Novo Nordisk raises 2026 outlook as write-downs pull reported profit down 16%

Novo Nordisk reported on Aug. 4, 2026 that second-quarter adjusted sales rose 7% and adjusted operating profit rose 11% at constant exchange rates, while reported operating profit fell 16% after DKK 6.3 billion in non-cash write-downs on pipeline assets ^[1][2].

Adjusted sales for the quarter came to DKK 78,488 million and adjusted operating profit to DKK 33,389 million ^[1]. The adjusted figures exclude two non-recurring items: reversals in the prior year tied to the U.S. 340B drug pricing program and the DKK 6.3 billion impairment charge booked in the second quarter ^[1]. About DKK 4.0 billion of that charge is tied to monlunabant, listed in the announcement among Novo Nordisk's intangible pipeline assets ^[1]. The company has not disclosed what happens next for that program.

For the full year, Novo Nordisk now expects adjusted sales growth of 0% to -6% at constant exchange rates and adjusted operating profit growth of 0% to -6%, an improvement from the -4% to -12% range it gave on May 6, 2026 ^[1]. The company said the higher outlook is driven by increased expectations for GLP-1 product sales ^[1]. On a non-adjusted basis, the midpoints of its 2026 sales and operating profit guidance would be growth of 5% and 12%, respectively ^[1].

Commercially, the Wegovy pill, oral semaglutide, has passed 5 million U.S. prescriptions since launch and keeps market leadership among branded obesity drugs, according to the company's first-half report covering Jan. 1 to June 30, 2026 ^[2]. Novo Nordisk also reported new launches in the United Arab Emirates and the United Kingdom, the rollout of Wegovy HD and 7.2 mg single-dose pens in key markets, and European Medicines Agency approvals for the Wegovy pill and high-dose formulations ^[2]. The company returned DKK 41.2 billion to shareholders through dividends and buybacks in the first half ^[2]. Shares fell 5.97% in the Aug. 4 session, on volume about 4.3 times the daily average ^[1].

One setback was reported alongside the results: the phase 3 ZEUS trial of ziltivekimab, a cardiovascular candidate, failed its primary endpoint ^[2]. Novo Nordisk has not reported what it plans to do with that program.

Why it matters for patients

The numbers that moved Novo Nordisk's guidance are sales expectations. The company said the improved 2026 outlook reflects increased expectations for GLP-1 product sales, the category that includes Ozempic, Wegovy and Rybelsus ^[1]. Higher expectations of that kind, combined with Wegovy pill prescriptions passing 5 million in the U.S., indicate demand for these medicines remains the main driver of the business ^[1][2]. What that means for U.S. supply, insurance coverage or prices has not been disclosed.

The DKK 6.3 billion charge is a non-cash accounting item tied to pipeline assets, not to products Novo Nordisk currently sells ^[1]. It does not reflect a change to any approved medicine. It does reduce how much the company expects to earn from experimental programs it had been carrying, including monlunabant ^[1]. Patients waiting for new oral obesity treatments got no timeline from this announcement.

The Wegovy pill and higher-dose semaglutide products are moving into more markets: new launches in the UAE and UK and European Medicines Agency approvals were reported for the period ^[2]. Those are regulatory steps outside the United States, and whether high-dose forms reach U.S. patients has not been reported in these results.

Ziltivekimab is not a weight-loss medicine; it was being tested for cardiovascular outcomes in the ZEUS trial ^[2]. Its failure narrows one part of Novo Nordisk's pipeline, and no follow-up plan has been disclosed.

What happens next

Novo Nordisk's full financial report for the first six months of 2026 is dated Aug. 4, 2026 ^[1]. The company will hold an investor conference call on Aug. 5, 2026 at 13:00 CEST, which is 7:00 a.m. EDT ^[1]. No date has been reported for decisions on monlunabant or for the next step on ziltivekimab ^[1][2].