Novo Nordisk's Split Earnings Picture: Impairments Mask a 27% Underlying Jump

Novo Nordisk's third-quarter 2026 report landed with two very different headline numbers, and the gap between them explains much of the debate now swirling around the Danish drugmaker. Reported operating profit fell 9% at constant exchange rates, dragged down by 8.7 billion DKK in non-cash impairments. Strip those charges out and the picture flips entirely: adjusted operating profit climbed 27% at constant currencies to 31,720 million DKK.

That underlying strength gave management room to raise its full-year outlook on Wednesday. Novo Nordisk now guides for adjusted sales and operating profit growth in a range of -2% to +2% at constant exchange rates, an upgrade from its previous forecast of flat to a 6% decline. Higher expected GLP-1 revenue was cited as the driver.

The Street Splits on How Long the Momentum Lasts

BMO Capital lifted its price target to $44 from $40 on Thursday, according to media reports, while keeping a "Market Perform" rating. The broker pointed to robust sales of the Wegovy pill but questioned whether that momentum can be sustained into 2027.

Other analyst moves the same day were mixed. Three firms raised their targets and one cut, with the new marks spanning 240 DKK to 312 DKK.

Liver Data and a Packed Congress Calendar

Beyond the quarterly numbers, Novo Nordisk has been steadily building out its clinical narrative. On Thursday the company released observational study results on Wegovy at a 2.4 mg dose in adults with MASH, showing associations with reductions in weight, liver enzyme levels and blood sugar. Management was careful to note that the retrospective analyses cannot establish cause and effect.

The company has twelve scientific presentations lined up for The Liver Meeting in Denver from November 5–9, covering semaglutide and the investigational compound efruxifermin — an announcement made on October 28. A separate 26 abstracts are slated for ObesityWeek, running November 14–17, 2026, including analyses of CagriSema, real-world data on the Wegovy pill and injection, and findings on semaglutide use in children aged six to under twelve. That disclosure came on October 29.

Partnerships Cut and Expanded, Plus a CFO Handover

The commercial side has moved in both directions. Abbott announced Thursday an expansion of its collaboration with Novo Nordisk to market Plosbrio — a second brand of Ozempic semaglutide that Novo develops and manufactures — in Singapore and additional Asia-Pacific markets.

Less amicably, Novo Nordisk told Korro Bio on Tuesday that it is terminating their research collaboration and license agreement effective February 1, 2027. According to Korro Bio, the upfront payment already received and other amounts paid are non-refundable.

There is also a change in the finance department. Novo Nordisk said Wednesday that CFO Karsten Munk Knudsen will leave the company at year-end, naming Luigi La Corte, currently CFO of Galderma, as his successor.