Aug 5, 2026 earnings call — Wegovy pill launch and raised 2026 guidance
Adjusted sales increased 7%, reaching DKK 78.5 billion, and the company raised its 2026 guidance.
Revenue $12.1B (est $10.9B) · EPS $0.96 (est $0.82)
Key quotes
"The Wegovy pill is the strongest-ever GLP-1 launch by volume, and we have now reached over 5 million total prescriptions."
"For the first six months of 2026, Novo Nordisk has delivered a better than expected start to the year. As a result, we have raised our guidance again."
"While ziltivekimab showed target engagement and inhibition of the IL-6 pathway as reflected by expected reduction in free IL-6 and hsCRP respectively, this does not translate into MACE reductions with a hazard ratio of 0.99."
Analyst Q&A 10
Sales outlook and UK pill launch
Q (James Quigley · Goldman Sachs): Analyst asked why guidance implies negative growth in H2 and which headwinds might carry into 2027. He also asked how the U.K. Wegovy pill launch compares to the U.S., and what the company saw on waiting lists and expectations for Germany.
A: Karsten said the H2 outlook starts from the current run rate (2% growth in H1) and must factor in loss of exclusivity in some markets and favorable gross-to-net effects from last year. Emil said the U.K. launch shows strong pent-up demand, that injections are a barrier, and that Germany is a different market with more telehealth and lower treatment rates but they are bullish on uptake.
"In terms of outlook, the balance of year logic you're after, the simple version is that we take our current run rate, where we deliver 2% growth in the first half and continue with that run rate." — Karsten Munk Knudsen (CFO)
CagriSema positioning and API supply
Q (Richard Vosser · JPMorgan): Analyst asked about how CagriSema should be positioned given HbA1c versus Mounjaro, and for an update on ramping the new API manufacturing facilities and when they reach full capacity.
A: Martin said CagriSema showed strong glycemic control across trials (between -1.8% and 2.3%, REIMAGINE 4 was 1.9%) and also notable weight loss and other potential benefits, which excites investigators and physicians. Karsten said they have validated the first product in the first facility, progress is good, and current utilization at the new plants is very low, which makes them bullish about supplying significant volumes for ex-U.S. rollouts.
"We have validated the first product in the first finger in the first facility." — Karsten Munk Knudsen (CFO)
M&A approach and combo drug implications
Q (Michael Leuchten · Jefferies): Analyst asked what size and type of deals the company is seeking and why they prefer bolt-ons. He also asked what REIMAGINE 4 means for amylin+GLP-1 combos and unimolecular assets' dosing/tolerability.
A: Mike said they judge deals by the quality of innovation, look to bolt on assets that complement internal R&D, and will consider transformative M&A only in unusual circumstances. Martin said they don't consider REIMAGINE 4 final, are testing individualized treatment in REDEFINE 11, and see zenagamtide as a potentially substantial addition based on prior phase II weight-loss signals and upcoming REDEFINE data.
"I don't measure our ambition by the number or the size of the acquisition we make." — Mike Doustdar (CEO)
US Wegovy volume and pricing mix
Q (Carsten Lønborg Madsen · Danske Bank): Analyst asked for Q2 dynamics behind Wegovy's -22% performance in the U.S., why it differs from Q1 and prescription growth, and whether pricing pressure or lower-price channels are emerging.
A: Jamey said they expected volume growth but also continued price pressure; in Q2 volume grew but lower realized prices offset that. Karsten added that U.S. Wegovy injectable self-pay rose to about 35% from roughly 10%-15% a year ago, which changes the business mix and price points, and they do not see much direct cannibalization from the pill though indirect effects are unclear.
"I think as we highlighted at the beginning of the year, we were expecting volume growth but continued price pressure, and that's what we've seen." — Jamey Millar
50 mg pill filing and ZEUS trial meaning
Q (Michael Nedelcovych · TD Cowen): Analyst asked whether Novo would consider filing the 50 mg oral semaglutide dose and what the ZEUS failure implies about CRP/IL-6 and the rationale for continuing NLRP3 work.
A: Martin said the 50 mg study showed good efficacy and tolerability but they do not currently see a need to launch the 50 mg given the competitive 25 mg profile. On ZEUS he said the lack of MACE benefit despite CRP/IL-6 reduction could have several explanations and it's too early to conclude inflammation should not be addressed; they will continue other SUS trials and progress NLRP3 assets.
"As you've clearly seen with the 25 mg, we come out with 17% weight loss and the best tolerability profile as far as we can see in the oral space." — Martin Holst Lange
2027 growth outlook and Medicare Bridge
Q (Peter Verdult · BNP Paribas): Analyst asked how comfortable management is that 2027 can return to revenue growth given current dynamics. He also asked whether guidance assumes conservative volume uplift from the Medicare Bridge pilot and what the team sees so far.
A: Karsten said they will provide formal 2027 guidance in February, noted they are well positioned in a fast-growing GLP-1 market (close to 40% growth) and that next year's run rate must account for factors like CagriSema and Mim8 regulatory timing and loss of exclusivity annualization. Jamey said the Bridge process is being learned quickly, the market is identifying eligible patients well, and they're pleased with the early volume through paid prescription claims though sustainability remains to be seen.
"In terms of absolute volume of patients making it through the eligibility screen and the PA criteria and gaining treatment through a paid prescription claim, we're very pleased with the volume so far." — Jamey Millar
Zenagamtide dosing and pill pricing
Q (Matthew Weston · UBS): Analyst asked how Novo will get zenagamtide titration right and whether interim data will reassure investors before full phase III. He also asked whether oral Wegovy higher doses should be priced lower.
A: Martin said they applied learnings from CagriSema and added an extra titration step in REDEFINE trials and they expect an attractive tolerability profile based on current data, but cannot give guarantees until phase III results. Jamey said about 30% of pill prescriptions are at the higher 9 mg and 25 mg doses, they prefer using a subscription model to address consumer concerns about escalating prices, and 30,000 patients are enrolled in that model (20,000 are Wegovy pill patients).
"I'll just remind you that in REDEFINE 1, the CagriSema tolerability profile was comparable to that of Wegovy." — Martin Holst Lange
Rebate changes and Ozempic impact
Q (Graham Parry · Citi): Analyst asked how the DKK gross-to-net adjustments split across the portfolio, especially Ozempic, whether the prior 10%-15% Ozempic decline view holds, and why Wegovy injectable price mix worsened Q2 versus Q1.
A: Jamey said the highlighted DKK 2 billion gross-to-net adjustment is driven mainly by Ozempic, with about 3/4 of the impact from Ozempic and the balance from insulin. He also said quarter-to-quarter Wegovy injectable price-volume dynamics will fluctuate and that channel mix (reimbursed vs self-pay) is affecting price mix.
"In terms of the gross to net adjustments, the DKK 2 billion that we've highlighted, the strongest proportion of that is Ozempic." — Jamey Millar
Self-pay, Bridge eligibility, and pill seasonality
Q (Kerry Holford · Berenberg): Analyst asked what share of self-pay injectable Wegovy is age 65+ and eligible for Medicare Bridge, expected transfer and price impact, and whether pill demand shows seasonality and current IQVIA capture rate.
A: Jamey said the 65+ group is a small minority in self-pay and they would encourage those patients to use Bridge for the $50 out-of-pocket copay. He said many new pill patients start on 4 mg, there is no scientific seasonality in obesity treatment (only behavioral motivation), and Bridge may change activation patterns; he did not provide an IQVIA capture-rate number.
"We see a small population, minority population of 65+ in our self-pay environment today, obviously we would encourage them to participate in the Bridge given the affordability benefit there of the $50 out-of-pocket copay." — Jamey Millar
M&A focus and R&D risk balance
Q (James Gordon · Barclays): Analyst asked what kinds of deals Novo seeks (aesthetics/consumer vs physician-led), whether obesity remains the focus and where the biggest unmet needs are, and whether recent R&D setbacks change how they view R&D risk.
A: Mike said they view obesity as many patient groups needing different solutions and they want both injectables and orals, will bolt on assets that fit scientifically and commercially, and are surveying the landscape to complement internal efforts. Martin said they balance lower-risk, high-value projects and higher-risk, high-value projects, that they have recent successes like etavopivat and acknowledged some programs were high risk (ziltivekimab), and that some attrition is expected as part of R&D.
"When we look at obesity, unlike many of our peers, we see this as not a single disease, but multiple conditions with 1 billion people suffering from it differently and needing different solutions." — Mike Doustdar (CEO)