Novo Nordisk (NYSE: NVO) running DKK 15bn share buyback plan

Rhea-AI Filing Summary

Novo Nordisk A/S reports progress on its ongoing share repurchase programme. The company plans to buy back up to DKK 15 billion of B shares over the 12‑month period beginning 4 February 2026, including a sub-programme of up to DKK 11,200,000,010.45 running from 6 May 2026 to 1 February 2027.

From 18–22 May 2026, Novo Nordisk repurchased B shares each day in blocks of 210,000 shares, bringing total purchases under the current programme to 2,289,849 B shares with a transaction value of DKK 670,560,306. As of 22 May 2026, the company has repurchased 17,049,028 B shares since 4 February 2026 at an average price of DKK 262.22, for a total of DKK 4,470,560,295.

Following these transactions, Novo Nordisk holds 34,234,329 B shares as treasury shares, equal to 0.8% of its share capital. Total A and B shares outstanding, including treasury shares, are 4,465,000,000.

Key Figures

Total buyback capacity: DKK 15 billion Sub-programme size: DKK 11,200,000,010.45 Shares bought under programme: 2,289,849 B shares +5 more

8 metrics

Total buyback capacity DKK 15 billion Overall share repurchase programme over 12 months from 4 Feb 2026

Sub-programme size DKK 11,200,000,010.45 B-share repurchases from 6 May 2026 to 1 Feb 2027

Shares bought under programme 2,289,849 B shares Accumulated under the specific programme as of 22 May 2026

Programme transaction value DKK 670,560,306 Value of accumulated purchases under the specific programme

2026 repurchases 17,049,028 B shares Total repurchased since 4 Feb 2026 as of 22 May 2026

Average repurchase price DKK 262.22 per B share Average price for 17,049,028 B shares since 4 Feb 2026

Treasury share holdings 34,234,329 B shares Treasury shares held, equal to 0.8% of share capital

Total shares outstanding 4,465,000,000 A and B shares Total share capital including treasury shares

Key Terms

share repurchase programme, treasury shares, Safe Harbour Rules, Regulation No 596/2014 (MAR), +1 more

5 terms

share repurchase programme financial

"Novo Nordisk initiated a share repurchase programme in accordance with Article 5"

A share repurchase programme is a company's plan to buy back its own shares from the market. This reduces the total number of shares available, which can increase the value of remaining shares and signal confidence in the company's health. For investors, it can indicate that the company believes its stock is undervalued and may lead to higher share prices.

treasury shares financial

"Novo Nordisk owns a total of 34,234,329 B shares of DKK 0.10 as treasury shares"

Treasury shares are a company’s own stock that it has repurchased and keeps on its books instead of canceling or leaving in the hands of outside investors. Think of them like coupons a business puts back in a drawer: they don’t vote or receive dividends while held, but they can be reissued later for employee pay or fundraising. For investors this matters because buybacks change the number of shares that count toward earnings and ownership, can boost per‑share metrics, and use corporate cash that might otherwise go to growth or dividends.

Safe Harbour Rules regulatory

"in accordance with ... the Commission Delegated Regulation (EU) 2016/1052 ... (the "Safe Harbour Rules")"

Regulation No 596/2014 (MAR) regulatory

"in accordance with Article 5 of Regulation No 596/2014 of the European Parliament ... (MAR)"

foreign private issuer regulatory

"REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16"

A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

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FAQ

What is Novo Nordisk (NVO) doing under its current share repurchase programme?

Novo Nordisk is buying back B shares under a programme of up to DKK 15 billion over 12 months from 4 February 2026. This includes a specific sub-programme of up to DKK 11,200,000,010.45 running from 6 May 2026 to 1 February 2027.

How many Novo Nordisk (NVO) shares have been repurchased so far in 2026?

As of 22 May 2026, Novo Nordisk has repurchased 17,049,028 B shares since 4 February 2026. These shares were bought at an average price of DKK 262.22 per B share, for a total value of DKK 4,470,560,295.

What buybacks did Novo Nordisk (NVO) complete between 18 and 22 May 2026?

Between 18–22 May 2026, Novo Nordisk repurchased 210,000 B shares each trading day. Transaction values ranged around DKK 59–61 million per day, bringing accumulated purchases under the specific programme to 2,289,849 B shares worth DKK 670,560,306.

How many treasury shares does Novo Nordisk (NVO) currently hold?

After the reported transactions, Novo Nordisk holds 34,234,329 B shares as treasury shares. This represents 0.8% of the company’s total share capital, out of combined A and B shares amounting to 4,465,000,000 including treasury shares.

What proportion of Novo Nordisk’s DKK 15 billion buyback has been used?

By 22 May 2026, Novo Nordisk has spent DKK 4,470,560,295 repurchasing B shares since 4 February 2026. This represents a substantial portion of the planned DKK 15 billion 12‑month share repurchase capacity.

On which exchanges are Novo Nordisk (NVO) shares listed?

Novo Nordisk’s B shares trade on Nasdaq Copenhagen under the symbol Novo‑B. The company also has American Depositary Receipts (ADRs) listed on the New York Stock Exchange under the ticker NVO, providing access for U.S.-based investors.

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

May 26, 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 A/S – Share repurchase programme

Bagsværd, Denmark, 26 May 2026 – On 6 May 2026, Novo Nordisk initiated a share repurchase programme in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules"). This programme is part of the overall share repurchase programme of up to DKK 15 billion to be executed during a 12-month period beginning 4 February 2026.

Under the programme initiated 6 May 2026, Novo Nordisk will repurchase B shares for an amount up to DKK 11,200,000,010.45 in the period from 6 May 2026 to 1 February 2027.

Since the announcement 18 March 2026, the following transactions have been made:

	Number of B shares	Average purchase price	Transaction value, DKK
Accumulated, last announcement	1,239,849		369,728,627
18 May 2026	210,000	289.34	60,762,004
19 May 2026	210,000	283.90	59,618,763
20 May 2026	210,000	287.04	60,278,526
21 May 2026	210,000	287.54	60,384,071
22 May 2026	210,000	284.71	59,788,315
Accumulated under the programme	2,289,849		670,560,306

The details for each transaction made under the share repurchase programme are published on novonordisk.com.

With the transactions stated above, Novo Nordisk owns a total of 34,234,329 B shares of DKK 0.10 as treasury shares, corresponding to 0.8% of the share capital. The total amount of A and B shares in the company is 4,465,000,000 including treasury shares.

Page 2 of 2

Novo Nordisk expects to repurchase B shares for an amount up to DKK 15 billion during a 12month period beginning 4 February 2026. As of 22 May 2026, Novo Nordisk has since 4 February 2026 repurchased a total 17,049,028 B shares at an average share price of DKK 262.22 per B share equal to a transaction value of DKK 4,470,560,295.

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 68,800 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. 

Contacts for further information

Media:
Ambre James-Brown		Liz Skrbkova (US)
+45 3079 9289		+1 609 917 0632
globalmedia@novonordisk.com		lzsk@novonordisk.com
Investors:
Michael Novod		Jacob Martin Wiborg Rode
+45 3075 6050		+45 3075 5956
nvno@novonordisk.com		jrde@novonordisk.com
Mads Berner Bruun		Sina Meyer
+45 3075 2936		+45 3079 6656
mbbz@novonordisk.com		azey@novonordisk.com
Alex Bruce		Christoffer Sho Togo Tullin
+45 34 44 26 13		+45 3079 1471
axeu@novonordisk.com		cftu@novonordisk.com
Frederik Taylor Pitter
+1 609 613 0568
fptr@novonordisk.com

Novo Nordisk A/S Investor Relations	Novo Allé 1 2880 Bagsværd Denmark	Telephone: +45 4444 8888	www.novonordisk.com CVR no: 24 25 67 90
			Company announcement No 35 / 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: May 26, 2026   NOVO NORDISK A/S   Maziar Mike Doustdar Chief Executive Officer