Novo Nordisk reports adjusted operating profit of DKK 33,389 million for Q2 2026 and raises full-year outlook
Rhea-AI Summary
Novo Nordisk (NYSE:NVO) reported Q2 2026 net sales of DKK 78,488 million, up 3% at constant exchange rates (CER), while reported operating profit fell 16% at CER to DKK 27,061 million, impacted by prior-year US 340B rebate provision reversals and DKK 6.3 billion non-cash impairments to intangible pipeline assets, including DKK 4.0 billion for monlunabant.
Q2 2026 adjusted sales rose 7% at CER and adjusted operating profit increased 11% at CER to DKK 33,389 million, driven by GLP-1 volume growth and favourable US rebate adjustments. Wegovy pill has surpassed 5 million prescriptions in the US, with weekly prescriptions above 265,000, and has launched in the UAE and UK. EMA approved Wegovy 7.2 mg pen and Wegovy pill based on data showing up to 20.7% and 16.6% mean weight loss, respectively. The ZEUS phase 3 trial with ziltivekimab did not meet its primary endpoint. Full-year 2026 adjusted sales and adjusted operating profit growth are now guided to 0% to -6% at CER.
Positive
- Q2 2026 adjusted sales DKK 78,488 million, +7% at CER
- Q2 2026 adjusted operating profit DKK 33,389 million, +11% at CER
- H1 2026 reported operating profit DKK 86,679 million, +27% at CER
- Wegovy pill US uptake over 5 million prescriptions and 265,000 weekly scripts
- EMA approvals for Wegovy 7.2 mg pen and Wegovy pill with up to 20.7% and 16.6% mean weight loss
- 2026 guidance raised for adjusted sales and adjusted operating profit to growth of 0% to -6% at CER
Negative
- Q2 2026 reported operating profit down 16% at CER to DKK 27,061 million
- Non-cash impairments DKK 6.3 billion on intangible pipeline assets, including DKK 4.0 billion for monlunabant
- H1 2026 adjusted operating profit DKK 66,247 million, down 5% in DKK and up only 2% at CER
- ZEUS phase 3 trial with ziltivekimab did not meet the primary endpoint
- 2026 adjusted sales and operating profit outlook implies between flat and 6% decline at CER
News Market Reaction – NVO
In the Aug 4 session, NVO declined 5.97%, reflecting a notable negative market reaction. Argus tracked a trough of -10.9% from its starting point during tracking. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 4.3x the daily average, suggesting heavy selling pressure.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Bagsværd, 4 August 2026 - Financial report for the period 1 January 2026 to 30 June 2026
Financial performance
- Q2 2026 reported sales increased by
3% at CER, with growth negatively impacted by a DKK 2.6 billion rebate provision reversal related to the 340B Drug Pricing Program in the US in Q2 2025. - Q2 2026 adjusted sales increased by
7% at CER, driven by GLP-1 volume growth across geographies and favourable US rebate adjustments in the quarter. - Q2 2026 reported operating profit decreased by
16% at CER, with growth negatively impacted by the US 340B rebate provision reversal in Q2 2025 as well as non-cash impairment charges of DKK 6.3 billion in Q2 2026 related to intangible pipeline assets, including monlunabant (DKK 4.0 billion). - Q2 2026 adjusted operating profit increased by
11% at CER.
Commercial highlights
- Wegovy® pill continues its uptake in the US, and for the week ending 17 July, total weekly prescriptions exceeded 265,000. Measured by new patient starts, the Wegovy® franchise remains the market leader among branded obesity medications in the US.
- Wegovy® pill was launched in the UAE in June and in the UK in July, with encouraging early uptake observed. In the coming quarters, additional Wegovy® pill launches in other select markets are planned.
- Wegovy® HD was launched in the US in April, and Wegovy® 7.2 mg single-dose pen in the UK in June. The roll-out of Wegovy® 7.2 mg single-dose pen across the EU is planned in the second half of 2026.
Pipeline progress
- Within obesity, Wegovy® 7.2 mg single-dose pen received EMA approval in July based on the STEP UP data providing up to
20.7% mean weight loss. - Also within obesity, Wegovy® pill received EMA approval in July based on the OASIS 4 data providing up to
16.6% mean weight loss. - In cardiovascular disease, the ZEUS phase 3 trial with ziltivekimab did not meet the primary endpoint.
Outlook
- Adjusted sales growth for 2026 is now expected to be
0% to -6% at CER and adjusted operating profit growth is now expected to be0% to -6% at CER. The improved outlook is driven by increased expectations for GLP-1 product sales.
| PROFIT AND LOSS DKK million | Q2 2026 | Growth in DKK | Growth at CER | H1 2026 | Growth in DKK | Growth at CER |
| Net sales | 78,488 | | | 175,311 | | |
| Operating profit | 27,061 | ( | ( | 86,679 | | |
| Adjusted net sales1 | 78,488 | | | 148,551 | ( | |
| Adjusted operating profit1,2 | 33,389 | | | 66,247 | ( | |
| CER: Constant exchange rates; 1Adjusted sales and adjusted operating profit growth rates exclude the non-recurring impact from the provision reversals related to the 340B Drug Pricing Program in the US. 2Excl. DKK 6.3 billion non-recurring, non-cash impairment charges in Q2 2026 related to intangible pipeline assets, including monlunabant (DKK 4.0 billion).. Further details provided in Appendix 7 | ||||||
“The Wegovy® product portfolio remains a key growth driver for Novo Nordisk in 2026, led by the continued rapid adoption of Wegovy® pill in the US, which has reached more than 5 million prescriptions since its launch, alongside encouraging early uptake in markets outside the US and the rollout of Wegovy® HD (7.2 mg). The increased US GLP-1 momentum, combined with continued growth and new launches in International Operations, has led us to further raise our 2026 guidance for both adjusted sales and adjusted operating profit,” said Mike Doustdar, president and CEO of Novo Nordisk.
On 5 August 2026 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under 'Investors' (the contents of the company's website do not form a part of this Form 6-K)
About Novo Nordisk
Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 66,700 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.
| Contacts for further information | |
| Media: | |
| Ambre James-Brown +45 3079 9289 globalmedia@novonordisk.com | Liz Skrbkova (US) +1 609 917 0632 usmediarelations@novonordisk.com |
| Investors: | |
| Michael Novod +45 3075 6050 nvno@novonordisk.com | Sina Meyer +45 3079 6656 azey@novonordisk.com |
| Alex Bruce +45 3444 2613 axeu@novonordisk.com | Ida Schaap Melvold +45 3077 5649 idmg@novonordisk.com |
| Christoffer Togo Solgaard-Tullin +45 3079 1471 cftu@novonordisk.com | Mads Berner Bruun +45 3075 2936 mbbz@novonordisk.com |
| Frederik Taylor Pitter (US) +1 609 613 0568 fptr@novonordisk.com |
About Novo Nordisk
Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 66,700 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.
| Contacts for further information | |
| Media: | |
| Ambre James-Brown +45 3079 9289 globalmedia@novonordisk.com | Liz Skrbkova (US) +1 609 917 0632 usmediarelations@novonordisk.com |
| Investors: | |
| Michael Novod +45 3075 6050 nvno@novonordisk.com | Sina Meyer +45 3079 6656 azey@novonordisk.com |
| Alex Bruce +45 3444 2613 axeu@novonordisk.com | Ida Schaap Melvold +45 3077 5649 idmg@novonordisk.com |
| Christoffer Togo Solgaard-Tullin +45 3079 1471 cftu@novonordisk.com | Mads Berner Bruun +45 3075 2936 mbbz@novonordisk.com |
| Frederik Taylor Pitter (US) +1 609 613 0568 fptr@novonordisk.com |
Company announcement No 48 / 2026
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