Novo Nordisk lifts 2026 outlook after Q2 growth

Q: How fast did Novo Nordisk's (NVO) adjusted sales and profit grow in Q2 2026?

In Q2 2026, adjusted sales grew 7% at constant exchange rates and adjusted operating profit grew 11% at constant exchange rates. These growth rates exclude the non-recurring impact of provision reversals related to the US 340B Drug Pricing Program and certain impairment charges.

Q: How has Novo Nordisk (NVO) changed its 2026 adjusted sales and profit outlook?

Novo Nordisk now guides 2026 adjusted sales growth of 0% to -6% and adjusted operating profit growth of 0% to -6% at constant exchange rates. This outlook is improved from previous guidance of -4% to -12% for both metrics, indicating a less negative to flat growth expectation.

Q: What is driving the improved 2026 outlook for Novo Nordisk (NVO)?

The improved 2026 outlook is driven by higher expectations for GLP-1 product sales. Based on these expectations, Novo Nordisk raised its guidance ranges for both adjusted sales growth and adjusted operating profit growth to 0% to -6% at constant exchange rates.

Q: Which non-recurring items are excluded from Novo Nordisk's (NVO) adjusted figures?

Adjusted metrics exclude the non-recurring impact of provision reversals related to the US 340B Drug Pricing Program and DKK 6.3 billion of non-recurring, non-cash impairment charges in Q2 2026 on intangible pipeline assets, including monlunabant valued at DKK 4.0 billion.

Q: What were Novo Nordisk's (NVO) previous and current 2026 growth guidance ranges?

Previously, 2026 adjusted sales and operating profit growth were guided at -4% to -12% at constant exchange rates. As of 4 August 2026, both ranges were raised to 0% to -6%, reflecting a more favorable expected performance profile for the year.

Novo Nordisk reported Q2 2026 adjusted sales of DKK 78,488 million, up 7% at constant exchange rates (CER), and adjusted operating profit of DKK 33,389 million, up 11% at CER.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Novo Nordisk reported Q2 2026 adjusted sales of DKK 78,488 million, up 7% at constant exchange rates (CER), and adjusted operating profit of DKK 33,389 million, up 11% at CER. The adjusted figures exclude non-recurring provision reversals related to the US 340B Drug Pricing Program and exclude DKK 6.3 billion of non-recurring, non-cash impairment charges on intangible pipeline assets, including monlunabant.

For 2026, the company raised its full-year outlook at CER, now guiding adjusted sales growth of 0% to -6% and adjusted operating profit growth of 0% to -6%, an improvement from prior guidance of -4% to -12%. The higher guidance is driven by increased expectations for GLP-1 product sales.

Positive

2026 guidance raised: Adjusted sales and operating profit growth are now guided to 0% to -6% at CER, improved from -4% to -12%, reflecting higher expectations for GLP-1 product sales.

Negative

None.

Key Figures

Q2 2026 adjusted sales: DKK 78,488 million Q2 2026 adjusted operating profit: DKK 33,389 million Q2 2026 adjusted sales growth: 7% at CER +5 more

8 metrics

Q2 2026 adjusted sales DKK 78,488 million Q2 2026 adjusted sales at constant exchange rates

Q2 2026 adjusted operating profit DKK 33,389 million Q2 2026 adjusted operating profit at constant exchange rates

Q2 2026 adjusted sales growth 7% at CER Growth in adjusted sales in Q2 2026 at constant exchange rates

Q2 2026 adjusted operating profit growth 11% at CER Growth in adjusted operating profit in Q2 2026 at constant exchange rates

2026 adjusted sales growth outlook 0% to -6% at CER Full-year 2026 adjusted sales growth guidance as of 4 August 2026

2026 adjusted operating profit growth outlook 0% to -6% at CER Full-year 2026 adjusted operating profit growth guidance as of 4 August 2026

Impairment charges Q2 2026 DKK 6.3 billion Non-recurring, non-cash impairment charges on intangible pipeline assets in Q2 2026

Monlunabant impairment DKK 4.0 billion Portion of Q2 2026 impairment charges related to monlunabant

Key Terms

Constant exchange rates, 340B Drug Pricing Program, GLP-1 product sales, intangible pipeline assets, +1 more

5 terms

Constant exchange rates financial

"CER: Constant exchange rates definition for growth figures"

A way companies report results that removes the effect of changing currency rates so financial figures from different periods are comparable. Like using the same ruler to measure two things, it shows how sales or profits moved because of the business itself rather than because currencies got stronger or weaker, helping investors judge true operational growth and trends without foreign exchange noise.

340B Drug Pricing Program regulatory

"Provision reversals related to the 340B Drug Pricing Program in the US"

A federal program that lets eligible hospitals and clinics buy outpatient prescription drugs at significant discounts, similar to a store offering bulk-price deals to certain shoppers. It matters to investors because those discounts affect how much drugmakers can charge, influence hospitals’ medication costs and margins, and shape pricing and reimbursement dynamics across the healthcare market, which can change revenue and profit forecasts.

GLP-1 product sales medical

"Improved outlook driven by increased expectations for GLP-1 product sales"

intangible pipeline assets financial

"Impairment charges related to intangible pipeline assets, including monlunabant"

non-recurring, non-cash impairment charges financial

"Excl. DKK 6.3 billion non-recurring, non-cash impairment charges in Q2 2026"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Novo Nordisk's (NVO) Q2 2026 adjusted sales and operating profit?

Novo Nordisk reported Q2 2026 adjusted sales of DKK 78,488 million and adjusted operating profit of DKK 33,389 million. Both figures are at constant exchange rates and exclude specified non-recurring items, including US 340B provision reversals and impairment charges on intangible pipeline assets.

How fast did Novo Nordisk's (NVO) adjusted sales and profit grow in Q2 2026?

In Q2 2026, adjusted sales grew 7% at constant exchange rates and adjusted operating profit grew 11% at constant exchange rates. These growth rates exclude the non-recurring impact of provision reversals related to the US 340B Drug Pricing Program and certain impairment charges.

How has Novo Nordisk (NVO) changed its 2026 adjusted sales and profit outlook?

Novo Nordisk now guides 2026 adjusted sales growth of 0% to -6% and adjusted operating profit growth of 0% to -6% at constant exchange rates. This outlook is improved from previous guidance of -4% to -12% for both metrics, indicating a less negative to flat growth expectation.

What is driving the improved 2026 outlook for Novo Nordisk (NVO)?

The improved 2026 outlook is driven by higher expectations for GLP-1 product sales. Based on these expectations, Novo Nordisk raised its guidance ranges for both adjusted sales growth and adjusted operating profit growth to 0% to -6% at constant exchange rates.

Which non-recurring items are excluded from Novo Nordisk's (NVO) adjusted figures?

Adjusted metrics exclude the non-recurring impact of provision reversals related to the US 340B Drug Pricing Program and DKK 6.3 billion of non-recurring, non-cash impairment charges in Q2 2026 on intangible pipeline assets, including monlunabant valued at DKK 4.0 billion.

What were Novo Nordisk's (NVO) previous and current 2026 growth guidance ranges?

Previously, 2026 adjusted sales and operating profit growth were guided at -4% to -12% at constant exchange rates. As of 4 August 2026, both ranges were raised to 0% to -6%, reflecting a more favorable expected performance profile for the year.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Available on EDGAR 08/04/2026 - 01:40 PM Accepted by SEC EDGAR 08/04/2026 - 01:40 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

August 4, 2026

NOVO NORDISK A/S

(Exact name of Registrant as specified in its charter)

Novo Allé 1

DK- 2880, Bagsvaerd

Denmark

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F ☒

Form 40-F ☐

Novo Nordisk raises adjusted sales and adjusted operating profit outlook for 2026

Bagsværd, Denmark, 4 August 2026 – Novo Nordisk today announced adjusted sales and adjusted operating profit for the second quarter of 2026 and raised 2026 full-year adjusted sales and adjusted operating profit outlook at CER.

Adjusted sales and adjusted operating profit for the second quarter of 2026

Q2 2026 adjusted sales increased by 7% at CER, and adjusted operating profit increased by 11% at CER.

Profit and loss DKK million	Q2 2026		Growth at CER
Adjusted sales¹		78,488		7	%
Adjusted operating profit^{1, 2}		33,389		11	%

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)

2026 adjusted sales and adjusted operating profit outlook at CER

Adjusted sales growth for 2026 is now expected to be 0% to -6% at CER and adjusted operating profit growth is now expected to be 0% to -6% at CER. The improved outlook is driven by increased expectations for GLP-1 product sales.

Outlook 2026 (CER)	Full year expectations 4 August 2026	Full year expectations 6 May 2026
Adjusted sales growth	0% to -6%	-4% to -12%
Adjusted operating profit growth	0% to -6%	-4% to -12%

Note: On a non-adjusted basis, the mid-point of sales and operating profit growth guidance for 2026, both at CER, would be 5% and 12%, respectively.

Novo Nordisk’s full disclosure of the financial results for the first six months of 2026 will be published on 4 August 2026.

The above expectations are based on assumptions, including those described on pages 13 and 14 of the financial report for the first three months of 2026 (Company Announcement No 30/2026).

The forward-looking statements on page 23 in the financial report for the first three months of 2026 (Company Announcement No 30/2026) also apply to this company announcement.

Conference call

Novo Nordisk will host a conference call for investors at 13.00 CEST on 5 August 2026, corresponding to 7.00 am EDT. For more information on how to listen, please visit the investor section of 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, Instagram, X, LinkedIn and YouTube.

Publication of inside information pursuant to Market Abuse Regulation, Article 17.

Contacts for further information

Novo Nordisk Media
Ambre James-Brown	Liz Skrbkova (US)
+45 3079 9289	+1 609 917 0632
globalmedia@novonordisk.com	lzsk@novonordisk.com

Novo Nordisk Investors
Michael Novod	Sina Meyer
+45 3075 6050	+45 3079 6656
nvno@novonordisk.com	azey@novonordisk.com

Ida Schaap Melvold	Christoffer Togo Solgaard-Tullin
+45 3077 5649	+45 3079 1471
idmg@novonordisk.com	cftu@novonordisk.com

Alex Bruce	Mads Berner Bruun
+45 3444 2613	+45 3075 2936
axeu@novonordisk.com	mbbz@novonordisk.com

Frederik Taylor Pitter (US)
+1 609 613 0568
fptr@novonordisk.com

Novo Nordisk A/S

Investor Relations

Novo Allé

2880 Bagsværd

Denmark

Telephone:

+45 4444 8888

Internet:
www.novonordisk.com
CVR no:
24 25 67 90

Company announcement No 47 / 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.

Date: August 4, 2026

NOVO NORDISK A/S

Maziar Mike Doustdar

Chief Executive Officer

Source: View Original Filing on SEC EDGAR