Novo Nordisk raised its outlook for the year on Wednesday after a strong third quarter, according to the company's results release.

“We delivered a stronger-than-expected third quarter and are raising our full-year outlook for adjusted sales and adjusted operating profit,” CEO Mike Doustdar said in the release.

Sales rose 4% at constant exchange rates to 79.2 billion Danish kroner, the company said. CNBC puts that at $11.9 billion. Analysts had expected 73.6 billion kroner, CNBC reports, citing FactSet.

Adjusted operating profit rose 27% at constant exchange rates, the release says. Reported operating profit fell 9%. Novo said that drop reflects 8.7 billion kroner of non-cash charges.

The Wegovy pill brought in 5.4 billion kroner in the quarter, Novo said. Analysts had expected about 4.5 billion, CNBC reports.

Novo now expects adjusted sales and adjusted operating profit to range from a 2% drop to a 2% gain this year. It had expected a drop of up to 6%, CNBC reports.

The shares rose as much as 6% in early trading, CNBC reports.

Novo has struggled this year as rival Eli Lilly caught up and passed it in the American market, according to CNBC. Doustdar said one good quarter does not make a turnaround.

“Turnaround and recovery is not done based on one data point, on one quarterly good result,” he said, CNBC reports.

Novo also said its finance chief, Karsten Munk Knudsen, will leave at the end of 2026, CNBC reports.

What we know: Novo raised its outlook and beat sales forecasts, led by its Wegovy pill.
What we don't: Whether the gains will hold as competition grows.