Novo Nordisk (NYSE: NVO) reported Q4 EPS of $1.02, $0.10 better than the analyst estimate of $0.92. Revenue for the quarter came in at $12.53 billion versus the consensus estimate of $11.99 billion.

GUIDANCE:

Adjusted sales growth for 2026, which excludes revenue from the reversal of 340B provisions, is expected to be -5 to -13% at CER. Adjusted sales growth reported in Danish kroner is expected to be 3 percentage points lower than at CER. The sales outlook is impacted by lower realised prices, including impacts related to the "Most Favoured Nations" agreement in the US and the patent expiry of the semaglutide molecule in certain IO markets, as well as competition. The global GLP-1 market is expected to continue to expand with Novo Nordisk introducing new treatments, such as Wegovy® pill and higher doses of Wegovy®, enabling Novo Nordisk to continue to increase patient reach and expand volumes. Adjusted operating profit growth is expected to be -5 to -13% at CER. Adjusted operating profit growth reported in Danish kroner is expected to be 5 percentage points lower than at CER. Sales and operating profit for 2026 will be positively impacted by a reversal of sales rebate provisions of USD 4.2 billion related to the 340B Drug Pricing Program in the US.

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