Novo Nordisk (NOVOB DC) releases 2026 sales and op. profit outlook; Sees 2026 sales at constant FX -5% to -13% (exp. -1.39%)

FY25 results (DKK):

• Sales 309.1bln (exp. 307.3bln).
• EPS 23.03 (exp. 22.99).
• Wegovy sales 79.1bln (exp. 78.2bln).
• Net income 102.4bln.
• Op. profit 127.7bln.

2026 sales and operating profit outlook

• Sales and operating profit for 2026 will be positively impacted by a reversal of sales rebate provisions of USD 4.2bln related to the 340B Drug Pricing Program in the US.
• 2026 sales outlook reflects expectations for sales growth within International Operations and expectations for a sales decline within US Operations.
• In 2026, the global GLP-1 market expansion is assumed to continue, enabling Novo Nordisk to increase patient reach and expand volumes. This is countered by lower realised prices, including the MFN ("Most Favoured Nations") agreement in the US and the loss of exclusivity for the semaglutide molecule in certain markets in International Operations.
• Lastly, positive impacts related to US gross-to-net sales adjustments during 2025 are not anticipated to reoccur