NOVO NORDISK A S (NVO) Company Report

Analyst Coverage

Research analysts who have asked questions during NOVO NORDISK A S earnings calls.

Peter Verdult

Citigroup Inc.

7 questions for NVO

Also covers: AZN, EVO, GMAB +4 more

James Quigley

Goldman Sachs

6 questions for NVO

Also covers: EVO, NVS, SNY +1 more

Sachin Jain

Bank of America

6 questions for NVO

Also covers: AZN, GMAB, GSK +2 more

Michael Nedelcovych

TD Cowen

5 questions for NVO

Also covers: BHC, CHRS, MOLN +4 more

Richard Vosser

JPMorgan Chase & Co.

5 questions for NVO

Also covers: ARGX, AZN, MOLN +2 more

Harry Sephton

UBS

4 questions for NVO

Also covers: NVS

Martin Parkhoi

SEB

4 questions for NVO

Also covers: GNNDY

Emmanuel Papadakis

Deutsche Bank

3 questions for NVO

Also covers: AZN, NVS, SNY

Jo Walton

UBS

3 questions for NVO

Also covers: AZN, GSK, NVS +1 more

Simon Baker

Redburn Atlantic

3 questions for NVO

Also covers: AUTL, AZN, BNTX +5 more

Callum Morris

Berenberg

2 questions for NVO

Carsten Lomberg Madsen

Danske Bank

2 questions for NVO

Evan Seigerman

BMO Capital Markets

2 questions for NVO

Also covers: ABBV, AMGN, ARVN +15 more

Florent Cespedes

Bernstein

2 questions for NVO

Also covers: NVS, SNY

Michael Leuchten

Jefferies

2 questions for NVO

Also covers: AZN, GSK, NVS +1 more

Richard Foster

JPMorgan Chase & Co.

2 questions for NVO

Also covers: NVS

Thibault Boutherin

Morgan Stanley

2 questions for NVO

Also covers: ALVO, EVO, GRFS +2 more

Yihan Li

Barclays

2 questions for NVO

Also covers: NBTX

Emily Field

Barclays

1 question for NVO

Also covers: AZN, GMAB, GSK +2 more

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

Also covers: ZLDPF

Peter Welford

Jefferies

1 question for NVO

Also covers: AZN, GSK, NVS +1 more

Rajesh Kumar

HSBC

1 question for NVO

Also covers: AZN, BZLFY, LLY +2 more

Richard Parkes

BNP Paribas Exane

1 question for NVO

Also covers: AZN, GSK, NVS

Latest news

Recent press releases and 8-K filings for NVO.

Novo Nordisk Announces 2025 Financial Results and 2026 Guidance

NVO

Earnings

Guidance Update

Product Launch

Novo Nordisk reported sales of DKK 309.1 billion in 2025, an increase of 6% in Danish kroner and 10% at constant exchange rates (CER), while operating profit decreased by 1% in DKK but increased by 6% at CER to DKK 127.7 billion.
Sales growth was significantly driven by Obesity care, which grew 26% in DKK (31% at CER) to DKK 82 billion in 2025, and the US FDA approved the oral Wegovy® pill on December 22, 2025, which launched on January 5, 2026.
For 2026, the company expects adjusted sales growth of -5% to -13% at CER and adjusted operating profit growth of -5% to -13% at CER, influenced by lower realized prices and competition, but positively impacted by a USD 4.2 billion reversal of sales rebate provisions related to the 340B Drug Pricing Program.
The Board of Directors will propose a final dividend of DKK 7.95 per share for 2025, bringing the total dividend for 2025 to DKK 11.70 per share, and has initiated a new share repurchase program of up to DKK 15 billion.

6 hours ago

6-K

Novo Nordisk Releases 2025 Performance and 2026 Outlook

NVO

Guidance Update

Accounting Changes

For 2025, Novo Nordisk reported a 10% increase in sales and a 6% increase in operating profit at constant exchange rates (CER).
The company's 2026 outlook projects adjusted sales growth and adjusted operating profit growth to be between -5% and -13% at CER.
This outlook is significantly influenced by a USD 4.2 billion reversal of sales rebate provisions related to the 340B Drug Pricing Program, which is excluded from the adjusted figures.
Key factors for 2026 include continued global GLP-1 market expansion and volume growth, offset by lower realized prices due to the MFN agreement in the US and loss of semaglutide exclusivity in certain markets.

6 hours ago

6-K

Novo Nordisk Reports 2025 Financial Results and Provides 2026 Outlook

NVO

Earnings

Guidance Update

Product Launch

Novo Nordisk reported DKK 309.064 billion in sales for 2025, an increase of 10% at constant exchange rates (CER), and an operating profit of DKK 127.658 billion, up 6% at CER.
The company launched the Wegovy® pill in the US on January 5, 2026, following FDA approval on December 22, 2025, with weekly prescriptions reaching approximately 50,000 by January 23, 2026.
For 2026, adjusted sales growth and adjusted operating profit growth are expected to be between -5% and -13% at CER, influenced by lower realized prices, patent expiry, and competition.
A final dividend of DKK 7.95 per share for 2025 was proposed, bringing the total expected dividend to DKK 11.70, and a new share repurchase programme of up to DKK 15 billion was initiated.

6 hours ago

Press Release

Novo Nordisk Announces 2025 Performance and 2026 Outlook

NVO

Guidance Update

Accounting Changes

Demand Weakening

Novo Nordisk reported 10% sales growth and 6% operating profit growth at constant exchange rates (CER) for 2025.
For 2026, the company expects adjusted sales growth and adjusted operating profit growth to be between -5% to -13% at CER.
The 2026 outlook is significantly impacted by a reversal of sales rebate provisions of USD 4.2 billion related to the 340B Drug Pricing Program, which is excluded from the adjusted figures. On a non-adjusted basis, the mid-point guidance for 2026 sales growth would be -1% and operating profit growth 11% at CER.
The 2026 outlook reflects continued global GLP-1 market expansion but is countered by lower realised prices due to the MFN agreement in the US, loss of semaglutide exclusivity in some markets, and intensifying competition.

7 hours ago

Press Release

Novo Nordisk announces positive Phase 3 REIMAGINE 2 trial results for CagriSema

NVO

Product Launch

New Projects/Investments

Novo Nordisk announced positive headline results from the Phase 3 REIMAGINE 2 trial for CagriSema, a fixed-dose combination therapy for type 2 diabetes.
In the trial, CagriSema demonstrated superior HbA1c reduction of 1.91%-points and superior weight loss of 14.2% after 68 weeks, outperforming semaglutide.
The treatment also showed a safe and well-tolerated profile, with common adverse events being mild to moderate gastrointestinal issues.
Novo Nordisk will engage with authorities to discuss the regulatory pathway for CagriSema in type 2 diabetes, building on these results.

1 day ago

6-K

Novo Nordisk announces positive Phase 3 REIMAGINE 2 trial results for CagriSema

NVO

Product Launch

New Projects/Investments

Novo Nordisk announced positive headline results from the REIMAGINE 2 phase 3 trial for CagriSema in adults with type 2 diabetes.
CagriSema 2.4 mg/2.4 mg demonstrated superior HbA1c reduction of 1.91%-points and superior weight loss of 14.2% after 68 weeks compared to semaglutide 2.4 mg.
A significant proportion of participants achieved substantial weight loss, with 43% achieving ≥15% and 24% achieving ≥20% weight loss.
The company will engage with authorities to discuss the regulatory pathway for CagriSema in type 2 diabetes, following the December 2025 US FDA submission for weight management.

1 day ago

Press Release

Novo Nordisk Collaborates with Sesame for Wegovy® Pill Launch

NVO

Product Launch

New Projects/Investments

Novo Nordisk is collaborating with Sesame, a cash-pay healthcare platform, for the nationwide launch of the Wegovy® pill.
The Wegovy® pill is the first and only FDA-approved oral GLP-1 weight loss medication, offering a convenient new option for obesity medicine.
This partnership aims to provide affordable access to the Wegovy® pill through Sesame's direct-to-patient model, which offers transparent pricing by removing insurance carriers and middlemen.
Sesame's comprehensive weight loss program starts at $99/month, with medication costs for Wegovy® pill and pen beginning at $25/month for commercially insured patients or $149/month for self-pay patients.

Jan 22, 2026, 2:00 PM

Press Release

Novo Nordisk Expands Diabetes Cell-Therapy Partnership with Aspect Biosystems

NVO

New Projects/Investments

Novo Nordisk and Vancouver-based Aspect Biosystems have expanded their partnership to accelerate the development of advanced cell-based therapies for diabetes, aiming for clinical development and potentially curative treatments.
Under the agreement, Aspect Biosystems acquired rights to Novo's stem cell-derived islet cell and hypoimmune cell engineering technologies and will lead development, manufacturing, and commercialization.
Novo Nordisk will make an additional equity investment in Aspect and provide research funding, while being eligible for royalties and milestone payments.
The original 2023 agreement included an upfront payment of US$75 million from Novo Nordisk and potential milestone payments of up to US$2.6 billion for up to four products.

Jan 20, 2026, 2:51 PM

Morningstar

Novo Nordisk and Aspect Biosystems Enter New Phase of Partnership for Diabetes Therapies

NVO

New Projects/Investments

M&A

Novo Nordisk and Aspect Biosystems have entered a new phase of their partnership to develop advanced cellular medicines for diabetes.
Aspect Biosystems has acquired rights to stem cell-derived islet cell and hypoimmune cell engineering technologies from Novo Nordisk and will lead the development, manufacturing, and commercialization of these therapies.
Novo Nordisk will make an additional equity investment in Aspect and provide research funding, and will be eligible to receive royalties and milestone payments on future product sales.
The partnership includes the strategic integration of select Novo Nordisk cell therapy research, development, and manufacturing capabilities from the US and Denmark into Aspect's platform.

Jan 20, 2026, 1:30 PM

Press Release

Novo Nordisk Shares Surge Following Oral Wegovy Launch and Higher Dose Approval

NVO

Product Launch

Revenue Acceleration/Inflection

CEO Change

Novo Nordisk's shares rose sharply after the U.S. launch of its oral Wegovy pill on January 5, with early prescription data showing 3,100–4,290 prescriptions in the first week, exceeding early Zepbound launch numbers.
Analysts characterized the oral Wegovy rollout as a "solid start", but noted that more data is required to establish sustained demand, and future competition from Eli Lilly's oral candidate along with dosing instructions could affect adoption.
The U.K. Medicines and Healthcare Products Regulatory Agency approved a higher weekly dose of the Wegovy injection, up to 7.2 mg, which could increase revenue per patient.
Novo Nordisk shares jumped nearly 8% on the NYSE, reaching levels last seen in October, with the company now operating under a new chief executive.