that P/S range. NVO has a higher P/S than 31% of this group.

2 companies excluded from P/S statistics because sales are non-positive or the saved multiple is missing. Statistics include all valid positive values, including those outside the focused chart range.

Companies

Showing 8 of 15 matching companies · Largest market cap first

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Market cap 1.33TP/E 45.7×P/S 15.4×Forward P/E Forward P/S Price snapshot: 2026-11-03
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Market cap 663.03BP/E 41.8×P/S 6.7×Forward P/E Forward P/S Price snapshot: 2026-11-03
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Market cap 510.59BP/E 49.6×P/S 7.7×Forward P/E Forward P/S Price snapshot: 2026-11-03
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Market cap 368.87BP/E 118.7×P/S 5.6×Forward P/E Forward P/S Price snapshot: 2026-11-03
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Market cap 305.05BP/E 30.9×P/S 5.5×Forward P/E Forward P/S Price snapshot: 2026-11-03
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Market cap 289.36BP/E 26.1×P/S 4.6×Forward P/E Forward P/S Price snapshot: 2026-11-03
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Market cap 237.31BP/E 27.1×P/S 6.2×Forward P/E Forward P/S Price snapshot: 2026-11-03
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Market cap 194.07BP/E P/S 6.4×Forward P/E Forward P/S Price snapshot: 2026-11-02
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U.S.-listed companies from the app’s catalog. Medians use saved positive P/E values; coverage and snapshot dates vary.

How this comparison works

Uses the saved companies from the same industry and listing market, including NVO, ordered by cached market cap. Company snapshots can have different dates; the web cache may cover fewer metrics and periods than the app.

Periods end at each company’s dated price snapshot. Change compares the latest saved observation with one at or before the selected period’s start. A daily price change uses consecutive saved sessions. Financial data updates quarterly, so short periods may show no change. Missing history and zero starting values are excluded; a negative starting value uses its absolute value as the denominator.

Metrics use saved ratios and percentages. Market caps use the listing market’s reporting currency; underlying financial statements may use different currencies. Circle sizes have a minimum for touch visibility, and an outlined circle indicates a missing market cap. These comparisons describe data, not recommendations or price predictions.

INDUSTRY COMPARISON

NVO industry peers

Drug Manufacturers - General · Oct 16, 2026 · Closing-price performance

Performance period

Compare NVO with 8 other stocks in the available heatmap coverage.

JNJJohnson & Johnson+0.90%ABBVAbbVie Inc.+0.71%MRKMerck & Co., Inc.+0.52%PFEPfizer Inc.+0.48%LLYEli Lilly and Company+0.43%AMGNAmgen Inc.-0.35%GILDGilead Sciences, Inc.-0.75%BMYBristol-Myers Squibb Company-1.35%

What the company reported

Q3 2026 earnings recap

Financials, technicals and earnings

Technical setup and risks

Novo Nordisk A/S (NVO)

Novo Nordisk A/S NVO

Smart Money activity

NVO earnings

ISM services PMI

Initial jobless claims

Jobs report · payrolls & unemployment

Consumer sentiment · preliminary

CPI inflation

MSCI · index review announcement

Initial jobless claims

PPI inflation

Comparison

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P/S distribution

Companies

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