Novo Nordisk A/S Stock NOV.DE
Novo Nordisk is a global pharmaceutical company headquartered in Denmark, specialising in the prevention and treatment of chronic diseases, primarily diabetes and obesity. Novo Nordisk A/S stock (NOV.DE): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. Novo Nordisk A/S stock (NOV.DE): listed on Xetra, WKN A3EU6F. NadirAlpha has evaluated 23 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: DKK 78.5 billion (+2% year on year). Latest reading: Revenue decelerating, Margin compressing, Guidance raised, Strategic pivot.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Novo Nordisk A/S Current Status
Where Novo Nordisk A/S stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“The Wegovy® product portfolio remains a key growth driver for Novo Nordisk in 2026, led by the continued rapid adoption of Wegovy® pill in the US, which has reached more than 5 million prescriptions since its launch, alongside encouraging early uptake in markets outside the US and the rollout of Wegovy® HD (7.2 mg). The increased US GLP-1 momentum, combined with continued growth and new launches in International Operations, has led us to further raise our 2026 guidance for both adjusted sales and adjusted operating profit.”
Novo Nordisk A/S Stock: Key Figures (DKK million)
Revenue, margin, earnings and EPS of Novo Nordisk A/S per fiscal year, half-year and quarter in DKK million, as of Q2 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Net income | EPS (DKK) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | 309,064 | 127,658 | 102,434 | 23.03 | 119,102 | 4 |
| FY2024 | 290,403 | 128,339 | 100,988 | 22.63 | 120,968 | 3 |
| FY2023 | 232,261 | 102,574 | 83,683 | 18.62 | 108,908 | 109 |
Quarters
| Period | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS (DKK) | EPS adj. (DKK) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-04 | 78,488 | 27,061 | 33,389 | 20,989 | 4.75 | 6.18 | 42,524 | 44,482 | 95,645 | 119 |
| 2026-Q1* | 2026-05-06 | 96,823 | 59,618 | 32,858 | 48,557 | 10.91 | 6.63 | 12,773 | 21,127 | 125,255 | 118 |
| 2025-Q4* | 2026-02-03 | 79,144 | 31,736 | – | 26,891 | 6.05*≈ | – | – | 26,464 | 116,511 | 119 |
| 2025-Q3* | 2025-11-05 | 74,976 | 23,682 | – | 20,006 | 4.50 | – | – | 32,084 | 69,130 | 116 |
| 2025-Q2* | 2025-08-06 | 76,857 | 33,449 | 30,800 | 26,503 | 5.96 | 5.89 | 27,113 | 18,435 | 80,833 | 15 |
| 2025-Q1* | 2025-05-07 | 78,087 | 38,791 | – | 29,034 | 6.53 | 6.82 | 11,308 | 38,938 | 79,785 | 14 |
| 2024-Q4* | 2025-02-05 | 85,683 | 36,737 | – | 21,963 | 4.92*≈ | – | -3,800 | 15,655 | 100,245 | 113 |
| 2024-Q3* | 2024-11-06 | 71,311 | 33,822 | – | 27,301 | 6.12 | – | 31,731 | 57,018 | -46 | 12 |
| 2024-Q2* | 2024-08-07 | 68,060 | 25,934 | – | 20,050 | 4.49 | 5.77≈ | 40,033 | 52,821 | 4,239 | 11 |
| 2024-Q1* | 2024-05-02 | 65,349 | 31,846 | – | 25,407 | 5.68 | 5.91≈ | 5,840 | 6,324 | 20,604 | 10 |
| 2023-Q4* | 2024-01-31 | 65,863 | 26,766 | – | 13,592 | 3.02*≈ | – | 144 | 14,392 | 19,092 | 109 |
| 2023-Q3* | 2023-11-02 | 58,731 | 26,913 | – | 22,478 | 5.00 | – | 35,138 | 29,883 | -3,346 | 8 |
| 2023-Q2* | 2023-08-10 | 54,300 | 23,888 | – | 19,428 | 4.32 | – | 22,699 | 21,574 | 4,130 | 7 |
| 2023-Q1* | 2023-05-04 | 53,367 | 25,007 | – | 19,814 | 4.39 | – | 25,121 | 14,936 | 10,582 | 6 |
Novo Nordisk A/S Balance Sheet & Cash Flow (DKK million)
Balance sheet and cash flow of Novo Nordisk A/S up to Q2 2026 in DKK million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-03 | 26,464 | 142,975 | 116,511 | 14,666 | 119,102 | 60,140 | 58,962 | 117 |
| FY2024 | 2025-02-05 | 15,655 | 115,900 | 100,245 | 8,545 | 120,968 | 47,164 | 73,804 | 3 |
| FY2023 | 2024-01-31 | 14,392 | 33,484 | 19,092 | 7,289 | 108,908 | 25,806 | 83,102 | 109 |
Quarters
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-04 | 44,482 | 140,127 | 95,645 | 55,199 | 12,675 | 42,524 | 119 |
| 2026-Q1 | 2026-05-06 | 21,127 | 146,382 | 125,255 | 24,084 | 11,311 | 12,773 | 118 |
| 2025-Q4 | 2026-02-03 | 26,464 | 142,975 | 116,511 | – | 18,429 | – | 119 |
| 2025-Q3 | 2025-11-05 | 32,084 | 101,214 | 69,130 | – | 13,628 | – | 116 |
| 2025-Q2 | 2026-08-04 | 18,435 | 99,268 | 80,833 | 41,774 | 14,661 | 27,113 | 119 |
| 2025-Q1 | 2025-05-07 | 38,938 | 118,723 | 79,785 | 24,730 | 13,422 | 11,308 | 14 |
| 2024-Q4 | 2025-11-05 | 15,655 | 115,900 | 100,245 | 12,301 | 16,101 | -3,800 | 16 |
| 2024-Q3 | 2024-11-06 | 57,018 | 56,972 | -46 | 43,850 | 12,119 | 31,731 | 12 |
| 2024-Q2 | 2024-08-07 | 52,821 | 57,060 | 4,239 | 50,503 | 10,470 | 40,033 | 11 |
| 2024-Q1 | 2024-05-02 | 6,324 | 26,928 | 20,604 | 14,314 | 8,474 | 5,840 | 10 |
| 2023-Q4 | 2024-11-06 | 14,392 | 33,484 | 19,092 | 9,551 | 9,407 | 144 | 12 |
| 2023-Q3 | 2023-11-02 | 29,883 | 26,537 | -3,346 | 40,966 | 5,828 | 35,138 | 8 |
| 2023-Q2 | 2024-08-07 | 21,574 | 25,704 | 4,130 | 28,577 | 5,878 | 22,699 | 111 |
| 2023-Q1 | 2023-05-04 | 14,936 | 25,518 | 10,582 | 29,814 | 4,693 | 25,121 | 6 |
Novo Nordisk A/S Guidance Tracking (latest per metric/period · 17/32)
NadirAlpha records 32 guidance statements of Novo Nordisk A/S neutrally: annual and quarterly targets, direction of change and outcome as a dot with legend, with no estimate of our own. NadirAlpha methodology
Actuals: ratios in %
Direction: confirmedcutinitiatedraised Verdict: in linemisspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-08-04 | Adjusted sales growth at CER | -6–0% | – | 19 | ||
| FY2026 | 2026-08-04 | Adjusted operating profit growth at CER | -6–0% | – | 19 | ||
| FY2026 | 2026-05-06 | Adjusted sales growth | -12–-4% | – | 18 | ||
| FY2026 | 2026-05-06 | Adjusted operating profit growth | -12–-4% | – | 18 | ||
| FY2026 | 2026-02-03 | Tax rate | 21–23% | – | 17 | ||
| FY2026 | 2026-02-03 | Capex | 55,000 | – | 17 | ||
| FY2026 | 2026-02-03 | Free cash flow | 35–45 | – | – | 17 | |
| FY2026 | 2026-02-03 | Financial items (net) | 2,300 | – | 17 | ||
| FY2026 | 2025-11-05 | Akero acquisition impact on operating profit growth | 3 | – | 16 | ||
| FY2025 | 2025-11-05 | Capex | 60,000 | – | – | 16 | |
| FY2025 | 2025-11-05 | Revenue growth (YoY) | 8–11% | 6.4 | 16 | ||
| FY2025 | 2025-11-05 | Operating profit growth | 4–7% | – | – | 16 | |
| FY2025 | 2025-11-05 | Financial items (net) | 2.6 | – | – | – | 16 |
| FY2025 | 2025-11-05 | Free cash flow | 20–30 | – | – | 16 | |
| FY2025 | 2025-11-05 | Depreciation, amortisation and impairment losses | 22,000 | – | – | 16 | |
| FY2025 | 2025-05-07 | Free cash flow (excluding impact from business development) | 56–66 | – | – | 14 | |
| FY2025 | 2025-02-05 | Tax rate | 21–23% | – | – | 16 | |
| FY2024 | 2024-11-06 | Tax rate | 20–21% | – | – | 12 | |
| FY2024 | 2024-11-06 | Revenue growth (YoY) | 23–27% | 25 | 12 | ||
| FY2024 | 2024-11-06 | Operating profit growth | 21–27% | – | – | 12 | |
| FY2024 | 2024-11-06 | Free cash flow (excluding impact from business development) | 57–65 | – | – | 12 | |
| FY2024 | 2024-08-07 | Free cash flow | 59,000–69,000 | – | – | 11 | |
| FY2024 | 2024-01-31 | Capex | 45,000 | – | – | 12 | |
| FY2023 | 2023-11-02 | Revenue growth (YoY) | 32–38% | – | – | 8 | |
| FY2023 | 2023-11-02 | Operating profit growth | 40–46% | – | – | 8 | |
| FY2023 | 2023-11-02 | Financial items (net) | 1,600 | – | – | 8 | |
| FY2023 | 2023-11-02 | Depreciation, amortisation and impairment losses | 8,000 | – | – | 8 | |
| FY2023 | 2023-11-02 | Free cash flow (excluding impact from business development) | 65,000–73,000 | – | – | 8 | |
| FY2023 | 2023-08-10 | Free cash flow (excluding business development) | 64,000–72,000 | – | – | 7 | |
| FY2023 | 2023-05-04 | Free cash flow | 66,000–74,000 | – | – | 6 | |
| FY2023 | 2023-02-01 | Tax rate | 19–21% | – | – | 8 | |
| FY2023 | 2023-02-01 | Capex | 25,000 | – | – | 8 |
Novo Nordisk A/S Stock: Price & Chart
Interactive price chart of Novo Nordisk A/S stock (TradingView) and the trend of key figures from the core tables; the chart loads only after a click and then connects to TradingView. NadirAlpha methodology
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Novo Nordisk A/S Event Timeline
NadirAlpha sorts 46 events of Novo Nordisk A/S by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology
2026 · 8 events
Adjusted gross margin declined to 78.2% in Q2 2026 from 82.7% in Q2 2025, impacted by lower realised prices, one-time manufacturing costs, and negative currency impact, partly offset by productivity gains and positive product mix 19
FY 2026 guidance raised again; adjusted sales and adjusted operating profit growth both moved to 0% to -6% at CER from -4% to -12%, driven by increased expectations for GLP-1 product sales 19
ZEUS phase 3 cardiovascular outcomes trial with ziltivekimab did not meet the primary endpoint 19
“Wegovy® is driving a strong start to 2026 for Novo Nordisk, led by the rapid adoption of Wegovy® pill, the most efficacious GLP-1 tablet now used by more than one million patients since its January launch. As the global momentum behind peptide-based therapies accelerates, Wegovy® pill is defining a novel category as the only oral peptide for the treatment of obesity, setting a new benchmark for what patients and physicians can expect. The strong Wegovy® performance, combined with continued growth in International Operations, has led us to raise our 2026 guidance for both adjusted sales and adjusted operating profit. During the quarter, we also secured multiple approvals for Wegovy® HD, strengthening the Wegovy® portfolio, and enabling patients to achieve nearly 21% weight loss.”
FY 2026 guidance raised; adjusted sales growth range moved to -4% to -12% at CER from -5% to -13%, driven by increased GLP-1 product expectations 18
MFN agreement reached with the US Administration to expand GLP-1 access and lower costs starting July 2026; list price reductions for Wegovy (approximately 50%) and Ozempic (approximately 35%) announced effective January 2027 18
Wegovy pill launched in the US on 5 January 2026, surpassing 1.3 million prescriptions in Q1 2026 and marking the strongest-ever GLP-1 volume launch in the US 18
2025 · 14 events
“Novo Nordisk delivered 10% sales growth in constant exchange rates and reached nearly 46 million people with our innovative treatments, despite 2025 being a challenging year for the company. In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market. However, we are very encouraged by the promising early uptake from the US launch of Wegovy® pill, and we remain confident in our ability to drive volume growth over the coming years. Also for this year, we look forward to regulatory decisions for next-generation treatments, such as Mim8 within haemophilia and CagriSema within obesity, as well as a number of exciting R&D read-outs, including phase 3 read-outs for etavopivat and ziltivekimab.”
2026 adjusted operating profit growth guidance initiated at -5% to -13% at CER, reflecting pricing headwinds and semaglutide patent expiry 17
Wegovy pill (oral semaglutide) approved by US FDA on 22 December 2025 and launched 5 January 2026, reaching 50,000 weekly prescriptions as of 23 January 2026 17
Most Favoured Nations agreement with US Administration announced to expand GLP-1 access at lower cost through Medicare Part D and Medicaid; Medicare pilot programme expected to begin mid-2026 17
“Our company-wide transformation has already driven operational efficiencies, and we have a renewed focus that can deliver a range of potential treatment options that will serve millions more patients, mainly in obesity. While we delivered robust sales growth in the first nine months of 2025, the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance. We agreed to acquire Akero Therapeutics Inc., adding a potential first-and-best-in-class asset within F4 in MASH, and initiated our phase 3 programme with cagrilintide for weight management. We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets.”
2025 sales growth guidance narrowed to 8-11% at CER from 8-14%; operating profit growth guidance narrowed to 4-7% at CER from 10-16% 16
Company-wide transformation plan announced 10 September 2025 to reduce global workforce by approximately 9,000 positions and reallocate resources toward diabetes and obesity growth; DKK 8 billion full-year cost impact 16
Wegovy approved in the US for treatment of MASH in adults with moderate to advanced liver fibrosis 16
“While delivering 18% sales growth in the first half of 2025, we have lowered our full-year outlook due to lower growth expectations for our GLP-1 treatments in the second half of 2025. As a result, we are taking measures to sharpen our commercial execution further, and ensure efficiencies in our cost base while continuing to invest in future growth. With more than one billion people living with obesity globally, including more than 100 million living in the US, and only a few million on treatment, I am confident that under Mike Doustdar's leadership, Novo Nordisk will maximise the significant growth opportunities, supported by a strong product portfolio and future pipeline.”
2025 sales growth guidance lowered to 8-14% at CER from 13-21% and free cash flow guidance cut to DKK 35-45 billion from DKK 56-66 billion, reflecting lower H2 GLP-1 growth expectations 15
Maziar Mike Doustdar appointed CEO effective 7 August 2025, replacing Lars Fruergaard Jørgensen; Research and Early Development consolidated into a single R&D unit under Martin Holst Lange 15
Exclusive global collaboration and licence with Septerna Inc. for oral small molecules targeting GPCR receptors; Septerna eligible for approximately USD 2.2 billion in potential payments 15
“In the first quarter of 2025, we delivered 18% sales growth and continued to expand the reach of our innovative GLP-1 treatments. However, we have reduced our full-year outlook due to lower-than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the US. We are actively focused on preventing unlawful and unsafe compounding and on efforts to expand patient access to our GLP-1 treatments. Within R&D, we are pleased to have completed the last pivotal trial for our next-generation obesity treatment, CagriSema, and to have filed for US approval of oral semaglutide 25 mg, with the potential to be the first oral GLP-1 treatment for obesity.”
Q1 net sales of DKK 78,087 million; obesity care grew 65% at CER to DKK 18,424 million, with Wegovy up 85% to DKK 17,360 million 14
Full-year 2025 sales growth guidance reduced to 13-21% at CER from 16-24%, citing lower-than-planned GLP-1 penetration due to compounded GLP-1s in the US 14
FDA removed semaglutide injectables from the drug shortage list on 21 February 2025; enforcement discretion for 503A compounding ended 24 April 2025 14
2024 · 10 events
“We are pleased with the performance in 2024, where 26% sales growth reflects that more than 45 million people are now benefiting from our treatments. Further, we completed the acquisition of the three Catalent sites, and during the year, we progressed our R&D pipeline, including obesity projects such as CagriSema and amycretin. In 2025, we will continue our focus on commercial execution, on the progression of our early and late-stage R&D pipeline and on the expansion of our production capacity.”
Net debt reached 100,245 million DKK at year-end, from near-neutral at end of Q3, as Catalent acquisition was financed with debt 13
Acquisition of three Catalent fill-finish manufacturing sites from Novo Holdings completed December 18, 2024 for USD 11.7 billion 3
Ozempic label expanded in EU and US based on FLOW kidney outcomes trial showing 24% reduction in kidney disease-related events 13
“We are pleased with the performance in the first nine months of 2024. The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before. Within R&D, we are very pleased about further read-outs across our semaglutide portfolio, including the SOUL trial in people living with diabetes and cardiovascular disease and the ESSENCE trial in people living with MASH.”
Periodic supply constraints and drug shortage notifications across GLP-1 products and geographies reported amid elevated demand 12
Nine-month R&D costs rose 56% including DKK 5.7 billion ocedurenone impairment following programme termination, constraining nine-month operating profit growth to 22% at CER 12
Q3 net sales of 71,311 million DKK, up 21% as reported and 23% at CER, driven by Diabetes and Obesity care 12
“We are pleased with the sales growth in the first three months of 2024, driven by increased demand for our GLP-1-based diabetes and obesity treatments. More patients benefit from our innovative treatments, and the agreement to acquire the three Catalent manufacturing sites will enable us to serve significantly more people living with diabetes and obesity in the future. Within R&D, we are pleased with the positive results from the kidney outcomes trial with semaglutide and the label expansion for cardiovascular risk reduction for Wegovy® in the US.”
Q1 net sales of 65,349 million DKK, up 24% at CER, driven by GLP-1 diabetes and obesity care growth 10
FY2024 sales growth guidance raised to 19-27% CER from 18-26%; operating profit growth raised to 22-30% CER from 21-29% 10
Wegovy received US approval for cardiovascular risk reduction based on SELECT trial showing 20% MACE reduction versus placebo 10
2023 · 14 events
“We are very pleased with the strong performance in 2023 reflecting that more than 40 million people are now benefiting from our innovative diabetes and obesity treatments. We continue to make progress on our strategic aspirations. Our focus in 2024 will be on reaching more patients, progressing and expanding our pipeline as well as the continued significant expansion of our production capacity.”
Net debt position flipped (-3,346.0 to +DKK 19,092.0 million vs 2023-Q3). 109
FY2023 net sales of 232,261 million DKK, up 36% at CER; Diabetes and Obesity care sales grew 42% at CER; Rare disease sales declined 15% at CER 9
2024 sales growth guidance initiated at 18-26% at CER and operating profit growth at 21-29% at CER 9
Announced capacity expansion projects totaling over DKK 92 billion across Denmark, France and existing facilities through 2029 2
“We are very satisfied with the sales growth in the first nine months of 2023, which is reflecting that more people than ever are benefiting from our innovative diabetes and obesity treatments. Within R&D, we are pleased with the decision to stop the FLOW kidney outcomes trial early as semaglutide demonstrated a benefit in people with type 2 diabetes and chronic kidney disease. The acquisition of ocedurenone for the treatment of cardiovascular disease supports our aspiration of establishing a presence in other serious chronic diseases with high unmet medical needs.”
2023 sales outlook raised to 32-38% growth at CER and operating profit outlook to 40-46% at CER 8
FLOW renal outcomes trial stopped early based on positive interim analysis demonstrating semaglutide efficacy in kidney disease 8
Agreed to acquire ocedurenone from KBP Biosciences for up to USD 1.3 billion for cardiovascular and kidney disease treatment 8
Net debt position flipped (+4,130.0 to -DKK 3,346.0 million vs 2023-Q2). 112
“We are very pleased with the sales growth in the first half of 2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before. The performance in the first six months has enabled us to raise the outlook for the full year. Within R&D, we are very excited about the results from the SELECT trial. Obesity is a serious chronic disease associated with many comorbidities and the results from SELECT demonstrate that comorbidities associated with the condition can be significantly reduced by treating people with semaglutide.”
Supply constraints and drug shortage notifications disclosed across multiple products as demand exceeded capacity 7
2023 sales growth guidance raised to 27-33% at CER and operating profit growth guidance raised to 31-37% at CER 7
SELECT trial demonstrated a statistically significant 20% reduction in major adverse cardiovascular events with semaglutide 2.4 mg in adults with obesity 7
“We are very pleased with the sales growth in the first three months of 2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, particularly in the US where the prescription trend for Wegovy® highlights the high unmet need for people living with obesity. The sales momentum and continued expansion of the supply capacity have enabled us to raise the outlook for the full year.”
Q1 net sales of 53,367 million DKK, up 25% at CER driven by GLP-1 diabetes and obesity care growth 6
2023 outlook raised to sales growth 24-30% and operating profit growth 28-34% at CER 6
Wegovy approved in Japan for treatment of obesity in adults with BMI ≥27 or ≥35 with comorbidities 6
Novo Nordisk A/S Business Model
What Novo Nordisk A/S does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology
Novo Nordisk is a global pharmaceutical company headquartered in Denmark, specialising in the prevention and treatment of chronic diseases, primarily diabetes and obesity. The company develops, manufactures, and markets medicines sold to patients, healthcare systems, and payers across more than 170 countries, with revenue generated entirely through product sales priced via negotiations with governments, pharmacy benefit managers, and private insurers. The portfolio is centred on GLP-1 receptor agonists including injectable and oral formulations of semaglutide marketed as Ozempic, Wegovy, and Rybelsus, alongside a broad range of insulin products. Beyond cardiometabolic diseases, Novo Nordisk operates in rare blood disorders such as haemophilia A and B and rare endocrine conditions including growth hormone deficiency. Earnings are driven primarily by GLP-1 product volume and realised net pricing, with manufacturing scale and sustained R&D investment as key competitive factors.
Novo Nordisk A/S Stock: Share-Price Drivers
Factors Novo Nordisk A/S itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology
Novo Nordisk's combined Obesity and Diabetes care unit is by far the largest revenue source at 164,943 in 2026-H1 and was higher year on year, up 13% (19), so the pace of this franchise sets the overall trajectory; group operating income was DKK 27,061 million in the most recent quarter (119)
Novo Nordisk reported Total Obesity care revenue of 44,064 in 2026-H1, up 19% (19); in the prior period Total Obesity care rose 58% and Wegovy 78% (15), indicating the obesity line continues to gain traction
the company's Total Diabetes care revenue was 95,365 in 2026-H1, lower year on year at down 5% (19), a reversal from the double-digit diabetes growth seen in earlier periods such as 21% in 2024-Q3 (12)
Novo Nordisk's Rare disease revenue was 10,368 in 2026-H1, up 9% (19), with Rare endocrine disorders up 49% and the launch of Alhemo (concizumab) in haemophilia (15, 17)
the company has multiple programmes advancing, including amycretin in phase 3 (15), oral semaglutide 25 mg submitted in the US and semaglutide 7.2 mg label extension expected in early 2026 (16), plus CagriSema ongoing (17); outcomes of these candidates will shape future growth
Novo Nordisk's US Operations revenue was 35,385 in 2026-Q1, lower at down 11% (18), while International Operations revenue of 34,678 was higher at up 6% (18), so regional demand is diverging
Sector trend: Novo Nordisk signals decelerating top-line growth while profitability is improving and full-year guidance was raised; management continues to point to strong underlying GLP-1 demand in obesity and diabetes, with the company's reported operating income of DKK 27,061 million in 2026-Q2 (119) against the broader shift toward incretin-based obesity treatment as the key demand driver.
Novo Nordisk A/S Revenue by Type (as of 2026-Q2 · DKK million · 49/54)
The segments of Novo Nordisk A/S in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Margin | Source |
|---|---|---|---|---|---|
| Period 2026-H1 (6M) | |||||
| Total Diabetes care | 2025-Q3 | 95,365 | -5% | – | 19 |
| Rare disease total | 2025-H1 | 9,122 | 2% | – | 19 |
| Total Obesity care | 2024-Q1 | 44,064 | 19% | – | 19 |
| Obesity and Diabetes care | 2023-Q1 | 164,943 | 13% | 52.4% | 19 |
| Rare disease | 2023-Q1 | 10,368 | 9% | 3.1% | 19 |
| Period 2026-Q1 (3M) | |||||
| Obesity and Diabetes care total | 2025-Q3 | 65,848 | -4% | – | 18 |
| US Operations | 2025-Q1 | 35,385 | -11% | – | 18 |
| International Operations | 2023-Q1 | 34,678 | 6% | – | 18 |
| Period FY2025 (12M) | |||||
| Saxenda® | 2025-H1 | 3,241 | – | – | 17 |
| Total GLP-1 | 2024-Q1 | 152,202 | – | – | 17 |
| Wegovy | 2024-Q1 | 79,106 | – | – | 17 |
| Total insulin | 2024-Q1 | 52,137 | – | – | 17 |
| Period 2025-Q4 (12M?) | |||||
| EUCAN | 2025-H1 | 60,789 | 17% | – | 17 |
| APAC | 2025-H1 | 18,615 | 26% | – | 17 |
| Period 2025-Q3 (9M) | |||||
| Total revenue | 2025-Q3 | 229,920 | 15% | 12% | 16 |
| Biopharm - Haemophilia Care | 2025-Q3 | 155,759 | 8% | – | 16 |
| Biopharm | 2025-Q3 | 114,675 | 10% | – | 16 |
| Period 2025-Q3 (3M) | |||||
| Rare blood disorders | 2025-Q3 | 2,919 | -2% | – | 16 |
| Rare endocrine disorders | 2025-Q3 | 1,393 | 14% | – | 16 |
| Other Diabetes care | 2025-Q3 | 421 | -14% | – | 16 |
| Other Rare disease | 2025-Q3 | 409 | 14% | – | 16 |
| Emerging Markets | 2025-H1 | 6,635 | -20% | – | 16 |
| Region China | 2025-H1 | 4,964 | 5% | – | 16 |
| Long-acting insulin | 2025-H1 | 4,200 | 4% | – | 16 |
| Fast-acting insulin | 2025-H1 | 4,109 | -1% | – | 16 |
| Premix insulin | 2025-H1 | 2,357 | -6% | – | 16 |
| Human insulin | 2025-H1 | 1,327 | -27% | – | 16 |
| Period 2025-H1 (6M) | |||||
| Diabetes and Obesity care - Total Diabetes care | 2025-H1 | 106,610 | 8% | – | 15 |
| Diabetes and Obesity care - Total GLP-1 | 2025-H1 | 77,940 | 10% | – | 15 |
| Diabetes and Obesity care - Injectable GLP-1 | 2025-H1 | 66,592 | 10% | – | 15 |
| Diabetes and Obesity care - Total Obesity care | 2025-H1 | 38,796 | 58% | – | 15 |
| Diabetes and Obesity care - Wegovy | 2025-H1 | 36,888 | 78% | – | 15 |
| International Operations - EUCAN | 2025-H1 | 31,212 | 16% | – | 15 |
| Diabetes and Obesity care - Total insulin | 2025-H1 | 27,743 | 4% | – | 15 |
| EUCAN - Emerging Markets | 2025-H1 | 16,334 | 22% | – | 15 |
| International Operations - Emerging Markets | 2025-H1 | 16,334 | 22% | – | 15 |
| Diabetes and Obesity care - Rybelsus | 2025-H1 | 11,348 | 5% | – | 15 |
| International Operations - APAC | 2025-H1 | 10,209 | 35% | – | 15 |
| APAC - Region China | 2025-H1 | 9,910 | 6% | – | 15 |
| International Operations - Region China | 2025-H1 | 9,910 | 6% | – | 15 |
| Diabetes and Obesity care - Long-acting insulin | 2025-H1 | 9,855 | 1% | – | 15 |
| Diabetes and Obesity care - Fast-acting insulin | 2025-H1 | 9,594 | 15% | – | 15 |
| Rare disease - Rare blood disorders | 2025-H1 | 6,017 | 6% | – | 15 |
| Diabetes and Obesity care - Premix insulin | 2025-H1 | 5,449 | 1% | – | 15 |
| Diabetes and Obesity care - Human insulin | 2025-H1 | 2,845 | -11% | – | 15 |
| Rare disease - Rare endocrine disorders | 2025-H1 | 2,732 | 49% | – | 15 |
| Diabetes and Obesity care - Saxenda | 2025-H1 | 1,908 | -50% | – | 15 |
| Diabetes and Obesity care - Other Diabetes care | 2025-H1 | 927 | -16% | – | 15 |
| Rare disease - Other Rare disease | 2025-H1 | 789 | 4% | – | 15 |
| Period FY2024 (12M) | |||||
| North America Operations | 2023-Q1 | 178,172 | 30% | – | 13 |
| Period 2024-Q3 (9M) | |||||
| Diabetes care | 2024-Q3 | 148,046 | 21% | – | 12 |
| Obesity care | 2023-Q1 | 43,740 | 44% | – | 12 |
| Period 2024-Q1 (3M) | |||||
| Injectable GLP-1 | FY2023 | 29,969 | 35% | – | 10 |
| Period 2023-Q1 (3M) | |||||
| GLP-1 products | 2023-Q1 | 26,811 | 50% | – | 6 |
Novo Nordisk A/S Products & announcements (50/124 active+recent)
124 product announcements of Novo Nordisk A/S since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: PlannedLaunchedDiscontinued
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| Wegovy® pill launches outside US | 2026-12 | 18 | |
| Kyinsu® (insulin icodec plus semaglutide) | 2026-12 | 18 | |
| Etavopivat sickle cell disease US and EU submission | 2026-12 | 19 | |
| CagriSema US decision | 2026-12 | 19 | |
| Zenagamtide oral phase 3 initiation | 2026-09 | 19 | |
| Wegovy® pill launches in select markets | 2026-09 | 19 | |
| Efruxifermin phase 3 safety results SYNCHRONY Real-World fibrosis | 2026-09 | 19 | |
| Denecimig US and EU decision | 2026-09 | 19 | |
| CagriSema REIMAGINE SWITCH phase 3 initiation | 2026-09 | 19 | |
| Denecimig regulatory submission China | 2026-06 | 19 | |
| Alhemo paediatric label extension Japan | 2026-06 | 19 | |
| Amycretin phase 3 programme initiation | 2026-03 | 15 | |
| Sogroya® positive opinion EU and approval Japan | 2026 | 19 | |
| Semaglutide 7.2 mg label extension expected approval | 2026 | 16 | |
| Ozempic® 2.0 mg launches across International Operations | 2026 | 19 | |
| Etavopivat HIBISCUS phase 3 trial | 2026 | 19 | |
| 2025 | |||
| Zenagamtide phase 3 programme for type 2 diabetes | 2025-12 | 17 | |
| Sogroya® for Turner Syndrome in US (3x) | 2025-12 | 19 | |
| Ozempic® tablet (oral semaglutide) | 2025-12 | 17 | |
| Denecimig (Mim8) | 2025-12 | 17 | |
| Concizumab for pediatric haemophilia | 2025-12 | 17 | |
| CagriSema 2.4 mg/2.4 mg for weight management | 2025-12 | 17 | |
| Sogroya® submission in China | 2025-11 | 16 | |
| Cagrilintide Phase 3 programme RENEW initiated | 2025-11 | 16 | |
| Wegovy® FlexTouch® 2.4 mg pen launch (5×) | 2025-10 | 16 | |
| Triple (GLP1-GIP-Amylin) Phase 1b/2 trial initiation | 2025-10 | 16 | |
| Rybelsus® MACE risk reduction indication approval | 2025-10 | 16 | |
| NNC4005-0001 Phase 1 trial for MASH | 2025-10 | 16 | |
| Rybelsus® (oral semaglutide) cardiovascular benefits label update | 2025-09 | 16 | |
| ONWARDS 11 Phase 3b trial with insulin icodec | 2025-08 | 16 | |
| Wegovy PDS290 device variant | 2025-06 | 14 | |
| Ozempic label expansion for peripheral arterial disease expected filing US and EU | 2025-06 | 12 | |
| CagriSema Phase 3b REDEFINE 11 trial | 2025-06 | 15 | |
| NovoCare Pharmacy | 2025-03 | 15 | |
| Amycretin subcutaneous and oral | 2025-03 | 15 | |
| Semaglutide injectables removed from FDA drug shortage list | 2025-02 | 14 | |
| Rybelsus formulation change approved in US for new dose strengths | 2025-01 | 13 | |
| Rybelsus Type II variant submitted to EMA for cardiovascular outcomes indication | 2025-01 | 13 | |
| Ozempic Type II variant submitted to EMA for peripheral artery disease | 2025-01 | 13 | |
| Wegovy FDA approval for MASH | 2025 | 16 | |
| Rybelsus CV indication approval in US | 2025 | 16 | |
| Ozempic peripheral arterial disease indication (3×) | 2025 | 15 | |
| Mim8 submission for haemophilia A (3x) | 2025 | 16 | |
| Mim8 first regulatory submission expected | 2025 | 12 | |
| IcoSema (Kyinsu) for type 2 diabetes (2x) | 2025 | 17 | |
| Coramitug phase 3 programme ATTR cardiomyopathy (2x) | 2025 | 16 | |
| Cagrilintide phase 3 program initiation (2x) | 2025 | 19 | |
| Awiqli® (insulin icodec) BLA resubmission to FDA | 2025 | 16 | |
| 2024 | |||
| Awiqli® (once-weekly basal insulin) (2x) | 2024-03 | 18 | |
| Awiqli® (3×) | 2024 | 19 | |
| 2026 | |||
| Ozempic (3x) | 2026-05 | 3 | |
| 2025 | |||
| GE Healthcare peripheral focused ultrasound collaboration (2×) | 2025-12 | (2025-12) | 8 |
| Sogroya non-replacement indications (3×) | 2025-06 | 15 | |
| 2024 | |||
| Triple (tri-agonist) | 2024-12 | 13 | |
| Rybelsus sNDA submitted to US FDA for cardiovascular outcomes indication | 2024-12 | 13 | |
| Rybelsus label expansion for type 2 diabetes with cardiovascular disease/chronic kidney disease | 2024-12 | 12 | |
| Ozempic sNDA submitted to US FDA for peripheral artery disease | 2024-12 | 13 | |
| GIP/GLP-1 agonist for chronic kidney disease | 2024-12 | 13 | |
| DCR-XDH using GalXC-Plus platform | 2024-12 | 13 | |
| CagriSema | 2024-12 | 17 | |
| Amylin 1213 | 2024-12 | 13 | |
| Amycretin | 2024-12 | 13 | |
| Phase 2 trial monlunabant completed in diabetic kidney disease | 2024-11 | 13 | |
| Phase 1 trial with glucose-sensitive insulin NN1644 initiated | 2024-11 | 13 | |
| IcoSema submitted for regulatory approval in China | 2024-11 | 13 | |
| Phase 1 trial with CNP for heart failure | 2024-10 | 12 | |
| IcoSema (insulin icodec + semaglutide) once-weekly combination | 2024-10 | 12 | |
| Alhemo (concizumab) positive CHMP opinion for haemophilia A or B with inhibitors | 2024-10 | 12 | |
| Wegovy launched in more than 15 countries International Operations | 2024-09 | 12 | |
| Wegovy label update for obesity with knee osteoarthritis approved by EMA CHMP (2x) | 2024-09 | 12 | |
| Sogroya (somapacitan) rare endocrine disorder product launch in six countries International Operations | 2024-09 | 12 | |
| Awiqli (basal insulin glargine U300 + degludec) long-acting insulin | 2024-09 | 12 | |
| FLOW chronic kidney disease label extension for Ozempic submitted in China | 2024-08 | 12 | |
| Zegalogue® | 2024-07 | 11 | |
| Victoza generic - Hikma liraglutide (2x) | 2024-06 | 3 | |
| Teva authorized generic Victoza (2x) | 2024-06 | 3 | |
| STAT3 Phase 1 trial with GalXC-Plus platform initiated (2x) | 2024-06 | 8 | |
| Ocedurenone phase 3 development | 2024-06 | 12 | |
| Esperoct approval in China | 2024-06 | 11 | |
| Concizumab resubmission in US for haemophilia A and B with inhibitors (2x) | 2024-06 | 11 | |
| ARTEMIS phase 3 trial initiation with ziltivekimab | 2024-06 | 11 | |
| VAP-1i phase 1 trial in MASH initiated (2×) | 2024-06 | (2024-06) | 9 |
| Share capital reduction by 1.0% cancelling 45 million treasury B shares | 2024-04 | 10 | |
| Wegovy launch in ten countries in International Operations (2x) | 2024-03 | 10 | |
| Wegovy approval for cardiovascular risk reduction | 2024-03 | 10 | |
| Rybelsus approved in China | 2024-01 | 9 | |
| IcoSema phase 3a trial COMBINE 3 completed | 2024-01 | 9 | |
| CagriSema Phase 3a trial REIMAGINE 2 initiated (3×) | 2024-01 | 8 | |
| Sogroya® (International Operations) | 2024 | 11 | |
| Sogroya launched in six countries | 2024 | 13 | |
| Semaglutide 7.2 mg (15×) | 2024 | 16 | |
| Semaglutide (oral) - Obesity (2×) | 2024 | 3 | |
| Phase 3 development initiated with ziltivekimab in HFpEF and AMI | 2024 | 13 | |
| Phase 1 trial with tri-agonist (Triple) initiated | 2024 | 13 | |
| IcoSema combination therapy - regulatory submission | 2024 | 3 | |
| IcoSema Phase 3a programme successful completion | 2024 | 13 | |
| FRONTIER 2 phase 3a trial completion with Mim8 (2×) | 2024 | 11 | |
| Concizumab (Alhemo) (7×) | 2024 | 15 | |
| Complete Response Letter for insulin icodec in US | 2024 | 13 | |
| Alhemo submitted to EU for haemophilia A and B without inhibitors | 2024 | 13 | |
| Phase 1 once-monthly dual GLP-1/GIP receptor agonist (3×) | 2024 | (2024-05) | 9 |
| CLARION-CKD phase 3 trial stopped (2×) | 2024 | (2024-06) | 11 |
| 2023 | |||
| Refixia marketing authorisation application submitted in China | 2023-12 | 9 | |
| Semaglutide STEP HFpEF DM phase 3 trial completed (2×) | 2023-11 | 9 | |
| Oral semaglutide formulation change application in EU for 1.5 mg, 4 mg, 9 mg daily doses | 2023-10 | 8 | |
| Oral semaglutide 25 mg and 50 mg dose label extension application | 2023-10 | 8 | |
| FLOW trial stopped early | 2023-10 | 8 | |
| Wegovy supplemental NDA for cardiovascular outcomes indication | 2023-09 | 8 | |
| SELECT-LIFE long-term follow-up study initiated | 2023-09 | 8 | |
| Nedosiran approved in US as Rivfloza | 2023-09 | 8 | |
| ANGPTL3i Phase 1 trial initiated (3×) | 2023-08 | 8 | |
| Sogroya approval in EU (5×) | 2023-06 | 6 | |
| Dasiglucagon (Zegalogue) marketing authorisation application | 2023-06 | 7 | |
| STEP HFpEF trial completion | 2023-05 | 7 | |
| SELECT trial completion (3×) | 2023-05 | 11 | |
| Phase 3 programme initiated with ziltivekimab for heart failure | 2023-05 | 7 | |
| Wegovy second contract manufacturer | 2023-04 | 6 | |
| REDEFINE 2 phase 3a trial initiation (2×) | 2023-04 | 6 | |
| Parkinson's stem cell trial first patient dosed | 2023-02 | 6 | |
| HS-001 cell therapy first patient dosed | 2023-02 | 6 | |
| Wegovy commercial relaunch in US | 2023-01 | 7 | |
| Wegovy launches in Denmark, Norway, Germany | 2023 | 7 | |
| Insulin Icodec - regulatory submission (2×) | 2023 | 6 | |
| 2020 | |||
| Wegovy (10×) | 2020 | 15 | |
Novo Nordisk A/S Transactions & Events (17)
17 transactions and events of Novo Nordisk A/S from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology
Acquisitions by Novo Nordisk A/S
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| UBT251 GLP-1/GIP/glucagon license | 2025-03 | Completed | 14 |
| LX9851 oral candidate license | 2025-03 | Completed | 14 |
| Omeros MASP-3 inhibitor zaltenibart acquisition (2x) | 2025 | Completed | 17 |
| Akero Therapeutics acquisition | 2025 | Completed | 18 |
| 2024 | |||
| Catalent fill-finish sites acquisition (5x) | 2024-12 | Completed | 15 |
| Cardior Pharmaceuticals acquisition for CDR132L heart failure treatment | 2024-03 | Completed | 12 |
| Cardior Pharmaceuticals acquisition | 2024 | Completed | 11 |
| 2023 | |||
| Acquisition of ocedurenone from KBP Biosciences | 2023-10 | Completed | 8 |
| BIOCORP acquisition (2x) | 2023-08 | Completed | 7 |
| 2022 | |||
| Forma Therapeutics, Inc. | 2022-10 | Completed | 8 |
Divestitures and exits by Novo Nordisk A/S
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Monlunabant development | 2026-06 | Divested | 19 |
| 2023 | |||
| Belcesiran development terminated | 2023-12 | Divested | 9 |
Partnerships and contracts of Novo Nordisk A/S
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Septerna collaboration agreement | 2025-05 | Agreement | 15 |
| 2023 | |||
| UNICEF partnership extension for childhood obesity prevention | 2023-09 | Agreement | 8 |
| Human insulin production facility partnership with Aspen | 2023-09 | Agreement | 8 |
Terminated or withdrawn
Novo Nordisk A/S Risks (106 since the annual report of 2025-02-05, 156 tracked in total)
NadirAlpha lists 106 active risks of Novo Nordisk A/S from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology
Category: CustomersLegalStrategyCompetitionMarketMacroRegulatoryFinancialSupply chainPeopleESGTechnologyGeopoliticsCyber
| Risk | Category | Last reported |
|---|---|---|
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2024-08-07 (2026-H1), source 11 | ||
| Global GLP-1 market expansion needed to offset price reductions and lower realised prices | 2026-H1 2026-08-04 19 | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2026-08-04 (2026-H1), source 19 | ||
| Multiple US putative class action lawsuits over June 2026 IT security incident alleging negligence | = | |
| Novo Nordisk filed lawsuit against Eli Lilly for false advertising on GLP-1 comparative efficacy | = | |
| ZEUS phase 3 trial with ziltivekimab in cardiovascular disease failed to meet primary endpoint | = | |
| Most Favoured Nations agreement with US Administration reduces GLP-1 pricing power and realised prices in US market | = | |
| Intensifying competition in GLP-1 market particularly in diabetes and obesity segments | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2026-05-06 (2026-Q1), source 18 | ||
| Loss of exclusivity for semaglutide molecule in certain international markets; generics launched in India, approvals in Canada and Brazil | = | |
| Positive gross-to-net sales adjustments from 2025 not anticipated to recur in 2026 | = | |
| Hangzhou Jiuyuan antitrust lawsuit claiming Novo Nordisk monopolistic behavior and improper patent exclusivity in China. | = | |
| Strive Specialities antitrust lawsuit alleging illegal agreements with telehealth companies restricting compounding pharmacy work. | = | |
| Novo Nordisk commenced semaglutide formulation patent infringement lawsuits in Delhi against Torrent and Dr. Reddy's following Indian patent expiration. | = | |
| JM Smith and UFOA class action complaints in Eastern District of New York alleging anticompetitive settlement of Victoza patent litigations. | = | |
| Guidance assumes global macroeconomic and political environment will not significantly change; healthcare reforms and legislative changes potential risks | = | |
| OFA and NACL lawsuit against FDA regarding semaglutide shortage resolved; appeal to Fifth Circuit pending before end of 2026. | = | |
| Potential impacts from healthcare reforms, legislative changes and tariff policies | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2026-02-03 (2025-Q4), source 17 | ||
| Capital expenditure expected around DKK 55 billion in 2026; future years expected to decline but requires substantial investment | = | |
| Net debt deteriorated to DKK 95.4 billion at Q4 2025 from DKK 69.7 billion at Q4 2024; increased leverage | = | |
| DKK 8 billion company-wide transformation costs impacting 2025 operating profit | = | |
| US gross-to-net system amplifying negative cash flow impact from lower obesity care sales | = | |
| Significant CAPEX investments in manufacturing and supply chain capacity; execution risk on timeline and efficiency | = | |
| Intensifying competition in GLP-1 space affecting pricing and market share in obesity and diabetes segments | = | |
| MFN agreement and lower realized prices in US impacting 2026 revenue | = | |
| Unsafe and unlawful mass GLP-1 compounding persisting in US despite FDA grace period expiry | = | |
| Wegovy® pill January 2026 launch carrying execution risk; potential negative impact on injectable obesity medication category | = | |
| Company-wide transformation plan reducing workforce by approximately 9,000 positions; 5,220 million DKK severance costs | = | |
| Novo Nordisk recognized USD 4.2 billion revenue from 340B statutory discount provisions after favorable HRSA and court rulings | = | |
| Hangzhou Jiuyuan filed antitrust complaint alleging Novo Nordisk prevented biosimilar regulatory approval | = | |
| Major legal matters defined as exceeding DKK 1,000 million impact; excluded from 2026 adjusted metrics | = | |
| NovoSeven® off-label marketing suit under appeal to Ninth Circuit after defense verdict; no material impact expected | = | |
| Semaglutide compound patent in China expires March 2026; patent validity confirmed but limited protection period | = | |
| Strive Specialities filed antitrust lawsuit alleging illegal agreements with telehealth companies prohibiting compounding pharmacy cooperation | = | |
| Reduced obesity medication coverage in Medicaid creating headwind for Wegovy® and other GLP-1 products | = | |
| MFN agreement with US Administration reducing GLP-1 prices; negative impact on obesity medication coverage and pricing power | = | |
| Outlook assumes no significant changes in macroeconomic or political environment including healthcare reforms and tariff policies | 2026-H1 2026-08-04 19 | |
| Property plant equipment investments 60,140 million DKK; substantial capital intensity | = | |
| Net debt increased 37% YoY; significant increase in debt levels impacts leverage ratios | = | |
| Intensifying global GLP-1 market competition and pricing pressures limiting growth | = | |
| Price adjustments excluded from CER calculations per IAS 29 hyperinflation rules | = | |
| Evoke/evoke+ phase 3 trials failed primary endpoint for semaglutide in Alzheimer's disease; resources reallocated | = | |
| Intangible asset amortisation 6,529 million DKK; significant R&D asset base reflecting innovation focus | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2025-11-05 (2025-Q3), source 16 | ||
| Loss of semaglutide exclusivity in certain International Operations markets impacting pricing and volumes | 2026-H1 2026-08-04 19 | |
| Securities class-action lawsuit filed against Novo Nordisk A/S and former executives alleging GLP-1 market overstatement; company does not expect material impact. | 2026-Q1 2026-05-06 18 | |
| Litigation related to 340B Drug Pricing Program in US; provision for 340B statutory discounts reduced by USD 0.4 billion. | = | |
| Reduced obesity medication coverage in Medicaid negatively impacts US sales outlook | 2026-H1 2026-08-04 19 | |
| FX depreciation of USD/DKK expected to reduce reported growth by 6 percentage points | = | |
| Taxation changes including changes in tariffs and duties. | = | |
| International crises including Israel-Hamas/Iran conflicts and Russia-Ukraine invasion affecting operations. | = | |
| Understated potential impact of personalisation exception for compounding of GLP-1 medicines. | = | |
| Continued unlawful and unsafe mass compounding of GLP-1 products despite FDA grace period expiry | = | |
| Government-mandated price decreases for products including Ozempic, Rybelsus and Wegovy in Medicare Part D. | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2025-08-06 (2025-H1), source 15 | ||
| Uncertainty in US gross-to-net system impacts sales expectations. | = | |
| USD 4.2 billion provision for 340B statutory discounts; reduced from USD 4.6 billion at year-end 2024 | = | |
| Global operations exposed to currency exchange rate fluctuations affecting results | = | |
| USD depreciation reducing reported growth versus constant exchange rates. | = | |
| Slower-than-expected obesity market expansion. | = | |
| Compounded GLP-1 competition impacting Wegovy penetration in US cash channel. | = | |
| Changes in intellectual property protection and regulatory controls | = | |
| Wegovy MASH indication regulatory decision expected Q3 2025. | = | |
| Development of multiple oral obesity candidates. | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2025-05-07 (2025-Q1), source 14 | ||
| OFA and NACL filed lawsuit against FDA challenging semaglutide shortage resolution | = | |
| Compounded GLP-1s impacting branded GLP-1 penetration in US market | = | |
| Israel-Hamas conflict and Russia invasion impacting medicine supplies globally | = | |
| Energy supply disruptions could impact operations | = | |
| Enforcement discretion on compounded semaglutide ended 24 April for 503A facilities | = | |
| Novo Nordisk A/S: first mention in 20-F annual report of 2025-02-05 (FY2024), source 3 | ||
| 340B statutory discount provision reversed USD 4.2 billion in Q1 2026 due to enforcement landscape changes | 2025-Q4 2026-02-03 17 | |
| IT infrastructure disruptions could negatively impact business operations and financial results | = | |
| Production facilities in China, US and Iran face high water stress levels critical for pharmaceutical production | = | |
| Limited business in Iran permitted under US sanctions with operations through NN Pars subsidiary | = | |
| Climate-related risks and inability to meet net zero emission targets by 2045 could result in regulatory penalties and competitive disadvantage | = | |
| Multiple product patent expirations approaching including Victoza compound patent and biosimilar approvals | = | |
| Multiple international pharmaceutical companies and biotech firms developing anti-obesity medications and GLP-1 products | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2025-02-05 (2024-Q4), source 13 | ||
| Securities class-action lawsuit filed January 2025 alleging disclosure failures regarding REDEFINE 1 trial dosages and weight loss claims. | = | |
| Intensifying competition in GLP-1 market from multiple competitors across geographies | 2026-Q1 2026-05-06 18 | |
| Potential changes in tariffs and duties impact costs | 2025-Q1 2025-05-07 14 | |
| Total borrowings increased to DKK 102,787 million at year-end 2024 to support M&A activities and capital investments. | = | |
| Generic drug manufacturers filed ANDAs for semaglutide products; settlement agreements reached with all manufacturers for Ozempic. | = | |
| Introduction of competing GLP-1 receptor agonist products in obesity and diabetes care markets. | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2024-11-06 (2024-Q3), source 12 | ||
| Significant foreign exchange hedging costs; negative market value of contracts DKK 1.6 billion deferred for 2024-2025. | 2026-H1 2024-08-07 11 | |
| Interruptions of supplies and production including supply chain disruptions | 2025-H1 2025-08-06 15 | |
| Introduction of competing products affecting market position | 2025-H1 2025-08-06 15 | |
| Government pricing control and reimbursement pressures continue across major markets | FY2024 2025-02-05 3 | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2024-08-07 (2026-H1), source 11 | ||
| Demand for Wegovy® exceeds supply in US; initiation dose strength supply capped to safeguard continuity of care. | = | |
| Reduction in rare endocrine disorder manufacturing output impacting sales and supply availability. | = | |
| Multiple US court rulings pending on drug distribution policy; material impact possible on financials and cash flow | = | |
| FDA Complete Response Letter for insulin icodec requests manufacturing process and type 1 diabetes indication resolution. | = | |
| R&D costs increased 127% in Q2 2024 to 16,166 million DKK including ocedurenone impairment loss | = | |
| Operations affected by regional conflict; maintaining employee safety and medicine supply prioritized | = | |
| Exchange rate effects influenced reported results; CER growth rates adjusted accordingly | = | |
| Periodic supply constraints and drug shortage notifications across multiple products and geographies due to higher-than-expected volume growth. | = | |
| Withdrawal and resubmission of Wegovy STEP HFpEF results with additional FLOW trial data expected early 2025 | = | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2024-05-02 (2024-Q1), source 10 | ||
| One-time costs of DKK 3 billion related to right-sizing manufacturing capacity agreements | 2026-H1 2026-08-04 19 | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2024-01-31 (FY2023), source 9 | ||
| Sandoz filed UPC lawsuit seeking revocation of semaglutide 1mg diabetes patent EP3689365 | 2026-H1 2026-08-04 19 | |
| Significant foreign exchange exposure to USD (DKK 4,970 million impact per 5% movement) and other key currencies | 2026-H1 2026-08-04 19 | |
| Exposure to product liability and legal proceedings | 2025-H1 2025-08-06 15 | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2023-11-02 (2023-Q3), source 8 | ||
| Litigation related to 340B Drug Pricing Program in US; financial impact and outcome uncertain. | 2026-H1 2024-08-07 11 | |
| Inflation Reduction Act pricing lawsuit dismissed by US Supreme Court, matter now closed | 2026-H1 2026-08-04 19 | |
| Potential implications from major healthcare reforms and legislative changes. | 2025-Q3 2025-11-05 16 | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2023-08-10 (2023-H1), source 7 | ||
| Russia and Ukraine sales less than 1% of global sales; focus on insulin supply continuity | 2026-H1 2024-08-07 11 | |
| Capex increased 78% Q2 2024 to 10,470 million DKK; expansion of property plant and equipment ongoing | 2026-H1 2024-08-07 11 | |
| Significant foreign exchange risks hedged primarily through forward contracts | 2025-Q3 2025-11-05 16 | |
| Novo Nordisk A/S: first mention in 6-K-EX99.1 earnings release of 2023-05-04 (2023-Q1), source 6 | ||
| Continued pricing pressure within Diabetes and Obesity care included in full-year guidance. | 2026-H1 2024-08-07 11 | |
| Periodic supply constraints impacting GLP-1 diabetes sales in International Operations | 2025-Q3 2025-11-05 16 | |
| Reliance on information technology with risk of cybersecurity breaches | 2025-H1 2025-08-06 15 | |
| Global macroeconomic and political changes could impact business | 2025-Q1 2025-05-07 14 | |
| Global or regional macroeconomic and political environment changes could impact business conditions | 2024-Q4 2025-02-05 13 | |
| Pending FDA approval for oral semaglutide 25 mg and CagriSema; regulatory filing expected Q1 2026 for CagriSema. | 2024-Q4 2025-02-05 13 | |
Novo Nordisk A/S Reported KPIs (as disclosed) (284)
The story KPIs of Novo Nordisk A/S that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Novo Nordisk A/S, published 2026-08-04, period 2026-H1 | ||
| Wegovy pill weekly prescriptions US | more than 265,000 | 19 |
| Wegovy pill total prescriptions since launch | more than 5 million | 19 |
| Vulnerable patients reached with Diabetes care products | 6.6 million | 19 |
| Total patients reached | 46.5 million | 19 |
| Total Wegovy scripts US week ending 17 July | around 575,000 | 19 |
| Total CO2e emissions | 1,243 | 19 |
| Shareholder returns | 41.2 billion | 19 |
| Share repurchases | 5.9 billion | 19 |
| Scope 3 emissions | 1,152 | 19 |
| Scope 2 emissions | 30 | 19 |
| Scope 1 emissions | 61 | 19 |
| Plastic footprint per patient | 0.35 | 19 |
| Plastic footprint | 16,289 | 19 |
| Patients reached with obesity care products | 4.9 million | 19 |
| Patients reached with diabetes care products | 41.6 million | 19 |
| Net debt | (86,523) | 19 |
| Medical treatment obesity | 4.9 million people | 19 |
| Medical treatment diabetes | 41.6 million people | 19 |
| Dividends | 35.3 billion | 19 |
| Children reached through Changing Diabetes in Children programme | 90,432 | 19 |
| Adjusted commercial investments | 27.1 billion | 19 |
| Adjusted R&D costs | 21.7 billion | 19 |
| Novo Nordisk A/S, published 2026-05-06, period 2026-Q1 | ||
| Vulnerable patients reached | 6.5 | 18 |
| Total patients reached | 45.3 | 18 |
| Total CO2e emissions | 614 | 18 |
| Plastic footprint per patient | 0.36 | 18 |
| Plastic footprint | 16,166 | 18 |
| Obesity care patients reached | 4.1 | 18 |
| Free cash flow | 12.8 billion | 18 |
| EBITDA at CER | 67,644 (DKK DKK million) | 18 |
| EBITDA | 63,154 (DKK DKK million) | 18 |
| Diabetes care patients reached | 41.2 | 18 |
| Children reached through Changing Diabetes program | 86,407 | 18 |
| Capital expenditure | 11.3 billion | 18 |
| Adjusted diluted EPS | 6.63 | 18 |
| Novo Nordisk A/S, published 2024-08-07, period 2026-H1 | ||
| Total patients reached | 42.1 million | 11 |
| Total equity | 112,522 | 11 |
| Total CO2e emissions | 2,203 | 11 |
| Total assets | 369,383 | 11 |
| Scope 3 emissions | 2,155 | 11 |
| Scope 2 emissions | 10 | 11 |
| Scope 1 emissions | 38 | 11 |
| Patients obesity care | 1.4 million | 11 |
| Patients diabetes care | 40.7 million | 11 |
| Equity ratio | 30.5% | 11 |
| Children diabetes program | 56,821 | 11 |
| Obesity volume market share | 79.6% | 11 |
| Obesity market volume growth | 91% | 11 |
| GLP-1 value market share | 56.0% | 11 |
| EBITDA | 34,779 (DKK DKK million) | 11 |
| EBITDA | 26,065 (DKK DKK million) | 11 |
| EBITDA | 52,791 (DKK DKK million) | 11 |
| EBITDA | 69,539 (DKK DKK million) | 11 |
| Diabetes value market share | 34.1% | 11 |
| Novo Nordisk A/S, published 2026-02-03, period 2025-Q4 | ||
| Wegovy weekly prescriptions US | around 230,000 | 17 |
| Wegovy pill weekly prescriptions | around 50,000 | 17 |
| Rare disease sales growth CER | 9% | 17 |
| Rare disease sales | 19,608 (DKK DKK million) | 17 |
| Patients treated | 46 million | 17 |
| Obesity care sales growth CER | 31% | 17 |
| Obesity care sales | 82,347 (DKK DKK million) | 17 |
| Obesity care market share | 59.6% | 17 |
| GLP-1 diabetes market share | 45.8% | 17 |
| Free cash flow | 28.3 billion | 17 |
| Equity ratio | 35.7% | 17 |
| Diabetes market share global | 30.1% | 17 |
| Diabetes care sales growth CER | 4% | 17 |
| Diabetes care sales | 207,109 (DKK DKK million) | 17 |
| Vulnerable patients reached with diabetes care products | 7.1 | 17 |
| Total numbers of patients reached | 45.6 | 17 |
| Total CO2e emissions | 2,690 1,000 tonnes CO2e | 17 |
| Scope 3 CO2e emissions | 2,507 1,000 tonnes CO2e | 17 |
| Scope 2 CO2e emissions | 63 1,000 tonnes CO2e | 17 |
| Scope 1 CO2e emissions | 120 1,000 tonnes CO2e | 17 |
| Plastic footprint per patient | 0.36 | 17 |
| Plastic footprint (absolute) | 16,463 | 17 |
| Patients reached with obesity care products | 3.6 | 17 |
| Patients reached with diabetes care products | 42.0 | 17 |
| Net debt/EBITDA | 64% | 17 |
| Children reached through Changing Diabetes® in Children programme | 81,946 | 17 |
| Novo Nordisk A/S, published 2025-11-05, period 2025-Q3 | ||
| Wegovy weekly prescriptions US | around 270,000 | 16 |
| Vulnerable patients reached with Diabetes care products | 7.2 million | 16 |
| Total patients reached | 45.6 million | 16 |
| Total CO2e emissions | 1,921 | 16 |
| Scope 3 CO2e emissions | 1,784 | 16 |
| Scope 2 CO2e emissions | 48 | 16 |
| Scope 1 CO2e emissions | 89 | 16 |
| Plastic footprint per patient | 0.34 | 16 |
| Plastic footprint (absolute) | 15,389 | 16 |
| People with obesity with Wegovy coverage US | around 55 million | 16 |
| Patients treated obesity | 3.2 million | 16 |
| Patients treated diabetes | 42.4 million | 16 |
| Patients reached with obesity care products | 3.2 million | 16 |
| Patients reached with diabetes care products | 42.4 million | 16 |
| Insulin volume market share global | 43.1% | 16 |
| GLP-1 value market share global | 49.3% | 16 |
| GLP-1 share of diabetes prescriptions global | 7.4% | 16 |
| Diabetes value market share global | 31.6% | 16 |
| Children reached through Changing Diabetes in Children programme | 76,693 | 16 |
| Branded obesity volume market share global | 59.2% | 16 |
| Novo Nordisk A/S, published 2025-08-06, period 2025-H1 | ||
| Wegovy sales | 36,888 (DKK DKK million) | 15 |
| Wegovy prescriptions US | around 280,000 weekly | 15 |
| Vulnerable patients reached with Diabetes care products | 7.5 million | 15 |
| US Operations sales | 87,279 | 15 |
| Total patients reached | 45.7 million | 15 |
| Total CO2e emissions | 1,311 | 15 |
| Scope 3 CO2e emissions | 1,218 | 15 |
| Scope 2 CO2e emissions | 32 | 15 |
| Scope 1 CO2e emissions | 61 | 15 |
| Rare disease sales | 9,538 (DKK DKK million) | 15 |
| Plastic footprint per patient | 0.34 | 15 |
| Plastic footprint absolute | 15,670 | 15 |
| Patients reached with obesity care products | 2.9 million | 15 |
| Patients reached with diabetes care products | 42.8 million | 15 |
| Ozempic sales | 64,520 (DKK DKK million) | 15 |
| Obesity care sales | 38,796 (DKK DKK million) | 15 |
| International Operations sales | 67,665 | 15 |
| Interim dividend per share | 3.75 DKK | 15 |
| Global obesity branded volume market share | 64.6% | 15 |
| Global obesity branded volume market growth | 141% | 15 |
| Global diabetes value market share | 32.6% | 15 |
| GLP-1 diabetes sales | 77,940 (DKK DKK million) | 15 |
| Diabetes care sales | 106,610 (DKK DKK million) | 15 |
| Children reached through Changing Diabetes in Children programme | 72,760 | 15 |
| Novo Nordisk A/S, published 2025-05-07, period 2025-Q1 | ||
| Women in senior leadership | 42% | 14 |
| Vulnerable patients diabetes | 8.1 million | 14 |
| Patients reached | 45.7 million | 14 |
| Operating margin | 49.7% | 14 |
| Gross margin | 83.5% | 14 |
| Equity ratio | 28.3% | 14 |
| Children Changing Diabetes programme | 68,935 | 14 |
| Total patients reached | 45.7 million | 14 |
| Patients reached obesity care | 2.6 million | 14 |
| Patients reached diabetes care | 43.1 million | 14 |
| Obesity care branded volume market share | 68.7% | 14 |
| Insulin volume market share | 43.5% | 14 |
| GLP-1 diabetes market share | 54.0% | 14 |
| Diabetes value market share | 33.3% | 14 |
| Novo Nordisk A/S, published 2025-02-05, period FY2024 | ||
| Obesity care products sales | 65,146 million | 3 |
| Countries marketed | approximately 170 | 3 |
| Wegovy revenue | 58 billion | 3 |
| Victoza sales | 5,482 million | 3 |
| R&D organization size | more than 10,000 | 3 |
| Ozempic sales | more than 120 billion | 3 |
| B shares outstanding | 3,390,128,000 | 3 |
| A shares outstanding | 1,074,872,000 | 3 |
| Novo Nordisk A/S, published 2025-02-05, period 2024-Q4 | ||
| People treated obesity | 2.2 million | 13 |
| People treated diabetes | 43.0 million | 13 |
| Operating margin | 44.2% | 13 |
| Obesity market share | 70.4% | 13 |
| Obesity care sales | 65.1 billion | 13 |
| Gross margin | 84.8% | 13 |
| GLP-1 market share | 55.1% | 13 |
| Equity ratio | 30.8% | 13 |
| Diabetes market share | 33.7% | 13 |
| Novo Nordisk A/S, published 2024-11-06, period 2024-Q3 | ||
| Women in senior leadership | 41% | 12 |
| Women in leadership | 47% | 12 |
| Total patients reached | 43.3 | 12 |
| Total CO2e emissions | 3,446 | 12 |
| Scope 3 emissions | 3,370 | 12 |
| Scope 2 emissions | 17 | 12 |
| Scope 1 emissions | 59 | 12 |
| Patients obesity care | 1.8 | 12 |
| Patients diabetes care | 41.5 | 12 |
| Children Changing Diabetes programme | 59,294 | 12 |
| Operating margin | 44.7% | 12 |
| Net profit margin | 35.5% | 12 |
| Gross margin | 84.6% | 12 |
| Global obesity care volume market share | 74.0% | 12 |
| Global insulin volume market share | 44.5% | 12 |
| Global diabetes value market share | 33.9% | 12 |
| Global branded obesity market growth (volume) | 95% | 12 |
| Global GLP-1 market share | 55.6% | 12 |
| GLP-1 share of total diabetes prescriptions | 6.4% | 12 |
| Free cash flow | 71,760 | 12 |
| EBITDA | 105,511 | 12 |
| Capital expenditure (PP&E) | 31,063 | 12 |
| Novo Nordisk A/S, published 2024-05-02, period 2024-Q1 | ||
| Total CO2e emissions | 1,032 | 10 |
| Share of women in senior leadership positions | 41% | 10 |
| Patients reached with obesity care products | 1.2 | 10 |
| Patients reached with diabetes care products | 40.6 | 10 |
| Operating margin | 48.7% | 10 |
| Gross margin | 84.8% | 10 |
| Equity ratio | 33.1% | 10 |
| EBITDA | 34,760 | 10 |
| Diluted earnings per share | 5.68 | 10 |
| Novo Nordisk A/S, published 2024-01-31, period FY2023 | ||
| Total obesity care products sales | DKK 41,632 million | 2 |
| Total obesity care products sales | DKK 16,864 million | 2 |
| Payout ratio | 50.2% | 9 |
| GLP-1 market share | 54.8% | 9 |
| Equity ratio | 33.9% | 9 |
| Diluted earnings per share | 18.62 | 9 |
| Diabetes market share | 33.8% | 9 |
| Countries products marketed | approximately 170 | 2 |
| Countries operations | 80 | 2 |
| Board and management share holdings | 1,246,806 | 2 |
| Wegovy sales | DKK 31 billion | 2 |
| Victoza sales | DKK 8,664 million | 2 |
| Victoza sales | DKK 12,322 million | 2 |
| Tianjin production area | 67,200 | 2 |
| Scope 2 emissions | 15 | 9 |
| Scope 1 emissions | 78 | 9 |
| Patients reached with diabetes care products | 40.5 | 9 |
| Partial scope 3 emissions | 110 | 9 |
| Ozempic sales | DKK 95.7 billion | 2 |
| Ocedurenone contingent payments | USD 500 million | 2 |
| Ocedurenone acquisition price | USD 800 million | 2 |
| Måløv production area | 60,900 | 2 |
| Montes Claros production area | 56,200 | 2 |
| Kalundborg production area | 168,300 | 2 |
| Kalundborg November 2023 expansion total capex | approximately DKK 42,400 million | 2 |
| Kalundborg November 2023 expansion realized spend | DKK 2,140 million | 2 |
| Kalundborg expansion total capex | DKK 16,500 million | 2 |
| Kalundborg expansion realized spend | DKK 10,801 million | 2 |
| Inversago contingent payments | USD 475 million | 2 |
| Inversago acquisition price | approximately USD 600 million | 2 |
| Hjørring expansion total capex | approximately DKK 560 million | 2 |
| Hjørring expansion realized spend | DKK 409 million | 2 |
| Hillerød production area | 156,900 | 2 |
| Hillerød expansion total capex | approximately DKK 15,900 million | 2 |
| Hillerød expansion realized spend | DKK 2,342 million | 2 |
| Gentofte production area | 70,800 | 2 |
| Free cash flow | 68,326 (DKK DKK million) | 9 |
| EBITDA | 111,987 (DKK DKK million) | 9 |
| Clayton production area | 89,000 | 2 |
| Children reached through Changing Diabetes programme | 52,249 | 9 |
| Chartres production area | 58,700 | 2 |
| Chartres expansion total capex | approximately DKK 16,900 million | 2 |
| Chartres expansion realized spend | DKK 426 million | 2 |
| CO2 emissions from operations and transportation | 203 | 9 |
| Biocorp acquisition price | approximately EUR 154 million | 2 |
| Bagsværd production area | 111,200 | 2 |
| Bagsværd expansion total capex | DKK 7,400 million | 2 |
| Bagsværd expansion realized spend | DKK 4,111 million | 2 |
| B shares outstanding | 3,435,128,000 | 2 |
| A shares outstanding | 1,074,872,000 | 2 |
| Novo Nordisk A/S, published 2023-11-02, period 2023-Q3 | ||
| Women in senior leadership | 41% | 8 |
| Women leaders all levels | 45% | 8 |
| Patients treated | 39.6 million | 8 |
| Children reached Changing Diabetes | 46,000 | 8 |
| Patients reached with diabetes care products | 39.6 | 8 |
| Operating margin Q3 | 45.8% | 8 |
| Operating margin | 45.6% | 8 |
| Net profit margin Q3 | 38.3% | 8 |
| Net profit margin | 37.1% | 8 |
| Gross margin Q3 | 83.5% | 8 |
| Gross margin | 84.5% | 8 |
| Global insulin volume market share | 45.5% | 8 |
| GLP-1 market share | 54.3% | 8 |
| Effective tax rate Q3 | 19.9% | 8 |
| Effective tax rate | 19.9% | 8 |
| Diabetes care market share | 33.3% | 8 |
| Children reached through Changing Diabetes in Children programme (cumulative) | 46,522 | 8 |
| Novo Nordisk A/S, published 2023-08-10, period 2023-H1 | ||
| Women in senior leadership | 40% | 7 |
| Women in leadership | 45% | 7 |
| Patients treated | 39.1 million | 7 |
| Operating profit EBIT | 48,895 (DKK DKK million) | 7 |
| Net sales | 107,667 (DKK DKK million) | 7 |
| Net profit | 39,242 (DKK DKK million) | 7 |
| Net cash from operating activities | 58,391 (DKK DKK million) | 7 |
| Gross profit | 91,629 (DKK DKK million) | 7 |
| Free cash flow | 45,537 (DKK DKK million) | 7 |
| EBITDA | 52,791 (DKK DKK million) | 7 |
| Diluted earnings per share | 17.41 | 7 |
| Basic earnings per share | 17.46 | 7 |
| Rare disease market share growth disorders | 29.5% | 7 |
| Obesity market volume growth global | 75.9% | 7 |
| Insulin market share global | 45.7% | 7 |
| GLP-1 market share global | 54.1% | 7 |
| Free cash flow | 45.5 billion | 7 |
| EBITDA | 52,791 | 7 |
| Diabetes patients reached millions | 39.1 | 7 |
| Diabetes market share global | 32.7% | 7 |
| Capital expenditure PP&E | 10.6 billion | 7 |
| Novo Nordisk A/S, published 2023-05-04, period 2023-Q1 | ||
| Patients reached with diabetes care products | 37.2 million | 6 |
| Operating margin | 46.9% | 6 |
| Net sales | 53,367 (DKK DKK million) | 6 |
| Gross margin | 84.7% | 6 |
| Equity ratio | 31.9% | 6 |
| EBITDA | 26,726 (DKK DKK million) | 6 |
| Diluted earnings per share | 8.78 | 6 |
| Children reached through Changing Diabetes in Children programme | 42,763 | 6 |
| Capital expenditure | 4,693 (DKK DKK million) | 6 |
| Basic earnings per share | 8.81 | 6 |
Novo Nordisk A/S Development
A condensed summary of Novo Nordisk A/S per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology
FY2026: Novo Nordisk A/S
Novo Nordisk reported Q1 2026 net sales of 96,823 million DKK, elevated by a DKK 26,760 million 340B provision reversal related to the US Drug Pricing Program, while adjusted Q1 sales declined 4% at constant exchange rates, reflecting lower realised prices partly offset by GLP-1 volume growth 18. Q2 2026 net sales reached 78,488 million DKK, with adjusted operating profit of 33,389 million DKK as adjusted sales grew 7% at CER in the quarter, driven by GLP-1 volume growth 19. The US launch of the Wegovy pill in January 2026 marked the strongest-ever GLP-1 volume launch in the US per Novo Nordisk, reaching over 5 million total prescriptions across US, UAE, and UK markets by mid-2026 18 19. Novo Nordisk raised its full-year 2026 guidance twice during H1, ultimately guiding to adjusted sales growth of 0% to -6% at CER and adjusted operating profit growth of 0% to -6% at CER, driven by increased expectations for GLP-1 product sales 19. The ZEUS phase 3 cardiovascular outcomes trial with ziltivekimab did not meet its primary endpoint, and the company announced list price reductions for Wegovy and Ozempic of approximately 50% and 35% respectively, effective January 2027 19.
FY2025: Novo Nordisk A/S
Novo Nordisk reported full-year revenue of DKK 309,064 million, representing 10% growth at constant exchange rates, with obesity care sales growing 31% at CER to DKK 82.3 billion driven by Wegovy 17. The year included two successive reductions to the full-year sales growth guidance, with the final 2025 range set at 8-11% at constant exchange rates, driven by lower-than-expected GLP-1 penetration including the impact of compounded GLP-1s in the US 16. A company-wide transformation announced in September 2025 targeted a workforce reduction of approximately 9,000 positions, with restructuring costs of DKK 8,014 million recognised in 2025 17. The Wegovy pill (oral semaglutide) received US FDA approval on 22 December 2025 and launched 5 January 2026, while free cash flow recovered to DKK 58,962 million from a negative prior-year level and capital expenditure reached DKK 60,140 million reflecting continued manufacturing capacity build-out 17.
FY2024: Novo Nordisk A/S
Novo Nordisk reported full-year 2024 net sales of 290,403 million DKK, up 25% as reported and 26% at constant exchange rates, with GLP-1 diabetes growing 22% at CER and obesity care growing 57% at CER 13. Wegovy sales grew 86% to DKK 58 billion in its fourth year after launch, while periodic supply constraints for GLP-1 products including Ozempic were reported throughout the year 3 13. Operating profit reached 128,339 million DKK, up 26% at CER, and net profit grew 21% to 100,988 million DKK; gross margin was maintained at 84.8% and operating margin improved to 44.2% from 44.1% in 2023 13. In December 2024, Novo Nordisk completed the acquisition of three fill-finish manufacturing sites from Novo Holdings for USD 11.7 billion, shifting net debt from near-neutral at end of Q3 to 100,245 million DKK at year-end 3 13. Capital expenditure increased to 47,164 million DKK from DKK 25.8 billion in 2023 as Novo Nordisk expanded manufacturing capacity, while operating cash flow reached 120,968 million DKK and total free cash flow including the acquisition outflow was negative DKK 14.7 billion 13.
FY2023: Novo Nordisk A/S
Novo Nordisk delivered net sales of 232,261 million DKK in FY2023, up 36% at constant exchange rates, driven by GLP-1-based diabetes and obesity care treatments 9. Operating profit reached 102,574 million DKK, up 44% at CER, with operating margin improving to 44.3% from 42.2% in 2022 9. Wegovy obesity treatment sales grew 420% at CER to DKK 31.3 billion, while Ozempic became the company's best-selling product at DKK 95.7 billion for the year 9 2. Rare disease sales declined 15% at CER due to a temporary reduction in manufacturing output, and periodic supply constraints for several products including Ozempic emerged as demand exceeded capacity 9 2. Net profit was 83,683 million DKK and free cash flow reached 83,102 million DKK, with DKK 61.7 billion returned to shareholders through buybacks and dividends 9.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
The evidence base for Novo Nordisk A/S stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
| # | Document type | Published |
|---|---|---|
| #1 | 20-F annual report | 2023-02-01 |
| #5 / #105 | 6-K-EX99.1 earnings release | 2023-02-01 |
| #6 / #106 | 6-K-EX99.1 earnings release | 2023-05-04 |
| #7 / #107 | 6-K-EX99.1 earnings release | 2023-08-10 |
| #8 / #108 | 6-K-EX99.1 earnings release | 2023-11-02 |
| #2 | 20-F annual report | 2024-01-31 |
| #9 / #109 | 6-K-EX99.1 earnings release | 2024-01-31 |
| #10 / #110 | 6-K-EX99.1 earnings release | 2024-05-02 |
| #11 / #111 | 6-K-EX99.1 earnings release | 2024-08-07 |
| #12 / #112 | 6-K-EX99.1 earnings release | 2024-11-06 |
| #3 | 20-F annual report | 2025-02-05 |
| #13 / #113 | 6-K-EX99.1 earnings release | 2025-02-05 |
| #14 / #114 | 6-K-EX99.1 earnings release | 2025-05-07 |
| #15 / #115 | 6-K-EX99.1 earnings release | 2025-08-06 |
| #16 / #116 | 6-K-EX99.1 earnings release | 2025-11-05 |
| #17 / #117 | 6-K-EX99.1 earnings release | 2026-02-03 |
| #4 | 20-F annual report | 2026-02-04 |
| #18 / #118 | 6-K-EX99.1 earnings release | 2026-05-06 |
| #19 / #119 | 6-K-EX99.1 earnings release | 2026-08-04 |
Older sources (+4)
| # | Document type | Published |
|---|---|---|
| #201 | 6-K | 2018-02-08 |
| #202 | 6-K | 2018-02-08 |
| #203 | 6-K | 2018-02-08 |
| #204 | 20-F annual report | 2019-02-04 |
Novo Nordisk A/S Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including Adjusted sales growth at CER. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Does Novo Nordisk A/S pay a dividend?
The filings report on the dividend; most recent entry: dividends paid 35.3 billion (2026-H1) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of Novo Nordisk A/S?
NadirAlpha links all 23 original filings used (SEC filings) in the sources chapter: earnings release, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.