Novo Nordisk A/S (NVO) — Company Research

Last Updated: 8 August 2026

Novo Nordisk spent three years as the most valuable company in Europe and has spent the last eighteen months finding out what happens when a near-monopoly turns into a duopoly. Sales grew 25% in FY2024 and 6.4% in FY2025. The share price roughly halved from its peak, the chief executive was replaced, the board chair and several directors were removed at an extraordinary general meeting, and roughly 9,000 roles were cut. Underneath the drama the company still sold DKK 309bn of medicine in FY2025, generated DKK 119bn of operating cash flow, and launched the first oral GLP-1 for weight management. This report sets out the reported figures, the balance sheet after the Catalent-financed debt build, the valuation arithmetic and the risks, without opinions on whether the shares are cheap or expensive. For live price action see our Live Charts.

1. Company Snapshot

Field	Value
Company	Novo Nordisk A/S
Exchange / Ticker	New York Stock Exchange, NVO (American Depositary Receipt, one ADR equals one B share); Nasdaq Copenhagen, NOVO-B
Sector / Industry	Healthcare — pharmaceuticals, focused on diabetes, obesity and rare disease
Headquarters	Novo Allé 1, 2880 Bagsværd, Denmark
Founded	1923
Reporting currency	Danish kroner (DKK), IFRS. The ADR trades in US dollars
CEO / Leadership	Maziar "Mike" Doustdar, President and Chief Executive Officer since 7 August 2025; Karsten Munk Knudsen, Chief Financial Officer; Martin Holst Lange, Chief Scientific Officer and head of Research and Development; Lars Rebien Sørensen, Chair of the Board since November 2025
Employees	68,794 full-time equivalents at 31 December 2025, down from 76,302 a year earlier after the September 2025 restructuring. Approximately 66,700 people in 80 countries as stated in the 4 August 2026 results announcement
Revenue (FY2025)	DKK 309,064m net sales, up 6.4% as reported and 10.3% at constant exchange rates
Net profit (FY2025)	DKK 102,434m, with operating profit of DKK 127,658m and an operating margin of 41.3%
Market capitalisation	Approximately DKK 1,309bn, equivalent to roughly $197bn (early August 2026)
Controlling shareholder	Novo Holdings A/S, wholly owned by the Novo Nordisk Foundation, holds the unlisted A shares carrying 100 votes each and controls a majority of votes
Fiscal year end	31 December

2. Bull and Bear Case

Bull Case

• The oral GLP-1 franchise is now real and scaling: the Wegovy pill, oral semaglutide 25mg, was approved by the FDA on 22 December 2025 and launched in the US on 5 January 2026. By 17 July 2026 it had passed five million US prescriptions and more than 265,000 weekly scripts, with EMA approval granted in July 2026 and EU rollout planned for the second half of 2026.
• Guidance has been raised twice this year: the FY2026 outlook set on 3 February 2026 of minus 5% to minus 13% at constant exchange rates was lifted to minus 4% to minus 12% in May and again to 0% to minus 6% on 4 August 2026. The direction of travel on management's own numbers has improved every quarter of 2026 so far.
• Cash generation remains exceptional: FY2025 operating cash flow was DKK 119,102m on sales of DKK 309,064m, a 38.5% conversion rate, while operating margin held at 41.3%. This is a business that funds a DKK 60bn annual capital programme and a DKK 16.7bn dividend out of operating cash.
• Capacity constraint is being solved rather than rationed: capital expenditure on property, plant and equipment rose 28% to DKK 60,140m in FY2025, funding API and fill-finish expansion at Kalundborg, Clayton in North Carolina, and the three former Catalent sites at Anagni, Brussels and Bloomington, which begin ramping from 2026.
• The pipeline still has multiple independent shots: CagriSema has been submitted to the FDA for weight management with a decision expected around the turn of 2026 and 2027; the amycretin phase 3 AMAZE programme started in Q1 2026; Mim8 in haemophilia is under review in both the US and EU; and the Akero acquisition adds a phase 3 FGF21 analogue in MASH.

Bear Case

• Eli Lilly is winning the obesity market: Lilly's Mounjaro and Zepbound generated $36.5bn of combined FY2025 sales, and in Q2 2026 alone Mounjaro grew 91% year on year. Novo's global diabetes value market share fell 3.6 percentage points to 30.1% in the year to November 2025.
• US pricing has been structurally reset downwards: the November 2025 most-favoured-nation agreement with the US administration takes Wegovy and Ozempic to roughly $350 a month through TrumpRx and $245 a month for Medicare, with a $199 introductory price. That is a permanent reduction in realised US revenue per prescription, not a one-off rebate.
• The patent cliff has already started outside the US: the semaglutide compound patent lapsed in Canada and generics from Dr. Reddy's, Sandoz, Apotex and Teva were approved between January and April 2026, making Canada the first G7 market with generic semaglutide. Similar exposure exists in India, China, Brazil and Turkey. US protection runs to December 2031.
• The pipeline has produced two high-profile misses: the EVOKE phase 3 Alzheimer's trials of oral semaglutide failed to show a statistically significant reduction in disease progression, and on 31 July 2026 the ZEUS trial of ziltivekimab missed its primary cardiovascular endpoint with a hazard ratio of 0.99. The shares fell 8.8% on the ZEUS news and a DKK 6.3bn impairment followed.
• The balance sheet is no longer pristine: total borrowings rose from DKK 27,006m at the end of FY2023 to DKK 102,787m at FY2024 and DKK 130,958m at FY2025, following the debt-financed purchase of the Catalent fill-finish sites. Gross margin fell from 84.7% to 81.0% partly on the associated depreciation and amortisation.

3. Segments and Revenue Breakdown

Novo Nordisk reports two segments. The franchise lines below are the disclosed product categories within them, taken from the FY2025 results announcement. All figures are DKK millions for the year ended 31 December 2025.

Segment / category	% of revenue	What it is
Obesity and Diabetes care (reported segment)	93.7% — DKK 289,456m	The core business. Grew 7% as reported and 10% at constant exchange rates in FY2025
— GLP-1 diabetes (Ozempic, Rybelsus, Victoza)	49.2% — DKK 152,202m	Ozempic alone was DKK 127,089m, up 10% at constant rates. Rybelsus fell 2% and Victoza, now genericised, fell 43%
— Obesity care (Wegovy, Saxenda)	26.6% — DKK 82,347m	Wegovy was DKK 79,106m, up 41% at constant rates, and is the growth engine. Saxenda, the older liraglutide product, halved
— Insulin and other diabetes care	17.8% — DKK 54,907m	The legacy franchise that built the company. Total insulin sales of DKK 53,137m declined 1% at constant rates
Rare disease (reported segment)	6.3% — DKK 19,608m	Rare blood disorders including haemophilia were DKK 11,955m and rare endocrine disorders including growth hormone were DKK 5,959m, the latter up 24% at constant rates

By geography, US Operations were DKK 173,166m or 56.0% of FY2025 sales, growing 8% at constant exchange rates, and International Operations were DKK 135,898m or 44.0%, growing 14%. Within International, EUCAN was DKK 66,091m, Emerging Markets DKK 30,436m, APAC DKK 20,713m and Region China DKK 18,658m.

4. Business Model and Moat

How it makes money. Novo Nordisk manufactures and sells branded peptide and biologic therapeutics in roughly 170 countries. Revenue is recognised at list price less an unusually large gross-to-net adjustment: in the United States, rebates to pharmacy benefit managers, Medicaid and the 340B programme are so material that a single provision revision can move a quarter's reported sales by tens of billions of kroner. That is exactly what happened in Q1 2026, when a USD 4.2bn 340B rebate-provision reversal flattered reported sales by roughly DKK 26.8bn.

What the moat rests on. The first pillar is manufacturing. Sterile peptide API synthesis and aseptic fill-finish at GLP-1 scale is a genuinely hard industrial problem with lead times measured in years, which is why Novo spent DKK 60,140m of capital expenditure in FY2025 and why it paid roughly $11bn for three Catalent fill-finish sites rather than building them. The second is intellectual property: the company has filed approximately 320 US patent applications around semaglutide, with the core composition-of-matter patent running to 5 December 2031 in the US after term adjustment, and follow-on formulation and use patents potentially extending exclusivity further. The third is a century of accumulated regulatory and clinical infrastructure in metabolic disease, which is what allows a single molecule to be developed across diabetes, obesity, cardiovascular outcomes, MASH and, less successfully, Alzheimer's.

What it costs to defend. Research and development expense was DKK 52,039m in FY2025, 16.8% of sales, up from DKK 48,062m in FY2024 and DKK 32,443m in FY2023. That spending has produced both the oral semaglutide franchise and the two clinical failures described in Section 2.

5. Financial Health

All figures below are taken from Novo Nordisk's audited annual reports and Form 20-F filings, and have been re-derived independently from the SEC XBRL company facts dataset. Per-share figures are stated on the post-split basis following the two-for-one share split of September 2023.

Fiscal Year	Revenue (DKK m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	DKK 140,800m	+10.9%	DKK 10.37	DKK 10.67	DKK 5.20	DKK 26,645m
FY2022	DKK 176,954m	+25.7%	DKK 12.22	DKK 12.62	DKK 6.20	DKK 25,784m
FY2023	DKK 232,261m	+31.3%	DKK 18.62	DKK 19.18	DKK 9.40	DKK 27,006m
FY2024	DKK 290,403m	+25.0%	DKK 22.63	DKK 24.77	DKK 11.40	DKK 102,787m
FY2025	DKK 309,064m	+6.4%	DKK 23.03	DKK 26.17	DKK 11.70	DKK 130,958m

GAAP EPS is IFRS diluted earnings per B share as reported. Adjusted EPS is Novo Nordisk's own non-IFRS adjusted diluted earnings per share, which excludes restructuring and impairment one-offs. Dividend per share is the total interim plus final dividend for the financial year, restated to the post-2023-split basis. Long-term debt is total borrowings at year end per the balance sheet; the step-up from FY2023 to FY2025 reflects the Eurobond issuance used to fund the Catalent fill-finish site acquisition, with EUR 10bn issued during 2025 alone.

Quarter / Half	Revenue (DKK m)	Adjusted EPS	GAAP EPS
Q2 2026 (reported 4 Aug 2026)	DKK 78,488m	DKK 4.75†‡	DKK 4.75‡
Q1 2026 (reported 6 May 2026)	DKK 96,823m	DKK 10.91†	DKK 10.91
Q4 2025 (reported 3 Feb 2026)	DKK 79,144m	DKK 6.04†	DKK 6.04
Q3 2025 (reported 5 Nov 2025)	DKK 74,976m‡	DKK 4.50†‡	DKK 4.50‡
Q2 2025 (reported 6 Aug 2025)	DKK 76,857m‡	DKK 5.96†‡	DKK 5.96‡
FY2025 total	DKK 309,064m	DKK 26.17	DKK 23.03

† Novo Nordisk does not publish a separate adjusted diluted EPS for each individual quarter, only for the full year, so the reported IFRS diluted EPS is repeated in the Adjusted EPS column for quarterly periods. ‡ Derived by subtracting consecutive cumulative reported periods, because Novo Nordisk reports on a cumulative year-to-date basis rather than as discrete quarters.

Two distortions matter when reading that quarterly table. Q1 2026 reported sales of DKK 96,823m include a USD 4.2bn 340B rebate-provision reversal worth roughly DKK 26.8bn; on an adjusted basis excluding it, Q1 2026 sales were DKK 70,063m, down 4% at constant exchange rates. Q2 2026 reported operating profit of DKK 27,061m includes a DKK 6.3bn non-cash impairment, of which DKK 4.0bn relates to monlunabant; adjusted operating profit was DKK 33,389m, up 11% at constant rates.

Cash flow and balance sheet, FY2025. Net cash generated from operating activities was DKK 119,102m, down 2% on FY2024. Capital expenditure on property, plant and equipment was DKK 60,140m and capital expenditure on intangibles a further DKK 29,973m, the latter driven mainly by the Akero Therapeutics acquisition. Depreciation, amortisation and impairment losses added back in the cash flow statement were DKK 21,982m. Free cash flow on the standard definition of operating cash flow less property, plant and equipment capital expenditure was DKK 58,962m; on Novo Nordisk's own definition, which also deducts intangible capital expenditure, it was DKK 28,295m against negative DKK 14,707m in FY2024. Cash and cash equivalents at year end were DKK 26,464m with a further DKK 498m of current financial assets at fair value through profit or loss. Total borrowings were DKK 130,958m. Total assets were DKK 542,902m and total equity DKK 194,047m, an equity ratio of 35.7%. Net financial items were a gain of DKK 2,882m against a loss of DKK 1,148m in FY2024, driven by US dollar hedging gains partly offset by the Catalent financing interest cost.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Multiples below are computed in Danish kroner from a B-share reference price of DKK 294.30, the price at which restricted shares vested to directors and executives on 5 August 2026 as disclosed in the managers' transactions announcement. Dollar equivalents use the implied rate of approximately DKK 6.6 per US dollar.

Metric	Value
Market cap	Approximately DKK 1,309bn, equivalent to roughly $197bn (DKK 294.30 applied to approximately 4,448m shares, being FY2025 net profit of DKK 102,434m divided by diluted EPS of DKK 23.03)
Trailing P/E (GAAP)	Approximately 12.8x (DKK 294.30 divided by FY2025 IFRS diluted EPS of DKK 23.03). On Novo Nordisk's own FY2025 adjusted diluted EPS of DKK 26.17 the multiple is approximately 11.2x, and on trailing-twelve-month diluted EPS of about DKK 26.20 to Q2 2026 it is also approximately 11.2x, though that trailing figure is flattered by the Q1 2026 340B rebate reversal
P/E (forward)	Approximately 13.3x (data-provider estimate, early August 2026; Novo Nordisk guides to sales and operating profit growth ranges rather than an EPS forecast, so this is a third-party calculation)
P/S (TTM)	Approximately 4.0x (market cap ~DKK 1,309bn divided by trailing-twelve-month sales of DKK 329,431m, being Q3 2025 DKK 74,976m + Q4 2025 DKK 79,144m + Q1 2026 DKK 96,823m + Q2 2026 DKK 78,488m; note the Q1 2026 component includes the 340B reversal)
Enterprise value	Approximately DKK 1,413bn, equivalent to roughly $214bn (market cap ~DKK 1,309bn + total borrowings DKK 130,958m − cash and cash equivalents DKK 26,464m and current financial assets at fair value DKK 498m, all per the FY2025 balance sheet)
EV/EBITDA (TTM)	Approximately 9.4x (enterprise value ~DKK 1,413bn divided by FY2025 EBITDA of DKK 149,640m; EBITDA = operating profit DKK 127,658m + depreciation, amortisation and impairment losses of DKK 21,982m taken from the cash flow statement, which is the wider total including impairments rather than the narrower depreciation-and-amortisation-only figure)
P/FCF	Approximately 22.2x (market cap ~DKK 1,309bn divided by FY2025 free cash flow of DKK 58,962m; FCF = operating cash flow DKK 119,102m − property, plant and equipment capital expenditure DKK 60,140m). On Novo Nordisk's own free cash flow definition of DKK 28,295m, which also deducts DKK 29,973m of intangible capital expenditure, the multiple is approximately 46x
52-week high	$64.16 on the NVO ADR
52-week low	$35.12 on the NVO ADR. The ADR last traded around $44.53 on 5 August 2026
Short interest (% of float)	Approximately 0.79% of float on the NVO ADR, roughly 26.7m shares short, about 1.87 times average daily volume (Fintel, early August 2026; the exact settlement date is not separately disclosed by that source)
Days to cover	Approximately 1.2 days
Dividend yield	Approximately 4.0% (FY2025 total declared dividend of DKK 11.70 per share against the DKK 294.30 reference price; the FY2025 payout ratio was 50.7%)

7. What Are They Building

Oral semaglutide, the format change. The Wegovy pill at 25mg was approved by the FDA on 22 December 2025 as the first oral GLP-1 for obesity and launched in the US on 5 January 2026. By 17 July 2026 it had exceeded five million US prescriptions and 265,000 weekly scripts. EMA approval followed in July 2026 on the OASIS 4 data showing mean weight loss up to 16.6%, with UK and UAE launches in June and July 2026 and broader EU rollout planned for the second half of the year. Separately, Wegovy HD at 7.2mg was approved by the FDA in March 2026 on STEP UP data showing 20.7% mean weight loss, launched in the US on 7 April 2026, and received EU approval in July 2026.

The next-generation obesity pipeline. CagriSema, the combination of cagrilintide and semaglutide, has been submitted to the FDA for weight management on the REDEFINE programme covering roughly 4,600 patients, with a decision expected around the turn of 2026 and 2027; the REIMAGINE 2 and 3 phase 3 trials in diabetes completed successfully. Amycretin, also known as zenagamtide, entered phase 3 in both subcutaneous and oral formulations through the AMAZE programme initiated in Q1 2026.

Beyond metabolic disease. Mim8, or denecimig, was submitted for approval in both the US and EU in 2025 with decisions expected during 2026, and would be the company's first major haemophilia launch in years. The Akero Therapeutics acquisition brings efimosfermin, a phase 3 FGF21 analogue in MASH, and the Omeros deal adds zaltenibart, a MASP-3 inhibitor for rare blood disorders. Two cardiovascular outcomes trials of ziltivekimab, HERMES in heart failure and ARTEMIS post-myocardial-infarction, continue after the ZEUS miss and are expected to read out in the first half of 2027.

The industrial programme. Capital expenditure guidance of roughly DKK 55bn for 2026 follows DKK 60,140m in FY2025, funding active pharmaceutical ingredient and fill-finish capacity at Kalundborg in Denmark, Clayton in North Carolina, and the three former Catalent sites at Anagni, Brussels and Bloomington, which begin contributing capacity from 2026 onwards.

8. Competitive Landscape

Peer	Market cap (August 2026)	Key 2025 metric
Eli Lilly (NYSE: LLY)	Approximately $1.06 trillion	Mounjaro and Zepbound generated $36.5bn of combined FY2025 sales, 56% of Lilly's revenue. In Q2 2026 Mounjaro alone was $9.9bn, up 91% year on year, and Lilly raised FY2026 revenue guidance to $85bn to $87bn
Roche (SIX: ROG)	Approximately $367bn	FY2025 group sales of CHF 61.5bn, up 7% at constant rates, with the Pharmaceuticals division at CHF 47.7bn. Roche is building an incretin portfolio through the Carmot acquisition
AstraZeneca (LSE: AZN)	Approximately $263bn	FY2025 total revenue of $58.7bn, up 9%. Competes in cardiometabolic disease and has an oral GLP-1 candidate in development
Pfizer (NYSE: PFE)	Approximately $147bn	FY2025 revenue of $62.6bn, down 2% as reported. Acquired Metsera in late 2025 after outbidding Novo Nordisk, buying its way into the obesity category
Sanofi (EPA: SAN)	Approximately $103bn	FY2025 net sales of EUR 43.6bn, up 9.9% at constant rates, with EPS of EUR 7.83. Competes primarily in insulin and immunology rather than incretins

Peer market capitalisations are point-in-time figures from market data trackers rather than company filings, and were re-checked in the first week of August 2026. Treat them as approximate.

9. Insider Activity

Novo Nordisk discloses insider dealing as managers' transactions under Article 19 of the EU Market Abuse Regulation rather than through SEC Form 4. Chief Executive Maziar "Mike" Doustdar, who took the role on 7 August 2025, appears in the most recent disclosure alongside the rest of the executive management team and several directors. Every transaction in the 6 August 2026 announcement was an automatic vesting under the Novo Nordisk 100th Anniversary Shares restricted-share programme, executed outside a trading venue at DKK 294.30 per share on 5 August 2026. These are plan vestings rather than discretionary open-market decisions, and no open-market purchases or sales by insiders were identified in the period immediately preceding this report.

Name	Date	Type	Shares	Price	Value	Plan Type
Maziar Mike Doustdar (President and CEO)	05 Aug 2026	Vesting	74	DKK 294.30	DKK 21,778	100th Anniversary Restricted Shares programme
Karsten Munk Knudsen (EVP and CFO)	05 Aug 2026	Vesting	74	DKK 294.30	DKK 21,778	100th Anniversary Restricted Shares programme
Martin Holst Lange (EVP, R&D and CSO)	05 Aug 2026	Vesting	74	DKK 294.30	DKK 21,778	100th Anniversary Restricted Shares programme
Emil Kongshøj Larsen (EVP, International Operations)	05 Aug 2026	Vesting	74	DKK 294.30	DKK 21,778	100th Anniversary Restricted Shares programme
Kasper Bødker Mejlvang (EVP, Global Manufacturing and Supply)	05 Aug 2026	Vesting	74	DKK 294.30	DKK 21,778	100th Anniversary Restricted Shares programme
Désirée Jantzen Asgreen (Board member)	05 Aug 2026	Vesting	74	DKK 294.30	DKK 21,778	100th Anniversary Restricted Shares programme

10. Key Risks

• Competitive share loss to Eli Lilly: Novo Nordisk's global diabetes value market share fell 3.6 percentage points to 30.1% in the year to November 2025, while Lilly's Mounjaro grew 91% year on year in Q2 2026. In a two-player category, share loss compounds because it also erodes formulary negotiating position.
• Structural US price reset: the most-favoured-nation agreement announced in November 2025 takes Wegovy and Ozempic to roughly $350 a month through TrumpRx and $245 a month for Medicare. This is a permanent change to realised revenue per prescription in the company's largest market, which was 56.0% of FY2025 sales.
• Patent expiry outside the United States: the semaglutide compound patent has lapsed in Canada, where generics from four manufacturers were approved between January and April 2026, and similar exposure exists in India, China, Brazil and Turkey. Each generic entry is a step-change reduction in that market's revenue, not a gradual erosion.
• Clinical failure risk in a concentrated pipeline: the EVOKE Alzheimer's trials failed and the ZEUS ziltivekimab trial missed its primary endpoint on 31 July 2026, triggering an 8.8% single-day share fall and a DKK 6.3bn impairment. Because so much of the pipeline extends a single molecule class, correlated failure is a real exposure.
• Leverage and capital intensity: total borrowings rose from DKK 27,006m at end-FY2023 to DKK 130,958m at end-FY2025 to fund the Catalent fill-finish acquisition, while annual capital expenditure runs near DKK 55bn to DKK 60bn. If volume growth undershoots, that capacity becomes a fixed-cost drag rather than a moat.
• Compounded and unlicensed semaglutide: despite the expiry of the FDA compounding grace period in May 2025, unapproved compounded product persists. Novo Nordisk won a Dutch court injunction against a compounded semaglutide nasal spray on 5 August 2026 and continues litigation in the US and EU, but enforcement is jurisdiction-by-jurisdiction and slow.
• Governance and leadership disruption: a new chief executive from August 2025, a wholesale board refresh at an extraordinary general meeting on 14 November 2025 explicitly framed around the Foundation's controlling position, and a 9,000-role restructuring together create meaningful execution risk that will not resolve for several quarters.
• Currency exposure: a 5% move in the US dollar alone shifts adjusted operating profit by roughly DKK 4.3bn a year. Reported DKK growth has already been running several percentage points below constant-currency growth, and that gap is outside management's control.

11. Recent Developments

• 05 Jan 2026 — Wegovy pill launches in the United States. Oral semaglutide 25mg became the first oral GLP-1 available for weight management, following FDA approval on 22 December 2025.
• 03 Feb 2026 — FY2025 results and a downbeat first guide for 2026. Net sales of DKK 309,064m grew 10% at constant rates and operating profit of DKK 127,658m grew 6%, with diluted EPS of DKK 23.03. Management introduced a new adjusted sales and adjusted operating profit framework and guided FY2026 growth of minus 5% to minus 13% at constant rates.
• 26 Mar 2026 — Annual General Meeting. Shareholders approved the final FY2025 dividend of DKK 7.95 per share, taking the full-year total to DKK 11.70, and a DKK 15bn share repurchase programme for 2026.
• 07 Apr 2026 — Wegovy HD launches in the United States. The 7.2mg high-dose pen reached the US market following March 2026 FDA approval on STEP UP data showing 20.7% mean weight loss.
• 06 May 2026 — Q1 2026 results and a first guidance raise. Reported net sales of DKK 96,823m rose 32% at constant rates, boosted by a USD 4.2bn 340B rebate-provision reversal; adjusted sales fell 4%. Full-year guidance improved to minus 4% to minus 12%.
• 21 Jul 2026 — Novo Nordisk sues Eli Lilly over GLP-1 advertising. The company filed a false-advertising action targeting what it described as multiple misleading national comparison campaigns.
• 31 Jul 2026 — ZEUS phase 3 trial misses its primary endpoint. Ziltivekimab failed to reduce major adverse cardiovascular events in patients with atherosclerotic disease, chronic kidney disease and inflammation, with a hazard ratio of 0.99. The shares fell 8.8% intraday and an impairment followed.
• 04 Aug 2026 — Q2 2026 results and a second guidance raise. Net sales of DKK 78,488m and adjusted operating profit of DKK 33,389m, up 11% at constant rates, against reported operating profit of DKK 27,061m after a DKK 6.3bn impairment. FY2026 guidance was lifted again to 0% to minus 6% at constant rates.
• 05 Aug 2026 — Dutch court injunction against compounded semaglutide. Novo Nordisk secured an injunction blocking an unapproved compounded semaglutide nasal spray, part of a broader enforcement campaign across multiple jurisdictions.
• 06 Aug 2026 — Managers' transactions disclosed. The chief executive, chief financial officer, the rest of executive management and several directors each received 74 restricted shares vesting at DKK 294.30 under the 100th Anniversary Shares programme.

12. Key Dates to Watch

• 14 Aug 2026 — ex-dividend date for the 2026 interim dividend on the Nasdaq Copenhagen B shares.
• 17 Aug 2026 — ex-dividend date for the NYSE ADRs, and record date for both B shares and ADRs.
• 18 Aug 2026 — interim dividend payment date for B shares.
• 25 Aug 2026 — interim dividend payment date for ADR holders.
• 21 Sep 2026 — Capital Markets Day, at which management is expected to unveil new Strategic Aspirations. The first full strategic reset under the new chief executive and board.
• 04 Nov 2026 — Q3 2026 results, and the first quarter to include a full period of EU oral semaglutide rollout.
• Expected Dec 2026 — FDA decision on CagriSema for weight management is anticipated around the turn of 2026 and 2027, the single largest binary event in the pipeline.
• 03 Feb 2027 — FY2026 results and the Annual Report 2026.
• Expected Jun 2027 — readouts from the HERMES and ARTEMIS cardiovascular outcomes trials of ziltivekimab, both guided to the first half of 2027.

Track scheduled macro and policy events that move pharmaceutical valuations on our Economic Calendar, and discuss this research with other members in the ChartsView Forum.

---

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.