Analyst Consensus ?
ConsensusBuy39 ratings
Bullish2359.0%
Neutral1333.3%
Bearish37.7%
Novo Nordisk A/S · NVO · FY2026 Q2 · Calendar Q3 2026
Novo Nordisk Raises 2026 Outlook as Wegovy Oral Drives Momentum
The supplied analysis supports a qualified growth case: management's raised 2026 outlook and strong Wegovy oral uptake point to commercial momentum, but pricing and competitive pressures and a negative cardiovascular-trial result temper the picture.
Reported Before market openNYSEHealthcare
$185.98B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.96
Consensus $0.82
EPS surprise
+17.1%
Reported versus consensus
Reported revenue
$12.13B
Consensus $10.89B
Revenue surprise
+11.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.6%
Event window
SPY move
-0.2%
Same window
Abnormal move
+0.8%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+5.0%
Up to 20 sessions
NVOSPY benchmark
Ask FN2 about NVO FY2026 Q2
Transcript, numbers and history already loaded
Why did NVO rise 0.6% after beating EPS estimates in FY2026 Q2?What changed in NVO's guidance and outlook in FY2026 Q2?Give me the bull and bear case for NVO after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q2 adjusted sales grew 7% at constant exchange rates, and management raised full-year guidance to 0%–6% sales growth. The analysis highlights strong Wegovy oral uptake, including early international traction, alongside the ZEUS trial's failure to show a cardiovascular benefit for ziltivekimab.
Guidance delta
Raised full-year 2026 sales-growth guidance to 0%–6%, as reported in the supplied transcript analysis. The prior-quarter analysis also described guidance as raised, but provided no comparable range.
Key takeaways
- Q2 adjusted sales increased 7% at constant exchange rates, driven by GLP-1 volume growth, according to the supplied analysis.
- Management raised full-year sales-growth guidance to 0%–6%.
- Wegovy oral uptake and planned higher-dose formulations are central commercial growth drivers.
- The ZEUS cardiovascular outcome trial did not demonstrate a MACE benefit for ziltivekimab; other pipeline programs remain in development.
Management priorities
- Expand obesity-product access and launches, including Wegovy oral and higher-dose formulations.
- Continue investment in R&D and advance late-stage pipeline programs.
- Address supply, pricing and market-access dynamics across geographies.
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Try FN2 freeEarnings History
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Beat
Miss
Match
Analyst 52W Price Targets
$42.18Current
$40Low
$87.18Average
$160High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 5, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BMO Capital | Market Perform | Market Perform | Maintain | Oct 12, 2026 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Sep 11, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | Mar 2, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Feb 24, 2026 |
| Argus Research | Hold | Buy | Downgrade | Dec 8, 2025 |
| HSBC | Hold | Buy | Downgrade | Nov 24, 2025 |
| Berenberg | Buy | Hold | Upgrade | Sep 17, 2025 |
| TD Cowen | Buy | Buy | Maintain | Aug 19, 2025 |
| UBS | Neutral | Buy | Downgrade | Aug 5, 2025 |
| Barclays | Equal Weight | Overweight | Downgrade | Jul 30, 2025 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Nov 6, 2024 |
| Citigroup | Buy | Buy | Maintain | Oct 22, 2024 |
| BTIG | Buy | Buy | Maintain | Mar 28, 2023 |
| Guggenheim | Buy | Neutral | Upgrade | May 31, 2022 |
| Deutsche Bank | Buy | Hold | Upgrade | Mar 16, 2022 |
| Liberum | Sell | Hold | Downgrade | Jan 25, 2022 |
| JMP Securities | Outperform | Market Outperform | Maintain | Sep 2, 2020 |
| KeyBanc | Overweight | Overweight | Maintain | Jul 31, 2020 |
| Raymond James | Outperform | Outperform | Maintain | Jul 30, 2020 |
| B of A Securities | Buy | Neutral | Upgrade | Jul 22, 2020 |
| Credit Suisse | Outperform | Neutral | Upgrade | Jun 15, 2020 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Jan 6, 2020 |
| Guggenheim Securities | Neutral | Buy | Downgrade | Jan 3, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Sep 13, 2019 |
| Jefferies | Underperform | Hold | Downgrade | Aug 30, 2019 |
| Baird | Outperform | Outperform | Maintain | Aug 20, 2019 |
| Exane BNP Paribas | Outperform | Outperform | Maintain | Jan 29, 2019 |
| PiperJaffray | Neutral | Neutral | Maintain | Sep 23, 2016 |
| Oddo Securities | Buy | Neutral | Upgrade | Jan 26, 2016 |
| Jyske Bank | Strong Buy | Buy | Upgrade | Oct 19, 2015 |
| Leerink Swann | Perform | Market Perform | Maintain | Aug 28, 2015 |
| Commerzbank | Hold | Buy | Downgrade | Jan 28, 2015 |
| Swedbank | Buy | Neutral | Upgrade | Jan 31, 2014 |
| Helvea-Baader | Buy | Accumulate | Maintain | Jun 24, 2013 |
| Baader Helvea | Buy | Accumulate | Maintain | Jun 24, 2013 |
| Handelsbanken | Buy | Accumulate | Maintain | Jun 11, 2013 |
| Natixis | Buy | Neutral | Upgrade | May 24, 2013 |
| Nomura | Buy | Neutral | Upgrade | Feb 12, 2013 |
| Kepler Cheuvreux | Hold | Buy | Downgrade | Feb 11, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $42.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | Analyst unavailable | $40 | $38.45 | -5.2% | Oct 12, 2026 |
| Morgan Stanley | Thibault Boutherin | $40 | $44.01 | -5.2% | Sep 11, 2026 |
| Berenberg Bank | Kerry Holford | $47 | $47.17 | +11.4% | Aug 12, 2026 |
| BMO Capital | Evan Seigerman | $47 | $44.5 | +11.4% | Aug 6, 2026 |
| BMO Capital | Analyst unavailable | $45 | $47.19 | +6.7% | Feb 5, 2026 |
| BMO Capital | Evan Seigerman | $57 | $63.8 | +35.1% | Jan 26, 2026 |
| HSBC | Analyst unavailable | $54 | $46.36 | +28.0% | Dec 10, 2025 |
| Morgan Stanley | Thibault Boutherin | $42 | $47.43 | -0.4% | Dec 3, 2025 |
| BMO Capital | Evan Seigerman | $46 | $44.97 | +9.1% | Nov 25, 2025 |
| BMO Capital | Evan Seigerman | $55 | $57.5 | +30.4% | Oct 14, 2025 |
| HSBC | Analyst unavailable | $70 | $59.17 | +66.0% | Oct 1, 2025 |
| Morgan Stanley | Analyst unavailable | $47 | $55.61 | +11.4% | Sep 29, 2025 |
| HSBC | Analyst unavailable | $57 | $48.88 | +35.1% | Jul 31, 2025 |
| Truist Financial | Jailendra Singh | $48 | $70.03 | +13.8% | Jul 23, 2025 |
| BMO Capital | Evan Seigerman | $156 | $118.58 | +269.8% | Oct 17, 2024 |
| Cantor Fitzgerald | Louise Chen | $160 | $135.23 | +279.3% | Sep 11, 2024 |
| BMO Capital | Evan David Seigerman | $160 | $126.17 | +279.3% | Aug 8, 2024 |
| Argus Research | Jasper Hellweg | $160 | $142.88 | +279.3% | Jun 10, 2024 |
| Goldman Sachs | James Quigley | $156 | $132.68 | +269.8% | May 30, 2024 |
| BMO Capital | Evan David Seigerman | $163 | $125.4 | +286.4% | Apr 12, 2024 |
Track every rating change on NVO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNovo Nordisk A/S is a global pharmaceutical firm dedicated to the investigation, creation, manufacturing, and distribution of medicinal products across a vast international footprint. Its market presence extends throughout Europe, the Middle East, Africa, various parts of Asia (including Mainland China, Hong Kong, and Taiwan), and North America. The company's operations are structured into two principal business units: Diabetes and Obesity Care, and Rare Disease. The Diabetes and Obesity Care division delivers therapies for diabetes, obesity, cardiovascular ailments, and other emerging therapeutic areas.…
Historical context
All NVO earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CVS CVS Health Corp. | FY2026 Q3 · Calendar Q4 2026 | — | -12.5% | CVS raises 2026 outlook and plans a two-company separation |
| COR Cencora, Inc. | FY2026 Q4 · Calendar Q4 2026 | — | +4.0% | Cencora leans on specialty growth as FY2027 expansion requires investment |
| PODD Insulet Corp. | FY2026 Q3 · Calendar Q4 2026 | — | +6.6% | Insulet raises 2026 growth outlook as customer base and international sales expand |
| RPRX Royalty Pharma plc | FY2026 Q3 · Calendar Q4 2026 | — | +1.4% | Royalty Pharma Raises Guidance as Receipts and Co-Funding Expand |
| ZBH Zimmer Biomet Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +14.6% | Zimmer Biomet raises 2026 outlook as hip and technology growth offset knee weakness |
| MDLN Medline Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +16.2% | Medline Raises 2026 Organic Sales Outlook on 10% Q3 Growth |
Latest beats and misses
Who reports nextBeat on EPS
- UNMAFY2026 Q3 · November 3, 2026+1.9% EPS+0.5% move
- UNMFY2026 Q3 · November 3, 2026+1.9% EPS-17.8% move
- IFFFY2026 Q3 · November 3, 2026+2.1% EPS-4.9% move
- JKHYFY2027 Q1 · November 3, 2026+10.1% EPS+10.8% move
- HL-PBFY2026 Q3 · November 3, 2026+54.0% EPS— move
- SUFY2026 Q3 · November 3, 2026+20.9% EPS-4.5% move
Missed on EPS
- OCFY2026 Q3 · November 4, 2026-20.5% EPS+8.5% move
- OHIFY2026 Q3 · November 3, 2026-42.5% EPS+3.5% move
- MOSFY2026 Q3 · November 3, 2026-1656.0% EPS+17.4% move
- OVVFY2026 Q3 · November 3, 2026-2.0% EPS-5.1% move
- BSACFY2026 Q3 · October 30, 2026-20.0% EPS-3.0% move
- TXFY2026 Q3 · November 3, 2026-24.9% EPS-0.0% move
Get the NVO recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-11-04T10:06:41.854224+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-11-05T02:50:46.380830+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-05T02:50:46.378026+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-05. For educational purposes only; not investment advice.