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Strong Wegovy demand leading to an above-consensus quarter, plus a less-downbeat outlook, can lift near-term sentiment and multiple re-rating for NVO. However, ongoing competition from Lilly and potential FX effects keep upside capped in the medium term.
What happened, with direct paths to the underlying reporting
Novo Nordisk posted a stronger-than-expected Q3, powered by Wegovy with revenue of 79.2 billion DKK (+4% YoY) and EBIT of 31.7 billion DKK, ahead of estimates. The company raised its outlook to -2% to 2% adjusted revenue/EBIT growth at constant FX, narrowing prior pessimism. This signals momentum in Wegovy, though Eli Lilly’s competing drugs keep execution risk in focus.
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