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Novo Nordisk

NVO · Health Care

Last earnings Aug 4, 2026

Key results

Adjusted gross marginquarter

80.6%

Adjusted gross margin was realised at 80.6%, compared with 83.5% in 2025.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

EPSquarter

67.1%

Net profit increased by 67.2% to DKK 48,557 million and diluted earnings per share increased by 67.1% to DKK 10.91.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

AI analysis

Q1 2026 · reported May 6, 2026

Based on: Earnings release — transcript not held

Adjusted gross margin · Q1 2026
80.6%
-2.9 pts vs year ago computed from stated figures
6-K · May 6, 2026

The quarter in charts

GAAP gross margin

Percent of revenue, as stated

0%50%100%83.5%Same quarter last year80.6%Q1 2026

6-K · May 6, 2026 Margin values as stated in the release.

Headline figures

MetricQ1 2026Prior qtrYear ago
Adjusted gross margin80.6%—83.5%
EPS67.1%——

6-K · May 6, 2026

Guidance · company-stated

Direction: Raised

Revenue

“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, said Mike Doustdar, president and CEO of Novo Nordisk.”

Revenue

“Obesity care sales increased by 9% at Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 5 of 33 CER, driven by volume growth, partly offset by lower realised prices.”

Revenue

“Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 6 of 33 International Operations Sales development Q1 2026 sales increased by 6% at CER, driven by Region EUCAN (+23% at CER) and APAC (+22% at CER), partly offset by declines in Region Emerging Markets (-18% at CER) and China (-10% at CER).”

Company outlook — Raised

“The increase in free cash flow is driven by lower capital exp enditure, in line with guidance provided for full-year 2026.”

Company outlook — Lowered

“I n US Operations , the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition as well as negative impact from reduced obesity medication coverage in Medicaid.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Adjusted gross margin80.6%

Capital allocation

Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 12 of 33 CASH FLOW AND CAPITAL ALLOCATION FREE CASH FLOW AND CAPITAL EXPENDITURE IN THE FIRST THREE MONTHS OF 2026 Free cash flow in the first three months of 2026 was DKK 12.8 billion compared to DKK 11.3 billion in 2025.

Capital expenditure for property, plant and equipment was DKK 11.3 billion compared with DKK 13.4 billion in 2025, primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Novo Nordisk Q1 2026 — Adjusted gross margin was realised at 80.6%, compared with 83.5% in 2025.

Based on: Earnings release — transcript not held

Guidance & outlook

Direction: Raised

Revenue: “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, said Mike Doustdar, president and CEO of Novo Nordisk.”

Revenue: “Obesity care sales increased by 9% at Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 5 of 33 CER, driven by volume growth, partly offset by lower realised prices.”

Revenue: “Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 6 of 33 International Operations Sales development Q1 2026 sales increased by 6% at CER, driven by Region EUCAN (+23% at CER) and APAC (+22% at CER), partly offset by declines in Region Emerging Markets (-18% at CER) and China (-10% at CER).”

Revenue — Raised (“raised”)
“Outlook The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales.”

Revenue — Raised (“raise”)
“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, said Mike Doustdar, president and CEO of Novo Nordisk.”

Revenue — Raised (“increased”)
“Obesity care sales increased by 9% at Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 5 of 33 CER, driven by volume growth, partly offset by lower realised prices.”

Revenue — Raised (“increased”)
“Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 6 of 33 International Operations Sales development Q1 2026 sales increased by 6% at CER, driven by Region EUCAN (+23% at CER) and APAC (+22% at CER), partly offset by declines in Region Emerging Markets (-18% at CER) and China (-10% at CER).”

Company outlook — Raised (“increase”)
“The increase in free cash flow is driven by lower capital exp enditure, in line with guidance provided for full-year 2026.”

Revenue — Raised (“increased”)
“The improvement in outlook is mainly driven by increased expectations for GLP-1 product sales.”

Company outlook — Lowered (“reduced”)
“I n US Operations , the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition as well as negative impact from reduced obesity medication coverage in Medicaid.”

Classified from the release's primary full-year outlook statement.

Capital allocation

Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 12 of 33 CASH FLOW AND CAPITAL ALLOCATION FREE CASH FLOW AND CAPITAL EXPENDITURE IN THE FIRST THREE MONTHS OF 2026 Free cash flow in the first three months of 2026 was DKK 12.8 billion compared to DKK 11.3 billion in 2025.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Capital expenditure for property, plant and equipment was DKK 11.3 billion compared with DKK 13.4 billion in 2025, primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Novo Nordisk returned DKK 37.7 billion to shareholders via share buybacks (DKK 2.4 billion) and dividends (DKK 35.3 billion) in the first three months of 2026.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

2026 share repurchase programme and treasury shares As of 4 M ay 2026, Novo Nordisk has repurchased 14,759,179 B shares of DKK 0.10 for an amount of DKK 3,799,999,990 as part o f the overall share repurchase programme of up to DKK 15 billion to be executed during a 12-month period beginning 4 February 2026.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

The execution of Novo Nordisk s overall share repurchase programme for 2026 of DKK 15 billion continues.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

As part of this, a new share repurchase programme for an amount up to DKK 11,200,000,010.45 will be initiated 6 May 2026 and ending on 1 February 2027 in accordance with Article 5 of Regulation No 596 2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016 1052 of 8 March 2016 (the Safe Harbour Rules ).

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Strategy & priorities

com CVR Number 24 25 67 90 Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 2 of 33 STRATEGIC MILESTONES Novo Nordisk continues to report and track progress across below key dimensions of the Novo Nordisk business.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 4 of 33 COMMERCIAL EXECUTION REPORTED SALES Reported sales in Q1 2026 are positively impacted by reversal of a sales rebate provision of USD 4.2 billion (DKK 26.8 billion) related to the 340B Drug Pricing Program in the US.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Obesity care sales increased by 9% at Strategic milestones Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook R D pipeline progress Sustainability Corporate Governance Legal matters Financial information Company announcement No 30 2026 Financial report for the period 1 January 2026 to 31 March 2026 Page 5 of 33 CER, driven by volume growth, partly offset by lower realised prices.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

The approval of Wegovy HD was secured with expedited speed under the Commissioner s National Priority Voucher pilot programme, for products addressing critical US national health priorities.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Novo Nordisk continues to invest in expanding direct-to-patient initiatives such as NovoCare Pharmacy and further collaborations with telehealth providers initiated during the fourth quarter of 2025 and the first quarter of 2026.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Risks & headwinds

All of the above expectations are based on assumptions that the global or regional macroeconomic and political environment will not significantly change business conditions for Novo Nordisk during 2026, including energy and supply chain disruptions, the potential implications from major healthcare reforms and legislative changes, taxation changes, including changes in tariffs, duties and pricing policies, (incl Most Favoured Nations in the US), as well as outcome of legal cases, and that the currency exchange rates, especially the US dollar, will remain at the curr ent level versus the Danish krone.

SEC original ↗Novo Nordisk — Earnings release (6-K report)6-KMay 6, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Gilead Sciences (GILD) Health CareGenmab (GMAB) Health CareAlcon (ALC) Health CareArgenx (ARGX) Health CareSanofi (SNY) Health CareMerck & Co. (MRK) Health CareXencor Inc (XNCR) Health CareIllumina, Inc. (ILMN) Health Care
Documents

Filings

60 documents

Earnings releases

0 documents

No earnings releases for Novo Nordisk are held in this edition of the library.

Presentations

0 documents

No presentations for Novo Nordisk are held in this edition of the library.

Transcripts

0 documents

No transcripts for Novo Nordisk are held in this edition of the library.

Mentioned by

4 companies

Other tracked companies whose held documents mention Novo Nordisk by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.