Novo Nordisk Backs 2026 Outlook With Q3 Beat as Ziltivekimab Fails Heart Trial

Novo Nordisk closed out a busy week of newsflow with a mixed set of scientific readouts, a raised full-year outlook and a change at the top of its finance department — a combination that left the headline operating figure and the underlying one pointing in opposite directions.

The Danish drugmaker now expects constant-currency growth of between minus 2% and plus 2% for both adjusted sales and adjusted operating profit in 2026, an upgrade from its previous range of minus 6% to 0% for each measure. The more bullish guidance, issued on Wednesday, followed third-quarter growth in both revenue and operating profit.

Adjusted sales for the three months rose 4% to DKK 79.2 billion, while adjusted operating profit climbed 27% at constant currencies to DKK 31.7 billion. Reuters reported that the adjusted profit beat analyst expectations. The Wegovy pill contributed DKK 5.39 billion in revenue.

Write-downs pull reported profit lower

The picture shifts when non-cash impairment charges enter the equation. Reported operating profit fell 9% at constant currencies, a decline that reflects DKK 8.7 billion in write-downs booked during the quarter. The gap between the adjusted and reported lines is entirely attributable to those charges, rather than to any deterioration in the underlying business.

On the science side, Novo Nordisk presented detailed ZEUS trial results for ziltivekimab on Saturday. The compound reduced inflammation but did not significantly lower the combined risk of heart attack, stroke or cardiovascular death. Data unveiled at the American Heart Association's Scientific Sessions showed no statistically significant benefit on that composite endpoint.

Liver data offer a brighter signal

Earlier, on Friday, the company disclosed observational data on semaglutide in adults with MASH. One analysis recorded an adjusted mean weight change of minus 18.9 lb after six months, compared with minus 5.6 lb for patients on resmetirom. The analyses, presented at the AASLD meeting, examined semaglutide at a 2.4 mg dose.

Novo Nordisk was careful to frame the findings: the studies were retrospective and cannot establish causal links. They reflect observations from routine clinical practice, not proof that semaglutide produced the difference versus resmetirom.

CFO transition and an insider sale

Also on Wednesday, Novo Nordisk named Luigi La Corte as its incoming finance chief, according to Reuters. La Corte was serving as CFO of Galderma at the time. Karsten Munk Knudsen will leave the company at year-end after 27 years.

A mandatory disclosure published on Thursday revealed that Martin Holst Lange, Executive Vice President and Chief Scientific Officer responsible for research and development, sold 12,000 Novo Nordisk B shares on Wednesday at DKK 285.00 apiece.

ObesityWeek next on the calendar

Investors have another catalyst to watch: the ObesityWeek 2026 conference, scheduled for 14–17 November in Washington, D.C. Novo Nordisk plans to present 26 scientific abstracts there, covering data on the Wegovy tablet and injectable forms, analyses of the investigational drug CagriSema, and research on semaglutide injections in children aged six to under twelve.