Novo Nordisk Guidance and Wegovy Pill in Focus; Earnings Expected to Fall -- Earnings Preview

Dow Jones14:14

By Dominic Chopping

Novo Nordisk is scheduled to report results for the first quarter on Wednesday. Here is what you need to know:

PROFIT FORECAST: Net profit is expected to fall 20% to 23.3 billion Danish kroner ($3.65 billion), according to a FactSet poll.

SALES FORECAST: A FactSet poll forecasts sales falling to 71.3 billion kroner from 78.09 billion kroner a year earlier.

Shares have fallen 38% in the past 12 months to 282.95 kroner.

WHAT TO WATCH:

--The company's Wegovy weight-loss pill will be in focus after a strong launch at the start of the year, which could lead to a revision of full-year guidance toward the upper end of the forecast range, Sydbank senior analyst Soren Lontoft Hansen says. "However, we are not convinced that a potential adjustment will already come in connection with the first quarter report."

--Novo Nordisk also faces several headwinds. Results will likely be impacted by price pressure--especially in the U.S. following the Trump administration deal to lower drug prices--competition from Eli Lilly, and the withdrawal of subsidy coverage in some states for Wegovy, which will lead to a decline in revenue and earnings, Sydbank adds.

--Analysts at JPMorgan expect first-quarter sales of the Wegovy pill at 1.5 billion kroner, with injectable Wegovy sales growth of 8% at constant exchange rates to 17.1 billion kroner and an 11% decline in sales of diabetes drug Ozempic to 26.1 billion kroner.

--The gross margin is a key unknown in the quarter, with UBS estimating a figure of 79%, down from 83.5% in the year ago period. "1Q results will give a lot of much-needed clarity on gross margin." UBS assumes a significant ramp in gross margin during 2026 as the Wegovy Pill is expected to see patients step up to higher dose/price points.

--Novo Nordisk has guided to a decline in full-year adjusted sales and operating profit of 5%-13% at constant exchange rates. Reported in Danish kroner, sales are seen falling by a further 3 percentage points with operating profit falling a further 5 percentage points.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 05, 2026 02:14 ET (06:14 GMT)

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Novo Nordisk Guidance and Wegovy Pill in Focus; Earnings Expected to Fall -- Earnings Preview

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