Abstract

Novo-Nordisk A/S will report its quarterly results on February 04, 2026 Pre-Market, and this preview compiles market expectations for revenue, margins, and EPS alongside segment dynamics and prevailing analyst views.

Market Forecast

Consensus projections for Novo-Nordisk A/S indicate current-quarter revenue of $77.66 billion, EBIT of $30.35 billion, and adjusted EPS of $5.63, implying estimated year-over-year changes of -2.69%, -9.16%, and -4.00%, respectively. The market anticipates margin resilience supported by an elevated product mix, with gross profit and net margins tracking near recent levels based on company guidance and models. The main business centered on diabetes and obesity care is expected to continue to drive performance on the back of sustained GLP-1 demand and expanded capacity. The most promising segment remains diabetes and obesity care, reflecting revenue scale of $145.41 billion last quarter and outsized growth versus other divisions.

Last Quarter Review

Novo-Nordisk A/S delivered last-quarter revenue of $74.98 billion, a gross profit margin of 80.70%, net profit attributable to the parent of $20.01 billion, a net profit margin of 26.68%, and adjusted EPS of $4.50, with year-over-year growth for revenue at 05.14% and EPS at -26.47%. A key highlight was margin maintenance despite cost inflation, aided by pricing and mix benefits across GLP-1 therapies. In the main business portfolio, diabetes and obesity care generated $145.41 billion and rare disease delivered $9.54 billion, with the former contributing the vast bulk of group revenue momentum.

Current Quarter Outlook

Main Business: Diabetes and Obesity Care

The core diabetes and obesity care franchise is positioned to remain the principal earnings driver this quarter, leveraging global demand for GLP-1 therapies across type 2 diabetes and obesity indications. Revenue scalability is propelled by ongoing capacity expansions and broader geographic uptake, which have supported premium pricing and robust adherence trends. While sequential margin variability can arise from supply-chain normalization and launch investments, the mix transition toward higher-value obesity prescriptions should support stable gross profit margin around recent levels. The franchise’s focus on improving access, ensuring continuity of care, and expanding therapeutic indications is expected to reinforce topline and EBIT delivery through the quarter.

Most Promising Business: GLP-1-Driven Obesity Treatments

GLP-1-led obesity treatments continue to show the largest incremental opportunity due to persistent demand and widening clinical acceptance in multiple markets. Capacity additions and formulary gains have been crucial in unlocking volume growth, with the category benefiting from ongoing education initiatives among prescribers and patients. The forecasted EPS of $5.63 and EBIT of $30.35 billion implicitly rely on stable conversion of prescriptions into filled therapies, which hinges on supply reliability; recent operational progress suggests further improvement versus the previous quarter. Sustained uptake extends to new cohorts, potentially increasing long-term adherence rates and reinforcing revenue durability.

Key Stock Price Drivers This Quarter

Pricing and mix dynamics within GLP-1 therapies are pivotal for margin trajectory, as higher-value products can offset cost pressures and promotional spend. Manufacturing and distribution capacity remain a core variable, with smoother fulfillment expected to reduce lost sales and stabilize working capital. Guidance on year-over-year growth benchmarks—estimated revenue down -02.69%, EBIT down -09.16%, and EPS down -04.00%—will shape sentiment; any indication of faster supply scaling or stronger geographic expansion could recalibrate estimates higher. Investors will watch for clarity on inventory normalization and production milestones, along with signals on R&D prioritization in next-generation metabolic treatments.

Analyst Opinions

The majority of recent institutional commentary leans bullish, emphasizing durable demand visibility for GLP-1-based therapies, improving supply conditions, and the company’s strong execution in scaling manufacturing. Several well-followed brokers highlight potential upside if capacity additions accelerate prescription conversions, noting that consensus estimates already factor conservative margin assumptions. Analysts also point to favorable reimbursement dynamics and healthcare system engagement that support category growth, while calling out monitoring points around sequential margin trends and launch investment pacing. On balance, the prevailing view is constructive on Novo-Nordisk A/S’s ability to sustain elevated revenue and earnings power, with attention focused on operational delivery against the current-quarter forecasts.