Novo Nordisk
What matters nowUpdated 7 h ago
- On 2 October the FDA extended its review of denecimig, Novo's haemophilia A treatment, with no new decision date; the agency attributes the delay to remediation at the manufacturing facility and found no deficiencies in clinical efficacy or safety, and Novo still targets a US launch in the first half of 2027 1. On 29 September Novo licensed Hengrui's once-weekly oral GLP-1/GIP candidate HRS-1596 for a $300 million upfront and up to $2.6 billion in milestone and sales-linked value, with closing expected in Q4 2026 subject to US antitrust clearance 2.
- On 21 September the shares fell as much as 9% intraday as analysts called the new targets underwhelming and questioned pricing power and deal strategy ahead of semaglutide patent expiries in the early 2030s 3; the move for that day was -6.43%, a statistically large move (z-score -3.62). The same day Novo reported that CagriSema beat tirzepatide 5 mg on weight loss at week 60 in REIMAGINE 5 and cut weight by 21.0% versus 2.0% for placebo at week 68 in REDEFINE 9 4.
- NVO trades at a pooled 24/7 venue price of 38.44, down 0.56% from the previous close of 38.65, with open interest of $3.9 million across 3 venues.
- Over the twelve months to 31 December 2025, revenue was 309.1 billion, up 6.4% year on year, with a gross margin of 81.0%, an operating margin of 41.3%, free cash flow of 59.0 billion and EPS of 23.03, up 1.8%; net debt stood at 215.9 billion. No insider buys or sells were recorded in the 180 days to the snapshot.
- Next, Novo reports nine-month 2026 results on 4 November 2026, and the FDA decision on CagriSema for weight management is expected in Q4 2026, following the new drug application filed in December 2025 4. The Wegovy 7.2 mg single-dose pen EU rollout is planned for the second half of 2026.
Novo Nordisk · Oct 2
Novo Nordisk · Sep 29
Reuters · Sep 21
Novo Nordisk · Sep 21
Novo Nordisk is a Danish pharmaceutical company and the global leader in diabetes care, now best known for the GLP-1 drugs Wegovy and Ozempic. Its US-listed ADRs trade on the NYSE under NVO. Results are driven by weight-loss and diabetes injectables, the new oral Wegovy pill, insulin, rare disease medicines and a next-generation obesity pipeline led by CagriSema.
How it makes money
Novo Nordisk sells branded prescription medicines, mainly GLP-1 treatments for obesity and type 2 diabetes, plus insulin and rare disease drugs. Sales go to wholesalers, pharmacies and direct-to-patient channels in the US and internationally. In 2025 obesity care was about 27 percent of sales (DKK 82.3 billion), diabetes care about 67 percent (DKK 207.1 billion) and rare disease about 6 percent (DKK 19.6 billion). Revenue depends on prescription volume, net prices and rebates, so the stock trades on US pricing, the oral Wegovy launch and pipeline readouts.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2025-12-31 from SEC filings. Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Wegovy (injectable)
Growing slowly in Q2 2026 as the oral Wegovy pill takes new patients.
Wegovy pill (oral semaglutide)
Fastest-growing new product: over 265,000 weekly US prescriptions and more than 5 million since launch.
Ozempic (semaglutide injection)
Still the largest single product, but sales are falling year to date.
Rybelsus (oral semaglutide for diabetes)
Shrinking in Q2 2026 as Wegovy pill and Ozempic pricing pressure weigh on it.
Latest newsAll news →
FDA extends review of denecimig haemophilia A BLA over manufacturing remediation
The FDA is still reviewing Novo's biologics license application for denecimig, a haemophilia A treatment, and has set no new decision date.
OCTANE real-world data: switchers to the Wegovy pill lose 4.1% in three months
Real-world OCTANE data on the Wegovy pill, presented at EASD 2026 on 30 September, showed adults who switched from injectable tirzepatide or semaglutide to the pill lost an average of 4.1% of body weight after three months on treatment.
Novo licenses Hengrui's once-weekly oral GLP-1/GIP candidate for $300 million upfront
Novo signed a license agreement with China's Hengrui Pharma for HRS-1596, a phase 1-ready GLP-1 and GIP receptor dual agonist that may be dosed once weekly by mouth.
Novo shares fall as much as 9% as investors question pricing power and deals
Novo shares fell as much as 9% intraday on 21 September 2026 and were down about 4.4% by midday in Copenhagen after recovering some losses.
CagriSema beats tirzepatide 5 mg on weight in REIMAGINE 5 and 21% weight loss in REDEFINE 9
Novo reported topline phase 3 results for CagriSema on 21 September 2026.
Novo to present 44 abstracts at EASD 2026 including Wegovy pill real-world data
Novo said it will present 44 abstracts at the EASD 2026 diabetes meeting in Milan from 28 September to 2 October, covering semaglutide, CagriSema and zenagamtide.
Products & businesses
Wegovy (injectable)
Growing slowly in Q2 2026 as the oral Wegovy pill takes new patients.
Wegovy pill (oral semaglutide)
Fastest-growing new product: over 265,000 weekly US prescriptions and more than 5 million since launch.
Ozempic (semaglutide injection)
Still the largest single product, but sales are falling year to date.
Rybelsus (oral semaglutide for diabetes)
Shrinking in Q2 2026 as Wegovy pill and Ozempic pricing pressure weigh on it.
Insulin portfolio
Grew 6 percent in Q2 2026 after a weak first half.
Rare disease
Steady, with 6 percent growth in Q2 2026.
Wegovy 7.2 mg single-dose pen
Launched in the UK in June 2026; EU rollout planned for the second half of 2026.
Next: EU rollout planned · 2026
What it's building next
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Obesity care Wegovy injectable, the Wegovy pill and related GLP-1 obesity products. This is the fastest-growing franchise and the main reason the stock is tracked. | — | 26.6% | |
| Diabetes care GLP-1 diabetes medicines (Ozempic, Rybelsus, Victoza) and insulin. Largest segment, but growth has slowed as prices and competition weigh on it. | — | 67.0% | |
| Rare disease Medicines for rare, serious conditions. Smaller and steadier than the two GLP-1 franchises. | — | 6.3% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2025-12-31 from SEC filings. Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q4 FY2025 2025-12-31 | Q4 FY2024 2024-12-31 | Q4 FY2023 2023-12-31 | Q4 FY2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| EPS (diluted) | — | — | — | — | — |
| Operating cash flow | — | — | — | — | — |
| Capital expenditure | — | — | — | — | — |
| Share buybacks | — | — | — | — | — |
| Cash & equivalents | $26.46B | $26.46B | $15.65B | $14.39B | $12.65B |
| Total debt | $242.33B | $242.33Bd | $149.59Bd | $42.98Bd | $46.56Bd |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $309.06B +6% | $290.40B +25% | $232.26B +31% | $176.95B |
| Cost of revenue | $58.79B +32% | $44.52B +24% | $35.77B +26% | $28.45B |
| Gross profit | $250.28B +2% | $245.88B +25% | $196.50B +32% | $148.51B |
| Research & development | $52.04B +8% | $48.06B +48% | $32.44B +35% | $24.05B |
| Operating income | $127.66B -1% | $128.34B +25% | $102.57B +37% | $74.81B |
| EBIT | $127.66B -1% | $128.34B +25% | $102.57B +37% | $74.81B |
| Interest expense | $6.78B -8% | $7.35B +769% | $845.0M -86% | $5.99B |
| Income tax | $28.11B +7% | $26.20B +25% | $20.99B +55% | $13.54B |
| EPS (diluted) | $23.03 +2% | $22.63 +22% | $18.62 +52% | $12.22 |
| Operating cash flow | $119.10B -2% | $120.97B +11% | $108.91B +38% | $78.89B |
| Capital expenditure | $60.14B +28% | $47.16B +83% | $25.81B +112% | $12.15B |
| Share buybacks | $1.39B -93% | $20.18B -33% | $29.92B +24% | $24.09B |
| Dividends paid | $51.76B +17% | $44.14B +39% | $31.77B +26% | $25.30B |
| Cash & equivalents | $26.46B | $15.65B | $14.39B | $12.65B |
| Total debt | $242.33Bd | $149.59Bd | $42.98Bd | $46.56Bd |
| Total assets | $542.90B | $465.63B | $314.49B | $241.26B |
| Total liabilities | $348.86B | $322.14B | $207.93B | $157.77B |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
FDA extends review of denecimig haemophilia A BLA over manufacturing remediation
The FDA is still reviewing Novo's biologics license application for denecimig, a haemophilia A treatment, and has set no new decision date.
OCTANE real-world data: switchers to the Wegovy pill lose 4.1% in three months
Real-world OCTANE data on the Wegovy pill, presented at EASD 2026 on 30 September, showed adults who switched from injectable tirzepatide or semaglutide to the pill lost an average of 4.1% of body weight after three months on treatment.
Novo licenses Hengrui's once-weekly oral GLP-1/GIP candidate for $300 million upfront
Novo signed a license agreement with China's Hengrui Pharma for HRS-1596, a phase 1-ready GLP-1 and GIP receptor dual agonist that may be dosed once weekly by mouth.
Novo shares fall as much as 9% as investors question pricing power and deals
Novo shares fell as much as 9% intraday on 21 September 2026 and were down about 4.4% by midday in Copenhagen after recovering some losses.
CagriSema beats tirzepatide 5 mg on weight in REIMAGINE 5 and 21% weight loss in REDEFINE 9
Novo reported topline phase 3 results for CagriSema on 21 September 2026.
Novo to present 44 abstracts at EASD 2026 including Wegovy pill real-world data
Novo said it will present 44 abstracts at the EASD 2026 diabetes meeting in Milan from 28 September to 2 October, covering semaglutide, CagriSema and zenagamtide.
Novo buys back DKK 314 million of B shares in week to 4 September
Novo repurchased 1,055,000 B shares for about DKK 314 million in the week from 31 August to 4 September 2026, at average prices between about DKK 292 and DKK 305.
Wegovy pill goes on sale in Germany, the first EU market
Novo launched the Wegovy pill in Germany from 1 September 2026, making Germany the first EU country to sell the tablet.
Novo Nordisk Q2 2026 profit beats forecasts and raises full-year outlook
Novo reported Q2 2026 adjusted sales of DKK 78,488 million, up 7% at constant exchange rates, and adjusted operating profit of DKK 33,389 million, up 11%.
Novo shares fall about 6% despite raised outlook on Wegovy pill sales miss
Novo's US-listed shares fell about 6% on 4 August, the day the company beat profit forecasts and raised its 2026 outlook.
CagriSema matches tirzepatide on weight but misses HbA1c non-inferiority
In the 68-week open-label REIMAGINE 4 trial in adults with type 2 diabetes, CagriSema 2.4/2.4 mg was non-inferior to tirzepatide 15 mg for weight reduction but not for HbA1c reduction.
ZEUS Phase 3 trial of ziltivekimab misses cardiovascular endpoint
Ziltivekimab 15 mg, given once monthly, did not reduce major adverse cardiovascular events versus placebo in the ZEUS Phase 3 trial of more than 6,300 people with cardiovascular disease, chronic kidney disease and elevated inflammation.
EU approves Wegovy pill as first oral GLP-1 for weight management
The European Commission granted marketing authorisation for the Wegovy pill, once-daily oral semaglutide 25 mg, for adults with obesity or with overweight plus at least one weight-related condition.
Wegovy pill launches in the UK and UAE as US prescriptions top 265,000 a week
The Wegovy pill launched in the UAE in June and in the UK in July 2026, with early uptake described as encouraging.
CagriSema diabetes trials REIMAGINE 1-3 show HbA1c and weight reductions at ADA 2026
Novo Nordisk presented REIMAGINE 1 to 3 data for CagriSema 2.4 mg/2.4 mg in type 2 diabetes at the ADA Scientific Sessions in New Orleans, June 5 to 8, 2026.
Wegovy pill launches in the United Arab Emirates in June 2026
Novo Nordisk launched the Wegovy pill in the United Arab Emirates in June 2026, extending the pill beyond the US.
EU committee backs Wegovy pill, the first oral GLP-1 for weight management
The European Medicines Agency's CHMP gave a positive opinion on 22 May 2026 for the Wegovy pill, a once-daily oral semaglutide 25 mg for weight management.
Novo Nordisk Q1 adjusted sales fall 4% at CER; 2026 outlook raised to -4% to -12%
Novo Nordisk reported first-quarter reported sales of DKK 96.8 billion, inflated by the USD 4.2 billion 340B reversal.
FDA approves Lilly's oral obesity pill Foundayo, a rival to the Wegovy pill
The FDA approved Eli Lilly's once-daily orforglipron, sold as Foundayo, for obesity on 1 April 2026, after a 50-day review under a new fast-track programme.
Wegovy HD (7.2 mg) launches in the US in a single-dose pen
Novo Nordisk launched Wegovy HD, the 7.2 mg weekly injection, in the US in April 2026, after the March FDA approval.
Novo Nordisk AGM re-elects Lars Rebien Sørensen as chair
At the annual general meeting on 26 March 2026, shareholders re-elected Lars Rebien Sørensen as board chair and Cees de Jong as vice chair.
FDA approves Wegovy HD (7.2 mg) with 20.7% mean weight loss
The US FDA approved Wegovy HD, a once-weekly 7.2 mg semaglutide injection, to reduce excess body weight and maintain the loss long term.
CagriSema fails non-inferiority versus tirzepatide in head-to-head REDEFINE 4
In the open-label REDEFINE 4 trial, CagriSema produced 23.0% weight loss at 84 weeks on the adherent-patient measure, against 25.5% for tirzepatide 15 mg from Eli Lilly.
Novo Nordisk shares slide about 17% in Copenhagen after weak 2026 guidance
Novo Nordisk B shares fell about 17% in early Copenhagen trading on 4 February 2026, wiping out the stock's gains for the year.
Novo Nordisk starts first tranche of a DKK 15 billion share buyback
Novo Nordisk started the first tranche of its 2026 share buyback on 4 February 2026, with up to DKK 3.8 billion of B shares to be bought through 4 May 2026.
Novo Nordisk reverses a USD 4.2 billion 340B provision, excluded from adjusted results
Novo Nordisk reversed a provision of USD 4.2 billion linked to the US 340B Drug Pricing Program, recorded in the first quarter of 2026.
Jamey Millar joins Novo Nordisk as executive vice president, US Operations
Novo Nordisk named Jamey Millar executive vice president of US Operations, effective February 2026.
Novo Nordisk launches the Wegovy pill in the US
Novo Nordisk started selling its once-daily oral semaglutide tablet for weight management to US patients on 5 January 2026.