Novo Nordisk A/S is a global healthcare company headquartered in Denmark, specializing in the discovery, development, manufacturing, and marketing of pharmaceutical products. The company operates in approximately 170 countries and focuses on providing innovative treatments for diabetes, obesity, cardiovascular diseases, and rare disorders. Its product portfolio includes GLP-1 receptor agonists, insulins, and therapies for rare diseases such as haemophilia and growth hormone deficiencies.
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Diabetes and Obesity Care - Develops and markets therapies for diabetes, obesity, and cardiovascular diseases, including GLP-1 receptor agonists like Ozempic®, Wegovy®, Saxenda®, and Rybelsus®, as well as modern and human insulins.
- GLP-1 Products: Includes Ozempic®, Wegovy®, Saxenda®, Rybelsus®, and Victoza®.
- Insulins: Includes Tresiba®, Xultophy®, Levemir®, NovoMix®, and NovoRapid®.
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Rare Disease - Focuses on treatments for rare blood disorders, rare endocrine disorders, and hormone replacement therapies. Key products include NovoSeven® for haemophilia and growth hormone therapies.
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- Given the competitive landscape and recent pricing dynamics, can you provide more granularity on how the net price evolution for Wegovy in the U.S. aligns with your expectations, and how pricing movements in certain channels might impact your strategy?
- With the expected increase in selling and distribution spend later in the year tied to supply availabilities and R&D readouts, what specific factors are gating this inflection in spend, and how does this align with your capacity to meet the anticipated demand?
- Considering concerns about central nervous system penetration and potential psychiatric side effects with CB1 inverse agonists like rimonabant, what underpins your confidence that your lead asset doesn't significantly penetrate the brain, and how are you managing these risks in clinical development?
- Acknowledging that the obesity market is likely to evolve significantly by 2030 with new competitors and products, how do you foresee the market dynamics changing over time, and what assumptions are you making regarding your own portfolio evolution and the efforts of others?
- As you advance CagriSema with potentially higher efficacy, should we anticipate a significant shift of patients from semaglutide to CagriSema, and how are you addressing potential manufacturing challenges given external production of cagrilintide and capacity constraints?
Research analysts who have asked questions during NOVO NORDISK A S earnings calls.
Peter Verdult
Citigroup Inc.
5 questions for NVO
Richard Vosser
JPMorgan Chase & Co.
5 questions for NVO
James Quigley
Goldman Sachs
4 questions for NVO
Sachin Jain
Bank of America
4 questions for NVO
Jo Walton
UBS
3 questions for NVO
Michael Nedelcovych
TD Cowen
3 questions for NVO
Simon Baker
Redburn Atlantic
3 questions for NVO
Callum Morris
Berenberg
2 questions for NVO
Evan Seigerman
BMO Capital Markets
2 questions for NVO
Harry Sephton
UBS
2 questions for NVO
Martin Parkhoi
SEB
2 questions for NVO
Michael Leuchten
Jefferies
2 questions for NVO
Thibault Boutherin
Morgan Stanley
2 questions for NVO
Yihan Li
Barclays
2 questions for NVO
Emily Field
Barclays
1 question for NVO
Emmanuel Papadakis
Deutsche Bank
1 question for NVO
James Creedy
Goldman Sachs Group Inc.
1 question for NVO
Laura Hindley
Berenberg Bank
1 question for NVO
Michael Novod
Nordea
1 question for NVO
Peter Welford
Jefferies
1 question for NVO
Rajesh Kumar
HSBC
1 question for NVO
Richard Parkes
BNP Paribas Exane
1 question for NVO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Catalent, Inc. | 2024 | Catalent, Inc. was acquired via a merger that included the purchase of three manufacturing sites in Italy, Belgium, and Indiana for an upfront payment of $11 billion USD; the debt-financed deal strategically enhances Novo Nordisk's capacity in diabetes and obesity treatments and was completed on December 18, 2024. |
Cardior Pharmaceuticals GmbH | 2024 | Novo Nordisk agreed to acquire Cardior Pharmaceuticals GmbH for up to EUR 1.025 billion, including upfront and milestone-contingent payments, to secure its lead compound CDR132L in phase 2 for treating heart failure, marking its strategic entry into the cardiovascular area with closing expected in Q2 2024. |
Forma Therapeutics, Inc. | 2022 | The acquisition of Forma Therapeutics, Inc. for USD 1.1 billion (at USD 20 per share in cash) was completed via a tender offer and merger, aligning with Novo Nordisk’s strategy to expand its pipeline in sickle cell and rare blood disorders through its lead candidate, etavopivat. |
Dicerna Pharmaceuticals, Inc. | 2021 | Novo Nordisk acquired Dicerna Pharmaceuticals, Inc. through a cash tender offer at $38.25 per share (totaling approximately $3.3 billion) to gain access to its proprietary RNAi platforms, including GalXC™ technologies, supporting its entry into therapeutic areas such as NASH, diabetes, and rare diseases; the deal was primarily debt-financed. |
Recent press releases and 8-K filings for NVO.
- Novo Nordisk and Omeros Corporation have entered into an asset purchase and license agreement for zaltenibart, a clinical-stage MASP-3 inhibitor for rare blood and kidney disorders.
- Under the terms of the agreement, Novo Nordisk will be granted exclusive global rights to develop and commercialize zaltenibart.
- Omeros is eligible to receive $340 million in upfront and near-term milestone payments, with potential total payments of up to $2.1 billion including development and commercial milestones, plus tiered royalties on net sales.
- Novo Nordisk aims to initiate a global phase 3 program for zaltenibart in paroxysmal nocturnal hemoglobinuria (PNH) and explore further development in other rare blood and kidney disorders, with the transaction expected to close in the fourth quarter of 2025.
- Novo Nordisk has agreed to acquire Akero Therapeutics, Inc., marking its largest research and development-related acquisition to date.
- The acquisition includes Akero's late-stage MASH asset, efruxifermin (EFX), a once-weekly subcutaneous long-acting FGF21 analog.
- EFX is strategically important as it has demonstrated fibrosis regression in late-stage F4 MASH patients, a segment with no currently available treatments, and complements Novo Nordisk's existing MASH portfolio, including Wegovy.
- The first readout of the ongoing phase III SYNCHRONY program for EFX is anticipated as early as next year.
- Novo Nordisk expects the acquisition to result in a -3% impact on operating profit growth in 2026, primarily due to increased R&D costs for the phase III trials.
- Novo Nordisk announced its definitive agreement to acquire Akero Therapeutics for $54 USD per share in cash at closing, with a potential additional $6 USD per share via a contingent value right (CVR), totaling an aggregated value of $4.7 billion USD at closing and $0.5 billion USD for the CVR.
- The acquisition is intended to expand Novo Nordisk's MASH portfolio by adding Akero's efruxifermin (EFX), a phase 3 FGF21 analogue considered a potential first- and best-in-class treatment for metabolic dysfunction-associated steatohepatitis (MASH).
- The transaction is expected to negatively impact Novo Nordisk's 2025 free cash flow outlook by approximately $4 billion USD and reduce 2026 full-year operating profit growth by around 3%-points due to increased research and development costs.
- Novo Nordisk announced the acquisition of US biotech firm Akero Therapeutics for up to $5.2 billion, including $4.7 billion upfront and potential contingent payments.
- The acquisition aims to expand Novo Nordisk's presence in chronic liver disease therapies, specifically targeting MASH with Akero's lead drug candidate, efruxifermin, which is in late-stage development.
- Akero shareholders will receive $54 per share upfront, with an additional $6 per share contingent upon full U.S. regulatory approval of efruxifermin by mid-2031.
- Akero is a clinical-stage company with no revenue and a negative earnings per share of -3.8, indicating ongoing operational losses.
- Novo Nordisk will acquire Akero Therapeutics for $54 per share in cash at closing, totaling $4.7 billion, plus a contingent value right of $6 per share (an additional $0.5 billion) upon US regulatory approval of EFX for compensated cirrhosis due to MASH.
- The acquisition enhances Novo Nordisk's portfolio with efruxifermin (EFX), Akero's FGF21 analogue, which is a potential first- and best-in-class treatment for metabolic dysfunction-associated steatohepatitis (MASH).
- EFX is currently in phase 3 development for MASH, including patients with compensated cirrhosis (F4), and has demonstrated significant fibrosis regression in phase 2 trials.
- The transaction is not expected to impact Novo Nordisk's 2025 operating profit outlook, but the 2025 free cash flow outlook will be negatively impacted by approximately $4 billion. Additionally, 2026 operating profit growth is anticipated to be negatively affected by around 3%-points due to increased research and development costs.
- The global insulin delivery devices market is forecast to expand from approximately $36 billion in 2024 to around $53 billion by 2032, exhibiting a compound annual growth rate (CAGR) of approximately 5% from 2025 to 2032.
- Novo Nordisk A/S is recognized as a leading company within the insulin delivery devices market.
- North America led the market with a 36% share in 2024 and is expected to experience the fastest growth.
- Key drivers for this market expansion include the rising incidence of diabetes, advancements in product technology, and a growing emphasis on home-based diabetes care.
- LifeMD, in collaboration with Novo Nordisk, announced an expanded offering providing access to Ozempic® (semaglutide) for $499 per month.
- This program targets eligible self-pay, uninsured, and under-insured patients with type 2 diabetes, aiming to increase affordability and access to FDA-approved GLP-1 therapies.
- The offering integrates LifeMD’s virtual care platform with NovoCare® Pharmacy, providing direct access to all FDA-approved dose strengths of Ozempic®.
- This initiative builds on LifeMD's existing partnership with Novo Nordisk for Wegovy® and is part of LifeMD's multi-partner strategy to expand access to branded therapies.
- Novo Nordisk re-merged its research and development organizations in August to enhance synergies and accelerate pipeline progression, maintaining a core strategic focus on diabetes and obesity and related comorbidities.
- The company reported new data for semaglutide showing 21% weight loss in obesity, with EU regulatory approval filed and US filing planned for Q4 2025. Oral semaglutide for obesity demonstrated 17% weight loss and is slated for US launch in Q1 2026.
- Key pipeline updates include upcoming readouts for CagriSema (type 2 diabetes) and Amiglutide (obesity, with phase 1 data showing 24.4% weight loss), alongside the initiation of phase 3 for Cagrilentide (offering 12% weight loss with fewer GI side effects).
- Novo Nordisk emphasized semaglutide's significant 26% cardiovascular risk reduction in diabetes, noting its numerical superiority compared to other GLP-1 therapies and that weight loss explains less than 30% of this benefit.
- The European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has approved an update to the Rybelsus® (oral semaglutide) label in the EU, making it the first and only oral GLP-1 RA with a proven cardiovascular benefit for type 2 diabetes.
- This approval is based on results from the SOUL clinical trial, which demonstrated a 14% reduction in cardiovascular death, heart attack, and stroke (MACE) versus placebo.
- New results from the SOUL trial, including a significant reduction in hospitalizations, are scheduled to be presented at the European Association for the Study of Diabetes (EASD) 2025 Annual Meeting this week.
- A decision is anticipated later this year in the US for a label extension for the cardiovascular indication for Rybelsus®, and a decision for an oral 25 mg semaglutide (Wegovy®) for chronic weight management in the US is expected at the turn of this year.
- A class action lawsuit has been filed against Novo Nordisk A/S (NVO) on behalf of investors who purchased securities between May 7, 2025, and July 28, 2025.
- The lawsuit alleges that Novo Nordisk made materially false and misleading statements and concealed adverse facts regarding its growth potential and ability to penetrate the GLP-1 market.
- This legal action follows Novo Nordisk's announcement on July 29, 2025, that it was lowering its sales and profit outlook for the second half of 2025, attributing it to the persistent use of compounded GLP-1s, slower-than-expected market expansion, and competition.
- Following this news, Novo Nordisk's stock price declined by approximately 21.83% on July 29, 2025, falling from $69.00 to $53.94 per share.
- Investors have until September 30, 2025, to apply to be appointed as lead plaintiff in the lawsuit.