• Analysts expect Novo Nordisk's Q3 revenue to fall 2% to $11.87 billion and earnings per share to drop as competition from Eli Lilly intensifies.
• The report marks CEO Mike Doustdar's first since taking charge, with investors watching for guidance on restructuring, job cuts, and strategy following a board overhaul.
• The earnings release comes as Pfizer escalates its legal battle over Novo's $9 billion bid for Metsera, accusing the company of trying to delay competition in the obesity drug market.

Novo Nordisk will report its third-quarter (Q3) results on Wednesday, marking its first earnings release under new CEO Mike Doustdar. Analysts expect weaker profits and slower growth amid intensifying competition from Eli Lilly and mounting legal pressure from Pfizer.

The company's U.S.-listed stock fell 0.7% to close at $49.11 on Monday.

Analysts Expect Softer Quarter

According to Koyfin estimates, analysts expect revenue of $11.87 billion, down 2% year-on-year. EBITDA is projected at $5.28 billion, a 13% decline, while EBIT is forecast to drop 26% to $3.92 billion. GAAP earnings per share (EPS) is seen at $0.70, compared with $0.94 a year earlier.

BMO Capital Markets analyst Evan Seigerman said investors will be looking for signs of how Novo plans to get past restructuring and reignite obesity growth, after multiple guidance cuts this year, according to a Reuters report. 

Jefferies analyst Michael Leuchten noted that Novo remains heavily dependent on semaglutide, the active ingredient in Wegovy and Ozempic, which underpins roughly 60% of future revenues.“It looks like the obesity market in the U.S. is running out of steam, and we don't fully understand why,” Leuchten said, pointing to underwhelming new-patient starts.

Leadership Transition And Legal Uncertainty

The report will also be the first under CEO Mike Doustdar, who took over in August after the Novo Nordisk Foundation, the company's controlling shareholder, overhauled the board, replacing six independent directors. Former CEO Lars Rebien Sorensen is set to return as chairman following the Nov. 14 shareholder meeting.

Paul Major, healthcare portfolio manager at Bellevue Asset Management, said the tone Doustdar sets on the company's future strategy will be a point of focus, adding that investors are watching for alignment between management and the Foundation on Novo's turnaround plan.

Pfizer Legal Dispute Adds Pressure

The quarter also comes as Pfizer escalates its legal challenge over Novo's $9 billion rival bid for Metsera, a U.S. biotech developing next-generation obesity drugs. Pfizer alleged that the Danish drugmaker structured the deal to delay competition and preserve market share for Wegovy and Ozempic.

Novo has denied the claims, calling them“absurd” and arguing that it would accelerate Metsera's commercialization if the claims were successful. The case will be heard on Tuesday.

TD Cowen analyst Michael Nedelcovych said he will watch for any insights on the Metsera bid and whether Doustdar signals an appetite for further acquisitions.

Stocktwits Bulls View Novo's Dip As A Buying Opportunity

On Stocktwits, retail sentiment for both Novo Nordisk and Pfizer was 'bullish' amid ' high' message volumes.

One user commented that Novo Nordisk's aggressive $6.5 billion bid for Metsera made it the biggest risk-taker in the dispute with Pfizer, adding that Metsera stood to benefit either way, while Pfizer faced litigation setbacks.

Another said investors were overreacting to Novo's share decline, describing it as a strong global company expanding its pipeline and calling the dip a potential buying opportunity.

Novo Nordisk's U.S.-listed stock has declined 42% so far in 2025.

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