Novo-Nordisk A/S SEC Filings

Novo Nordisk A/S has reported several insider transactions by board and executive members under its Long Term Incentive programme, as required by market abuse regulations. Shares of Novo Nordisk B (ISIN DK0062498333) were transferred at a price of DKK 0.00 to multiple senior leaders, including Board member Liselotte Sofie Hyveled (1,085 shares) and President and CEO Maziar Mike Doustdar (28,049 shares).

Executives such as David Moore, Emil Kongshøj Larsen, Tania Sabroe, Martin Holst Lange, Thilde Hummel Bøgebjerg, Karsten Munk Knudsen, Kasper Bødker Mejlvang and Ludovic Helfgott also received share transfers ranging from 5,009 to 26,557 shares. In addition, David Moore sold 6,845 shares and Emil Kongshøj Larsen sold 3,645 shares on Nasdaq Copenhagen at DKK 304.72 per share to cover taxes related to these incentive share transfers.

Novo Nordisk A/S is launching its 2026 share repurchase programme of up to DKK 15 billion. As part of this, it has started a new buyback of up to DKK 3.8 billion to run from 4 February 2026 through 4 May 2026.

The company states the purpose is to reduce its share capital and meet obligations from share-based incentive programmes, with a maximum of 400,000,000 B shares of DKK 0.10 in total that can be purchased during the trading period. The programme relies on an existing repurchase authorisation granted at the 27 March 2025 Annual General Meeting and its continuation beyond 26 March 2026 will depend on renewed approval at the 2026 meeting.

The buyback will follow EU Market Abuse Regulation Article 5 and related Safe Harbour Rules, with Nordea Danmark acting as lead manager.

Novo Nordisk presents its 2025 annual report, highlighting continued expansion in obesity and diabetes care, large manufacturing investments and major portfolio moves. Obesity products Saxenda® and Wegovy® generated DKK 82,347 million in 2025, with Wegovy® alone reaching DKK 79,106 million. Ozempic® remained the top product with DKK 127,089 million in sales.

The company is investing tens of billions of DKK in new and expanded production facilities across Denmark, the US, France, China and Brazil to meet GLP‑1 demand. In December 2025 it acquired Akero Therapeutics for USD 4.7 billion plus a USD 0.5 billion contingent value right tied to US approval of efruxifermin for MASH.

Leadership changed as Maziar Mike Doustdar became CEO and the board was reshaped, while a global transformation cut about 9,000 jobs. The report also describes pricing pressure in the US, patent expiries, strong competition in GLP‑1s, and plans to recognise USD 4.2 billion of previously constrained US 340B revenue in early 2026.

Novo Nordisk A/S details 2025 board and executive pay, linking it clearly to slower financial performance and major leadership changes. Global sales grew 10.3% and operating profit 6.0% at constant exchange rates, while total shareholder return fell 46.4%.

Total executive remuneration was DKK 193.3 million, down 38% from 2024, mainly because short- and long‑term incentives paid out well below target. New CEO Maziar Mike Doustdar received DKK 20.7 million for 2025 (47% fixed, 53% variable), equivalent to DKK 34.6 million on an annualised basis, compared with DKK 57.1 million paid to the CEO in 2024. His short‑term incentive was set at 24.7% of the maximum.

Departing CEO Lars Fruergaard Jørgensen received DKK 22.2 million for his 2025 service plus contractual notice, severance and non‑competition payments totalling DKK 101.4 million. The 2023 long‑term incentive plan will pay out at 92% of maximum based on strong 2023–2024 growth, but its value fell with a 32.4% share price decline during the performance period.

Novo Nordisk A/S reported solid 2025 growth but signalled a tougher 2026. Net sales rose 6% in Danish kroner and 10% at constant exchange rates to DKK 309.1 billion, driven by obesity and GLP‑1 diabetes therapies. Operating profit was DKK 127.7 billion, up 6% at constant exchange rates but down 1% in Danish kroner after around DKK 8 billion of one‑off restructuring costs linked to a company‑wide transformation and integration of three former Catalent sites. Net profit increased 1% to DKK 102.4 billion, with diluted EPS up 2% to DKK 23.03.

Obesity and diabetes care sales reached DKK 289.5 billion, up 10% at constant exchange rates, as Wegovy® obesity sales climbed 41% at constant exchange rates to DKK 79.1 billion and total obesity care rose 31% at constant exchange rates to DKK 82.3 billion. GLP‑1 diabetes products grew 6% at constant exchange rates to DKK 152.2 billion, while rare disease sales increased 9% at constant exchange rates to DKK 19.6 billion. The US FDA approved once‑daily Wegovy® pill, launched in January 2026, which already generates about 50,000 weekly prescriptions.

For 2026, Novo Nordisk introduces adjusted non‑IFRS guidance that excludes a USD 4.2 billion reversal of 340B rebate provisions. Adjusted sales and adjusted operating profit are both expected to decline by 5–13% at constant exchange rates, as lower realised prices, the US “Most Favoured Nations” agreement, patent expiry for semaglutide in some international markets and rising competition more than offset volume growth. On an unadjusted basis, the mid‑point of sales and operating profit growth guidance would be about –1% and 11% at constant exchange rates. The company proposes a total 2025 dividend of DKK 11.70 per share, up 2.6%, and has approved a new share repurchase programme of up to DKK 15 billion.

Novo Nordisk reported 2025 results at constant exchange rates with sales up 10% and operating profit up 6%, in line with its earlier guidance ranges. In Q4 2025, sales declined 2% and operating profit fell 4% at constant exchange rates, reflecting a softer quarter.

For 2026, reported sales and operating profit will benefit from a USD 4.2 billion reversal of sales rebate provisions related to the US 340B Drug Pricing Program. To give a clearer view of underlying performance, Novo Nordisk is introducing new non-IFRS measures of adjusted sales and adjusted operating profit growth. For 2026, it guides for adjusted sales growth of -5% to -13% and adjusted operating profit growth of -5% to -13% at constant exchange rates, driven by its sales outlook and higher investments in R&D and commercial activities.

Novo Nordisk reported phase 3 REIMAGINE 2 results showing that once-weekly CagriSema provided stronger blood sugar control and weight loss than semaglutide in adults with type 2 diabetes. From a mean HbA1c of 8.2%, CagriSema 2.4 mg/2.4 mg reduced HbA1c by 1.91%-points after 68 weeks versus 1.76%-points with semaglutide 2.4 mg. From a mean body weight of 101 kg, CagriSema achieved 14.2% weight loss versus 10.2% with semaglutide, with 43% of participants losing at least 15% of body weight and 24% losing at least 20%. The therapy appeared to have a safe and well-tolerated profile with mainly mild to moderate gastrointestinal side effects. Novo Nordisk plans to discuss the regulatory pathway for CagriSema in type 2 diabetes with authorities, while a separate submission for weight management was already sent to the US FDA in December 2025.

Novo Nordisk reports that the US FDA has approved the once-daily Wegovy® pill, an oral semaglutide 25 mg tablet, as the first oral GLP-1 therapy for weight management. The pill is approved to reduce excess body weight, help maintain weight loss long term and reduce the risk of major adverse cardiovascular events such as death, heart attack or stroke in adults with known heart disease and either obesity or overweight. In the OASIS 4 phase 3b trial, adults with obesity or overweight with at least one comorbidity who adhered to treatment achieved a 16.6% mean weight loss, and about one in three achieved weight loss of 20% or more. The weight loss from the Wegovy® pill was similar to that of injectable Wegovy® 2.4 mg, and the safety profile was consistent with prior semaglutide trials. Novo Nordisk expects to launch the Wegovy® pill in the US in early January 2026 and has submitted the oral formulation for obesity to the European Medicines Agency and other regulators where approval is still pending.

Novo Nordisk A/S has reported insider dealing information in line with market abuse regulations. The company discloses that board member Stephan Engels purchased Novo Nordisk B shares on Nasdaq Copenhagen. He bought 6,450 shares at a price of DKK 312.50 per share, corresponding to an aggregated transaction value of DKK 2,015,625.00 on 17 November 2025. The report is made under Article 19 of EU Regulation No. 596/2014 on market abuse, which requires company insiders and their closely associated persons to notify transactions in the company’s shares.