--- title: "Novo Nordisk AS Q1 Net Sales Drop 4%, but Wegovy Oral Tablet Sales Greatly Exceed Expectations, Full-Year Guidance Slightly Raised | Financial News Insights" type: "News" locale: "en" url: "https://longbridge.com/en/news/285327962.md" description: "Novo Nordisk AS's core sales in the first quarter fell 4% year-over-year due to pricing pressure, but the launch of the oral Wegovy tablet was strong, setting a record for GLP-1 products. The company narrowed the upper bound of its expected full-year performance decline for 2026 from 13% to 12%. Novo Nordisk AS is focusing on the oral segment to regain an advantage in its competition with Eli Lilly's obesity drugs" datetime: "2026-05-06T07:14:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285327962.md) - [en](https://longbridge.com/en/news/285327962.md) - [zh-HK](https://longbridge.com/zh-HK/news/285327962.md) --- # Novo Nordisk AS Q1 Net Sales Drop 4%, but Wegovy Oral Tablet Sales Greatly Exceed Expectations, Full-Year Guidance Slightly Raised | Financial News Insights Leveraging the strong launch momentum of the oral Wegovy formulation, Novo Nordisk AS narrowed the upper bound of its expected full-year performance decline for 2026 from 13% to 12%. However, excluding the one-time reversal of provisions related to the U.S. 340B Drug Pricing Program, the company's core business sales still recorded a decline, reflecting the continued erosion of financial performance by pricing pressures. Data released by the company on May 6 showed that **adjusted net sales for the first quarter of 2026 decreased by 4% year-over-year to DKK 70.063 billion (approximately USD 11 billion) at constant exchange rates,** while adjusted operating profit fell 6% to DKK 32.858 billion. Driven by the non-recurring factor of a provision reversal of approximately USD 4.2 billion related to the U.S. 340B Drug Pricing Program, reported net sales increased by 32% at constant exchange rates, and operating profit grew by 65%. The oral Wegovy tablet has shown strong momentum since its launch in January this year. Prescription volumes exceeded 200,000 in the week ending April 17, leading the company to characterize it as the strongest GLP-1 product launch in the history of the U.S. market. However, Novo Nordisk AS has ceded its leading position in the injectable Wegovy market to Eli Lilly's Zepbound, and Eli Lilly's recently launched oral obesity drug, Foundayo, poses direct head-to-head competition. Novo Nordisk AS's stock price has fallen approximately 12% year-to-date, reflecting market caution regarding its long-term competitiveness; Eli Lilly's stock price declined by about 8% over the same period. ## "Provision Reversal" Masks Decline in Core Performance **In the first quarter, the reversal of provisions related to the U.S. 340B Drug Pricing Program brought a non-recurring positive impact of approximately USD 4.2 billion, significantly improving reported performance figures.** Excluding this factor, adjusted sales in the U.S. business decreased by 11% at constant exchange rates, primarily dragged down by lower realized prices, partially offset by volume growth in the Wegovy product series. International business sales increased by 6% at constant exchange rates, driven by volume improvements. "Provision reversal" refers to the process by which a company (typically a bank or financial institution) reverses previously accrued reserves (provisions) intended to cover asset losses, recognizing them again as profit. CEO Mike Doustdar stated that the strong performance of the Wegovy series and continued growth in international business drove the company to raise its full-year guidance. He positioned the oral Wegovy tablet as "the only oral peptide medication for treating obesity," stating that it is creating a new category and "redefining expectations for patients and doctors." ## Oral Wegovy Tablet Sets Historical Record for GLP-1 Launches The oral Wegovy tablet officially launched in the United States on January 5, 2026. Cumulative prescriptions reached approximately 1.3 million by the end of the first quarter and have surpassed 2 million since launch, with current patients exceeding one million. Novo Nordisk AS characterized it as the strongest GLP-1 product launch in the history of the U.S. market. In the first quarter, sales of the oral Wegovy tablet amounted to DKK 2.256 billion. However, the company noted that this figure does not fully reflect actual market demand due to pre-launch channel stocking by wholesalers and telehealth partners. The company expects the initial launch of the oral Wegovy tablet in markets outside the United States to begin in the second half of 2026, depending on local regulatory approval progress. ## Pipeline Progress Strengthens Product Portfolio Regarding the pipeline, the high-dose injectable Wegovy HD (semaglutide 7.2mg) received FDA approval in March and launched in the United States on April 7. This product achieved an average weight loss of 20.7% in the STEP UP trial, further strengthening the Wegovy product matrix. During the same period, the company also initiated the AMAZE Phase 3 clinical program for zenagamtide targeting the obesity indication. In other therapeutic areas, Awiqli, the world's first once-weekly basal insulin for patients with type 2 diabetes, received FDA approval. The investigational drug for sickle cell disease, etavopivat, successfully met both co-primary endpoints in the HIBISCUS Phase 3 trial. ## Competitive Pressure Persists, Limited Room for Full-Year Guidance Increase The company adjusted its guidance range for adjusted sales and adjusted operating profit growth for 2026 to a decline of 4% to 12% at constant exchange rates. Compared to the previous expectation of a maximum decline of 13%, the narrowing was quite limited. This relatively wide guidance range reflects the high uncertainty management still faces regarding pricing trends and the competitive landscape. Novo Nordisk AS is attempting to narrow the competitive gap with Eli Lilly through significant price cuts and betting on the oral Wegovy tablet. However, with Eli Lilly's oral obesity drug Foundayo officially entering the market, the competition between the two companies in the oral formulation sector has fully ignited. Whether Novo Nordisk AS can maintain and expand its first-mover advantage in the oral GLP-1 segment will remain a core issue of continuous market focus. ### Related Stocks - [NVO.US](https://longbridge.com/en/quote/NVO.US.md) - [FBT.US](https://longbridge.com/en/quote/FBT.US.md) - [LLY.US](https://longbridge.com/en/quote/LLY.US.md) ## Related News & Research - [Reynders McVeigh Capital Management LLC Has $13.95 Million Position in Novo Nordisk A/S $NVO](https://longbridge.com/en/news/285059988.md) - [Novo Nordisk Concludes First DKK 3.8bn Tranche of 2026 Share Buyback](https://longbridge.com/en/news/285220479.md) - [FDA Proposal Could Support Novo Nordisk GLP‑1 Exclusivity And Valuation](https://longbridge.com/en/news/284956872.md) - [Novo Nordisk Q1 2026 Boosted by 340B Reversal as Wegovy Pill Delivers Record U.S. Launch](https://longbridge.com/en/news/285376086.md) - [GLP-1 Boom Sparks Potential 'Bubble Effect,' Shrinking Competition In Big Pharma, Warns Deloitte: 'The Question Is...'](https://longbridge.com/en/news/285073169.md)