Novo Nordisk (NVO) Stock: Q1 Earnings Beat on Wegovy Pill Demand

TLDR

• Novo Nordisk beat Q1 revenue expectations by a wide margin, reporting $15.17 billion versus analyst forecasts of $11.13 billion.
• Adjusted EPS came in at $1.04, ahead of the $0.87 estimate.
• The Wegovy pill, launched January 5, 2026, crossed 2 million total prescriptions and generated over DKK 2.2 billion in its debut quarter.
• Novo raised its 2026 outlook, now expecting sales and operating profit to decline 4%–12%, improved from a prior range of 5%–13%.
• NVO stock is up around 1% on the day but remains down nearly 40% over the past 12 months.

Novo Nordisk (NVO) stock rose Wednesday after the Danish drugmaker posted a strong first-quarter earnings beat and lifted its full-year outlook, driven by early demand for its oral Wegovy pill.

NVO was trading up around 1% on the day as the results hit the wire. The stock has been climbing slowly since late March but remains down nearly 40% over the past 12 months — a sharp contrast to rival Eli Lilly, which is up around 18% over the same period.

Novo Nordisk A/S, NVO

Q1 revenue came in at $15.17 billion, well ahead of analyst forecasts of $11.13 billion. Adjusted EPS of $1.04 beat estimates of $0.87. Operating profit reached DKK 32.86 billion, topping the mean forecast of DKK 28.74 billion from a company-compiled analyst poll.

The results offered some relief after a difficult stretch. Over the past year, Novo has dealt with disappointing trial data for its next-generation obesity drug, weaker-than-expected sales, and a share price collapse that erased more than $400 billion in market value from its 2024 peak.

Wegovy Pill Drives the Beat

The oral Wegovy pill was the standout story of the quarter. Launched in the U.S. on January 5, 2026, the pill saw more than 1.3 million prescriptions filled in Q1 alone. Total prescriptions have already surpassed 2 million since launch. Revenue from the pill topped DKK 2.2 billion in its first quarter on the market.

The pill gives Novo a new way to compete in the obesity drug space against Eli Lilly, particularly for patients who prefer a daily tablet over a weekly injection.

However, Novo’s window as the only oral obesity pill in the U.S. closed quickly. In early April, Eli Lilly received FDA approval for its competing oral drug, Foundayo, stepping up the rivalry between the two companies.

Lilly last week raised its own full-year profit and revenue forecasts, pointing to surging demand for its weight-loss and diabetes drugs.

Guidance Raised, But Pressure Remains

Novo updated its 2026 outlook, now guiding for adjusted sales and operating profit to decline between 4% and 12% at constant exchange rates. That’s an improvement from the prior range of -5% to -13%.

CEO Mike Doustdar, who took the role last year, credited the Wegovy pill’s performance and growth in international operations for the improved guidance.

Still, the company is navigating continued price pressure following last year’s cuts to its injectable Wegovy product. Margins remain under strain.

Analysts on TipRanks have the stock at a consensus Hold rating, based on one Buy and seven Holds. The average price target sits at $43.00, roughly 4% below where NVO was trading Wednesday morning.

Analyst ratings and price targets are expected to be updated in the coming days following today’s report.

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