Financial report for the period 1 January 2026 to 31 March 2026
6 May 2026
Novo Nordisk's adjusted operating profit reached DKK 32,858 million in Q1 2026
Financial performance
• Q1 2026 reported sales increased by 32% at CER, positively impacted by a provision reversal related to the 340B Drug
Pricing Program in the US.
• Q1 2026 adjusted sales, excluding the 340B provision reversal, decreased by 4% at CER, driven by lower realised prices,
partly offset by GLP-1 volume growth across geographies. Q1 2026 adjusted Obesity care sales increased by 22% at CER.
• US Operations adjusted sales decreased by 11% at CER in Q1 2026, driven by lower realised prices, partly offset by volume
growth across the Wegovy
®
product portfolio.
• International Operations sales increased by 6% at CER in Q1 2026, driven by higher volumes.
• Q1 2026 adjusted operating profit decreased by 6% at CER while reported operating profit increased by 65% at CER, driven
by a provision reversal related to the 340B Drug Pricing Program in the US.
Commercial highlights
• Wegovy
®
pill was launched in the US on 5 January 2026, and for the week ending 17 April, total weekly prescriptions
exceeded 200,000. Coupled with total prescriptions for Q1 2026 of around 1.3 million and now more than 2 million since
launch, it marks the strongest-ever GLP-1 volume launch in the US. Q1 2026 sales for Wegovy
®
pill reached DKK 2,256
million, impacted by pre-launch pipeline fill with wholesalers and telehealth partners.
• Pending regulatory decisions, the first Wegovy
®
pill launches outside the US are expected during the second half of 2026.
Pipeline progress
• Within obesity, Wegovy
®
HD (injectable semaglutide 7.2 mg) was approved by the FDA in March and subsequently launched
in the US on 7 April. In the STEP UP trial, Wegovy
®
HD provided 20.7% mean weight loss.
• Within obesity, the zenagamtide AMAZE phase 3 programme was initiated.
• Within diabetes, Awiqli
®
, the first-ever once-weekly basal insulin for type 2 diabetes, was approved by the FDA.
• In sickle cell disease, etavopivat successfully met both co-primary endpoints in the HIBISCUS phase 3 trial.
Outlook
• The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales.
• Adjusted sales growth for 2026, which excludes the 340B provision reversal, is now expected to be -4 to -12% at CER.
• Adjusted operating profit growth, also excluding the 340B provision reversal, is now expected to be -4 to -12% at CER.
PROFIT AND LOSS
DKK million
Q1 2026
Growth
in DKK
Growth
at CER
Net sales 96,823 24% 32%
Operating profit 59,618 54% 65%
Adjusted net sales
1
70,063 (10%) (4%)
Adjusted operating profit
1
32,858 (15%) (6%)
CER: Constant exchange rates;
1
Excl. USD 4.2 billion non-recurring impact from a provision reversal related to the 340B Drug Pricing Program in the US. Further details in Appendix 7
“Wegovy
®
is driving a strong start to 2026 for Novo Nordisk, led by the rapid adoption of Wegovy
®
pill - the most efficacious
GLP-1 tablet now used by more than one million patients since its January launch. As the global momentum behind peptide-
based therapies accelerates, Wegovy
®
pill is defining a novel category as the only oral peptide for the treatment of obesity,
setting a new benchmark for what patients and physicians can expect. The strong Wegovy
®
performance, combined with
continued growth in International Operations, has led us to raise our 2026 guidance for both adjusted sales and adjusted
operating profit,” said Mike Doustdar, president and CEO of Novo Nordisk. “During the quarter, we also secured multiple
approvals for Wegovy
®
HD, strengthening the Wegovy
®
portfolio, and enabling patients to achieve nearly 21% weight loss.”
On 6 May 2026 at 13.00 CEST, corresponding to 07.00 am EST, 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).
Investor Relations
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
Company announcement No 30 / 2026
STRATEGIC MILESTONES
Novo Nordisk continues to report and track progress across below key dimensions of the Novo Nordisk business.
Performance highlights for the first three months of 2026:
HIGHLIGHTS
Commercial execution: drive competitiveness
– Medical treatment provided to:
– 41.2 million people living with diabetes
– 4.1 million people living with obesity
– Total Wegovy
®
scripts (TRx) in the US for the week ending 17
April of around 475,000
– including more than 200,000 weekly TRx for Wegovy
®
pill,
with best-in-class GLP-1 volume launch and now more than
2 million TRx since launch.
– Adjusted Obesity care sales growth of 22% at CER
– Wegovy
®
HD approved and launched in the US
– Wegovy 7.2 mg approved in the UK in single-dose device
– Wegovy 7.2 mg approved in the EU with the single-dose
device approval expected around summer
– Wegovy
®
launched in more than 55 countries
Financials: focus investments and deliver returns
– Adjusted sales growth of -4% at CER
– Adjusted operating profit growth of -6% at CER
– Strategic investments in key therapy areas via:
– DKK 10.3 billion in R&D
– DKK 12.1 billion in commercial investments
– DKK 37.7 billion returned to shareholders via:
– DKK 35.3 billion in dividends
– DKK 2.4 billion in share repurchases
Research & Development: progress early and late-stage pipeline
Obesity&:
– ACSL5i phase 1 trial initiated
– UBT251 phase 2 trial in China successfully completed
– Zenagamtide AMAZE phase 3 programme initiated
– Wegovy
®
HD (7.2 mg injectable) approved in the US, UK and EU
Diabetes&:
– UBT251 phase 2 trial in China successfully completed
– Awiqli
®
approved in the US
Rare Disease:
– Etavopivat HIBISCUS phase 3 trial completed, successfully
meeting both co-primary endpoints
– Alhemo
®
paediatric US submission
Financial report for the period 1 January 2026 to 31 March 2026 Page 2 of 33
Strategic
milestones
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS Q1 2026
Growth
in DKK
Growth
at CER
(Amounts are in DKK million, except for earnings per share)
Net sales
96,823 24% 32%
Adjusted net sales
1
70,063 (10%) (4%)
Adjusted sales per therapy area
Total Obesity care
20,912
14% 22%
Total Diabetes care
44,936
(18%) (12%)
Obesity and Diabetes care total
65,848
(10%) (4%)
Rare disease total
4,215
(9%) (2%)
Adjusted sales for key brands:
Wegovy
®
injectable
18,235
5% 12%
Wegovy
®
pill
2,256
N/A N/A
Ozempic
®
27,825
(15%) (8%)
Rybelsus
®
4,572
(20%) (15%)
Gross profit
83,225 28% 36%
Gross margin 85.9 %
Operating profit (EBIT)
59,618 54% 65%
Operating margin 61.6 %
Adjusted gross profit
1
56,465 (13%) (6%)
Adjusted gross margin 80.6 %
Adjusted operating profit (EBIT)
1
32,858 (15%) (6%)
Adjusted operating margin 46.9 %
Net profit
48,557 67% N/A
Adjusted net profit
1
29,479 (3%) N/A
OTHER KEY NUMBERS
Capital expenditure (PP&E)
11,311
(16%) N/A
Free cash flow
1,2
12,773
13% N/A
EBITDA
1
63,154
48% 59%
Diluted earnings per share / ADR (in DKK)
10.91
67% N/A
Adjusted diluted earnings per share/ADR (in DKK)
1
6.63
(3%) N/A
1)
See appendix 7: Non-IFRS financial measures (additional information).
2)
Effective Q1 2026, the definition of Free Cash Flow has been updated and comparative figures have been restated accordingly. See Appendix 7 Non‑IFRS financial measures
(additional information) for the revised definition.
These unaudited condensed consolidated financial statements included in appendices 1 - 4 for the first three months of
2026 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU and additional
Danish disclosure requirements for interim financial reporting of listed companies. The accounting policies adopted in the
preparation are consistent with those applied in the Annual Report 2025 of Novo Nordisk, except from the changes in
presentation described in note 1 to Appendix 2.
Financial report for the period 1 January 2026 to 31 March 2026 Page 3 of 33
Strategic
milestones
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
COMMERCIAL EXECUTION
REPORTED SALES
Reported sales in Q1 2026 are positively impacted by reversal of a sales rebate provision of USD 4.2 billion (DKK 26.8 billion)
related to the 340B Drug Pricing Program in the US. The reversal of the provision has no cash impact. More information can be
found in Appendix 6 and Appendix 7.
Reported sales in Q1 2026 increased by 24% measured in Danish kroner and by 32% at CER, driven by the 340B provision
reversal. US Operations reported sales in Q1 2026 increased by 40% measured in Danish kroner and by 51% at CER, also
driven by the reversal of the 340B provision. International Operations reported sales in Q1 2026 increased by 3%
measured in Danish kroner and by 6% at CER, driven by higher volumes.
Reported sales
DKK million Q1 2026
Growth in
DKK
Growth
at CER
Reported sales per geographical area
US Operations
62,145
40%
51%
International Operations
34,678
3%
6%
Total sales 96,823 24% 32%
Reported sales split per therapy
Obesity care
23,343
27%
35%
Diabetes care
68,019
24%
31%
Obesity and Diabetes care total
91,362
24%
32%
Rare disease
5,461
18%
26%
Total sales 96,823 24% 32%
ADJUSTED SALES
To enhance transparency and comparability of underlying sales performance, the sections under commercial execution exclude
the exceptional and non-recurring reversal of the sales rebate provision of USD 4.2 billion related to the 340B Drug Pricing
Program in the US, and growth rates are in CER, unless otherwise noted. No adjustments related to the reversal of the 340B
provision reversal occurred in Q1 2025. Reconciliation to reported sales (IFRS) can be found in Appendix 6. Definition of CER can
be found in Appendix 7.
Adjusted sales declined by 4% at CER to DKK 70,063 million in Q1 2026, primarily reflecting lower realised prices for the
quarter, partly offset by volume growth. Total Obesity care sales increased by 22% at CER.
US OPERATIONS AND INTERNATIONAL OPERATIONS
Adjusted sales per geographical area
DKK million Q1 2026
Growth in
DKK
Growth
at CER
US Operations
35,385
(20%)
(11%)
International Operations
34,678
3%
6%
- EUCAN
17,918
21%
23%
- Emerging Markets
6,861
(22%)
(18%)
- APAC
5,125
12%
22%
- Region China
4,774
(15%)
(10%)
Total adjusted sales 70,063 (10%) (4%)
US Operations
Adjusted sales development
Q1 2026 sales decreased by 11% at CER, reflecting lower realised prices, partly offset by volume growth, primarily driven by
GLP-1 in obesity. The reduction in sales is mainly driven by GLP-1 diabetes declining by 16% at CER, driven by lower
volumes and lower realised prices for Ozempic
®
and Rybelsus
®
as well as insulin. Obesity care sales increased by 9% at
Financial report for the period 1 January 2026 to 31 March 2026 Page 4 of 33
Strategic
milestones
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
CER, driven by volume growth, partly offset by lower realised prices. Total GLP-1 sales decreased by 8% at CER. Insulin
sales decreased by 36% at CER, impacted by lower realised prices and volumes in the quarter. Finally, Rare Disease sales
decreased by 16% at CER, impacted by de-stocking in the quarter due to wholesaler buying patterns at the end of 2025.
Commercial update
In November 2025, Novo Nordisk agreed with the US Administration to expand access to GLP-1s and lower costs. Under
the "Most Favoured Nations" (MFN) agreement, semaglutide medicines, including Wegovy
®
and Ozempic
®
, will have
broader access and better affordability through Medicare Part D, Medicaid and direct-to-patient self-pay. Medicare Part D
coverage for obesity medicines is planned through a pilot covering a majority of beneficiaries, with implementation
expected to start 1 July 2026.
On 5 January, Novo Nordisk launched Wegovy
®
pill in the US, the first oral GLP-1 for weight loss. Wegovy
®
pill is available at
over 70,000 pharmacies, including NovoCare
®
Pharmacy, and through nine telehealth organisations. For the week ending
17 April 2026, total weekly prescriptions exceeded 200,000, mainly driven by GLP-1-naïve patient uptake and the 1.5 mg
and 4 mg doses in the self-pay channel. Total prescriptions for Wegovy
®
pill in Q1 2026 reached around 1.3 million, and
total prescriptions since launch now exceed 2 million, making it the strongest-ever GLP-1 volume launch in the US. Self-pay
prices range from USD 149–299 per month by dose. Commercial formulary access is progressing and external data
providers are still expected to gradually improve their capture rate of prescriptions across channels during the coming
quarters.
On 19 March, FDA approved Wegovy
®
HD (semaglutide 7.2 mg injection) in the US for adults living with obesity. According
to clinical trial data, Wegovy
®
HD provides 20.7% mean weight loss, if taken as intended – the highest efficacy
demonstrated for Wegovy
®
to date. This marks the latest approval for Wegovy
®
, further expanding its already robust data
package. The approval of Wegovy
®
HD was secured with expedited speed under the Commissioner’s National Priority
Voucher pilot programme, for products addressing critical US national health priorities. Novo Nordisk launched Wegovy
®
HD nationwide in the US on 7 April across all channels, including more than 70,000 pharmacies, telehealth providers,
NovoCare
®
Pharmacy and others. The three largest Pharmacy Benefit Managers (PBMs) have added Wegovy
®
HD to
respective standard formularies as a line extension.
Total weekly prescriptions for injectable Wegovy
®
in the US amounted to around 270,000 for the week ending 17 April
2026, of which around 100,000 were filled in the self-pay channel via retail and NovoCare
®
Pharmacy (including telehealth
organisations). Novo Nordisk continues to invest in expanding direct-to-patient initiatives such as NovoCare
®
Pharmacy
and further collaborations with telehealth providers initiated during the fourth quarter of 2025 and the first quarter of
2026. Available 31 March, through Ro, WeightWatchers and LifeMD, with Hims & Hers, Sesame and other telehealth
providers expected to come online soon, a new subscription-based option has been introduced to help eligible self-pay
patients start and stay on Wegovy
®
with predictable pricing. This first and only subscription programme for FDA-approved
Wegovy
®
provides the option for patients to achieve significant cost savings on Wegovy
®
and Wegovy
®
pill via either 3, 6 or
12-month subscription plans.
Within the insured channel, Novo Nordisk continues to work on expanding and improving access to Wegovy
®
in the US,
such as reducing utilisation management criteria to enhance the access for patients and healthcare providers.
During the quarter, Novo Nordisk announced that, effective 1 January, 2027, the company will lower the list price, or
wholesale acquisition cost (WAC), of Wegovy
®
(semaglutide) injection 2.4 mg, injection 7.2 mg and tablets up to 25 mg,
Ozempic
®
(semaglutide) injection 0.5 mg, 1 mg, and 2 mg, and Ozempic pill
®
(semaglutide) tablets 7 mg or 14 mg to USD
675, representing reductions from the current list price of approximately 50% and 35% for Wegovy
®
and Ozempic
®
,
respectively. This decision applies to all doses of these medicines and reflects Novo Nordisk’s commitment to enhancing
affordability for patients and both public and private payers dealing with the complexities of the evolving US healthcare
system. The change in list prices is expected to impact Novo Nordisk's cash flow in 2027.
Lastly, on 4 May, Novo Nordisk made Ozempic
®
pill, the only FDA-approved oral peptide GLP-1 medication for adults with
type 2 diabetes, available nationwide in the US.
Financial report for the period 1 January 2026 to 31 March 2026 Page 5 of 33
Strategic
milestones
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
International Operations
Sales development
Q1 2026 sales increased by 6% at CER, driven by Region EUCAN (+23% at CER) and APAC (+22% at CER), partly offset by
declines in Region Emerging Markets (-18% at CER) and China (-10% at CER). Obesity care sales increased by 44% at CER,
reflecting volume growth, partly offset by lower realised prices across regions, particularly in China. GLP-1 diabetes sales
decreased by 1% at CER with negative performance seen for Rybelsus
®
and Victoza
®
, offset by positive sales performance
for Ozempic
®
. Total GLP-1 sales increased by 13% at CER. Insulin sales declined by 8% at CER while Rare disease sales
increased by 9% at CER.
Commercial update
For 2026, Novo Nordisk is progressing the broad roll-out of Ozempic
®
2.0 mg for type 2 diabetes, Wegovy
®
2.4 mg for
obesity and Wegovy
®
HD (Wegovy
®
7.2 mg SDD in EU) for obesity across International Operations. Throughout 2026,
more than 20 launches of Ozempic
®
2.0 mg are planned. For Wegovy
®
HD, the approval of the single-dose device was
obtained in the UK on 14 April, and a decision is still expected in the EU around summer with the launches expected to
follow shortly thereafter in more than 20 markets across International Operations.
For Wegovy
®
pill, pending regulatory decisions, Novo Nordisk expects to launch in the first markets outside the US during
the second half of 2026.
On 9 April, the European Medicines Agency (EMA) approved an update to the product information of Wegovy
®
injection,
allowing it to be delivered to patients at controlled temperatures of up to 30°C for up to 48 hours. Previously, the
distribution and delivery of Wegovy
®
were fully subject to cold chain, meaning the medicine had to be kept cold from
where it is made to where it is used. With the EMA approval, there is now added flexibility for the final stage, making
Wegovy
®
the first GLP-1 for weight management in Europe with this flexibility. This could simplify and lower delivery costs
for pharmacies and online partners, while also improving supply chain efficiency.
Novo Nordisk still expects to experience an adverse impact on sales in 2026 from loss of exclusivity for the semaglutide
molecule in certain markets in International Operations. During Q1, semaglutide generics were launched in India by
competing companies. In Canada and Brazil, no generics to semaglutide have yet been launched in the market, but the
first semaglutide generics in Canada have been approved.
In China, Kyinsu
®
a fixed-dose combination of once-weekly insulin icodec and once-weekly semaglutide was approved in
March 2026 for the treatment of type 2 diabetes, and the commercial launch is planned for the second half of 2026.
Financial report for the period 1 January 2026 to 31 March 2026 Page 6 of 33
Strategic
milestones
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
ADJUSTED SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Adjusted sales split per therapy
1
Q1 2026
Growth in
DKK
Growth
at CER
Obesity and Diabetes care segment
Wegovy
®
injectable
18,235
5%
12%
Wegovy
®
pill
2,256
N/A
N/A
Saxenda
®
421
(60%)
(60%)
Total Obesity care
20,912
14%
22%
Injectable GLP-1 diabetes
28,159
(17%)
(10%)
- Ozempic
®
27,825
(15%)
(8%)
- Victoza
®
334
(71%)
(70%)
Rybelsus
®
4,572
(20%)
(15%)
Total GLP-1 diabetes
32,731
(17%)
(11%)
Long-acting insulin
2
4,232
(21%)
(17%)
Premix insulin
3
2,395
(15%)
(9%)
Fast-acting insulin
4
3,955
(22%)
(16%)
Human insulin
1,063
(39%)
(34%)
Total insulin
11,645
(22%)
(17%)
Other Diabetes care
5
560
18%
25%
Total Diabetes care
44,936
(18%)
(12%)
Obesity and Diabetes care total
65,848
(10%)
(4%)
Rare disease segment
Rare blood disorders
6
2,633
(10%)
(3%)
Rare endocrine disorders
7
1,147
(13%)
(5%)
Other Rare disease
8
435
13%
18%
Rare disease total
4,215
(9%)
(2%)
Total adjusted sales 70,063 (10%) (4%)
1)
Reconciliation between reported (IFRS) sales and adjusted sales split per therapy can be found in Appendix 6.
2)
Comprises Tresiba
®
, Xultophy
®
, Levemir
®
and
Awiqli
®.
3)
Comprises Ryzodeg
®
and NovoMix
®
.
4)
Comprises Fiasp
®
and NovoRapid
®
.
5)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
6)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
7)
Primarily Norditropin
®
and Sogroya
®
.
8)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2026 to 31 March 2026 Page 7 of 33
Strategic
milestones
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
OBESITY CARE
Obesity care
Adjusted sales per geographical area
DKK million
Global branded obesity
market growth
(Volume, MAT)
February
Q1 2026
Growth
at CER
2026
Global
84%
20,912
22%
US Operations
85%
11,752
9%
International Operations
84%
9,160
44%
- EUCAN *
80%
5,124
63%
- Emerging Markets **
85%
1,953
18%
- APAC ***
99%
1,667
87%
- Region China ****
N/A
416
(37%)
Source: IQVIA, February 2026 data. *Data for EUCAN available for Canada and 24 European markets representing approximately 98% of Novo Nordisk’s Obesity care sales in the area.
**Data for Emerging Markets available for 11 markets representing approximately 78% of Novo Nordisk’s Obesity care sales in the area. ***Data for APAC available for five markets
representing approximately 90% of Novo Nordisk’s Obesity care sales in the area. **** Data for mainland China, excluding Hong Kong and Taiwan, is not fully covered by global IQVIA
data. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.
US Operations
Q1 2026 Obesity care sales increased by 9% at CER, driven by volume growth across the Wegovy
®
product portfolio,
partially offset by lower realised prices. Sales of Wegovy
®
injectable in Q1 2026 decreased by 11% at CER, driven by lower
realised prices, partially countered by increased volumes. Wegovy
®
pill launched on 5 January 2026, and Q1 2026 sales
amounted to DKK 2,256 million, positively impacted by pre-launch pipeline fill with wholesalers and telehealth partners.
The volume growth of the branded obesity market in the US was 85%.
International Operations
Q1 2026 Obesity care sales increased by 44% at CER, driven by continued uptake of Wegovy
®
across regions, partially
countered by lower realised prices. The lower Wegovy
®
prices were mainly realised in Region China, following list price
reductions in late Q4 2025. Sales of Wegovy
®
injectable in Q1 2026 increased by 62% at CER.
The volume growth of the branded obesity market in International Operations was 84%.
For full details on adjusted product sales and growth rates across therapeutic areas and regions, please see Appendix 5.
Financial report for the period 1 January 2026 to 31 March 2026 Page 8 of 33
Strategic
milestones
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
DIABETES CARE
Diabetes care, adjusted sales per geographical area
DKK million
Q1 2026
Growth
at CER
Global
44,936
(12%)
US Operations
22,049
(19%)
International Operations
22,887
(4%)
- EUCAN
11,415
11%
- Emerging Markets
4,223
(30%)
- APAC
2,950
3%
- Region China
4,299
(5%)
GLP-1 diabetes
GLP-1 diabetes
Adjusted sales per geographical area
DKK million
Global GLP-1 diabetes
market growth
(Volume, MAT)
February
Q1 2026
Growth
at CER
2026
Global
29%
32,731
(11%)
US Operations
13%
19,323
(16%)
International Operations
40%
13,408
(1%)
- EUCAN *
42%
8,176
17%
- Emerging Markets **
43%
2,068
(38%)
- APAC ***
45%
1,706
10%
- Region China ****
N/A
1,458
(14%)
Source: IQVIA, February 2026 data. *Data for EUCAN available for Canada and 24 European markets representing approximately 97% of Novo Nordisk’s Diabetes care in the area.
**Data for Emerging Markets available for 12 markets representing approximately 75% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for five markets
representing approximately 80% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan, is not fully covered by global IQVIA data.
In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.
US Operations
Q1 2026 GLP-1 diabetes sales declined by 16% at CER, mainly driven by lower realised prices as well as slightly lower
volumes. Ozempic
®
sales in Q1 2026 decreased by 14% at CER, mainly driven by lower realised prices in the commercial
channel. Sales of Rybelsus
®
decreased by 27% at CER in Q1 2026, mainly due to lower realised prices as well as a
reprioritisation of promotional activities.
The volume growth of the GLP-1 diabetes market in the US was 13%.
International Operations
Q1 2026 GLP-1 diabetes sales decreased by 1% at CER driven by Victoza
®
as the GLP-1 diabetes market is moving towards
once-weekly treatments, as well as Rybelsus
®
following a reprioritisation of promotional activities. Ozempic
®
sales in Q1
2026 increased by 6% at CER driven by increasing volumes, mainly in Region EUCAN. Ozempic
®
quarterly sales reached an
all-time-high in International Operations in Q1 2026.
The volume growth of the GLP-1 diabetes market in International Operations was 40%.
Financial report for the period 1 January 2026 to 31 March 2026 Page 9 of 33
Strategic
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Legal matters
Financial
information
Company announcement No 30 / 2026
Insulin
Insulin, adjusted sales per geographical area
DKK million
Q1 2026
Growth
at CER
Global
11,645
(17%)
US Operations
2,706
(36%)
International Operations
8,939
(8%)
- EUCAN
3,112
0%
- Emerging Markets
2,084
(22%)
- APAC
1,182
(5%)
- Region China
2,561
(5%)
US Operations
Q1 2026 insulin sales decreased by 36% at CER, mainly driven by loss of market share, a declining insulin market, as well as
lower realised prices across the insulin portfolio.
International Operations
Q1 2026 insulin sales decreased by 8% at CER, mainly driven by lower human insulin volumes in Region Emerging Markets,
impacted by timing of a large tender.
RARE DISEASE
Rare disease, adjusted sales split per geographical area
DKK million
Q1 2026
Growth
at CER
Global
4,215
(2%)
US Operations
1,584
(16%)
International Operations
2,631
9%
- EUCAN
1,379
12%
- Emerging Markets
685
6%
- APAC
508
22%
- Region China
59
(46%)
US Operations
Q1 2026 rare disease sales decreased by 16% at CER, mainly driven by lower volumes of NovoSeven
®
and Norditropin
®
,
mainly related to de-stocking in the quarter due to wholesaler buying patterns at the end of 2025.
International Operations
Q1 2026 Rare disease sales increased by 9% at CER, mainly driven by higher volumes of NovoSeven
®
and Norditropin
®
.
Financial report for the period 1 January 2026 to 31 March 2026 Page 10 of 33
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Company announcement No 30 / 2026
FINANCIALS
Q1 2026 DEVELOPMENT IN OPERATING PROFIT
Similar to reported sales, reported operating profit in Q1 2026 is also positively impacted by the reversal of sales rebate
provisions of USD 4.2 billion (DKK 26.8 billion) related to the 340B Drug Pricing Program in the US.
Q1 2026 PROFIT AND LOSS
DKK million Reported
340B
provision
reversal
Major
impairments
Major legal
matters Adjusted
Growth
in DKK
Growth
at CER
Net sales 96,823 (26,760) — — 70,063 (10%) (4%)
Cost of goods sold
(13,598)
(13,598)
5%
8%
Gross profit
83,225
(26,760)
—
—
56,465
(13%)
(6%)
Gross margin
85.9%
80.6%
Sales and distribution costs
(12,077)
(12,077)
(19%)
(13%)
Percentage of sales
12.5%
17.2%
Research and development costs
(10,284)
(10,284)
0%
4%
Percentage of sales
10.6%
14.7%
Administrative costs
(1,140)
(1,140)
(7%)
(1%)
Percentage of sales
1.2%
1.6%
Other operating income and expenses
(106)
(106)
N/A
N/A
Operating profit (EBIT)
59,618
(26,760)
—
—
32,858
(15%)
(6%)
Operating margin
61.6%
46.9%
To enhance transparency and comparability of underlying operating performance, the below commentary of development in
costs and operating profit excludes certain exceptional and non-recurring effects, primarily of non-cash nature, and growth
rates are in CER, unless otherwise noted. More information can be found in Appendix 7.
Adjusted gross margin was realised at 80.6%, compared with 83.5% in 2025. The decline in gross margin is impacted by
lower realised prices, one-time costs, as well as a negative currency impact. This is partially countered by a positive product
mix from increased GLP-1 sales.
Sales and distribution costs decreased by 13% at CER. The decrease is driven by US Operations and impacted by a
reduction in a legal provision during the first quarter of 2026 as well as savings following the company-wide restructuring
during 2025. Novo Nordisk continues to invest in launch activities for the Wegovy
®
product portfolio, in particular Wegovy
®
pill and Wegovy
®
HD as well as promotional spend for Ozempic
®
.
Research and development costs increased by 4% at CER, mainly driven by increased late-stage clinical trial and research
activities across the Obesity and Diabetes portfolio.
Adjusted operating profit decreased by 6% at CER, driven by the decline in sales and gross profit combined with
continued investments in R&D and commercial activities, including ongoing launches.
Q1 2026 REPORTED NET PROFIT
Financial items (net) showed a net gain of DKK 2,554 million in Q1 2026 compared with a net loss of DKK 1,758 million in
the first three months of 2025, mainly reflecting gains on hedged currencies, primarily the US dollar.
The effective tax rate was 21.9% in 2026, compared with an effective tax rate of 21.6% in 2025.
Net profit increased by 67.2% to DKK 48,557 million and diluted earnings per share increased by 67.1% to DKK 10.91.
Financial report for the period 1 January 2026 to 31 March 2026 Page 11 of 33
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Company announcement No 30 / 2026
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW AND CAPITAL EXPENDITURE IN THE FIRST THREE MONTHS OF 2026
Free cash flow in the first three months of 2026 was DKK 12.8 billion compared to DKK 11.3 billion in 2025. The increase in
free cash flow is driven by lower capital expenditure, in line with guidance provided for full-year 2026.
Capital expenditure for property, plant and equipment was DKK 11.3 billion compared with DKK 13.4 billion in 2025, primarily
reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for
both current and future injectable and oral products.
EQUITY
Total equity was DKK 203,065 million at the end of March 2026, equivalent to 36.3% of total assets, compared with 35.7% at
the end of 2025. Please refer to appendix 4 for further elaboration of changes in equity. Novo Nordisk returned DKK 37.7
billion to shareholders via share buybacks (DKK 2.4 billion) and dividends (DKK 35.3 billion) in the first three months of 2026.
2026 share repurchase programme and treasury shares
As of 4 May 2026, Novo Nordisk has repurchased 14,759,179 B shares of DKK 0.10 for an amount of DKK 3,799,999,990 as
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. From 4 February 2026 to 4 May 2026, employee share programmes have resulted in a net transfer from
Novo Nordisk of 3,985,481 B shares of DKK 0.10. As of 4 May 2026, Novo Nordisk owns a total of 32,148,978 B shares of DKK
0.10 as treasury shares.
The execution of Novo Nordisk’s overall share repurchase programme for 2026 of DKK 15 billion continues. As part of this, a
new share repurchase programme for an amount up to DKK 11,200,000,010.45 will be initiated 6 May 2026 and ending on 1
February 2027 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”). The
purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based
incentive programmes. A maximum of 390,000,000 B shares of DKK 0.10 in total can be bought during the trading period.
Financial report for the period 1 January 2026 to 31 March 2026 Page 12 of 33
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Company announcement No 30 / 2026
OUTLOOK
Outlook for sales and operating profit is presented as adjusted sales growth and adjusted operating profit growth to exclude
certain exceptional and non-recurring effects, primarily of non-cash nature to enhance transparency and comparability of
underlying operating performance. For further details, please see Appendix 7.
The current expectations for 2026 are summarised in the table below:
r
Guidance
Full-year expectations
6 May 2026
Full-year expectations
3 February 2026
Adjusted sales growth
at CER '-4% to -12%
1
'-5% to -13%
as reported in Danish kroner Around 2 percentage points lower than at CER Around 3 percentage points lower than at CER
Adjusted operating profit growth
at CER '-4% to -12%
1
'-5% to -13%
as reported in Danish kroner Around 3 percentage points lower than at CER Around 5 percentage points lower than at CER
1
On a non-adjusted basis, the mid-point of sales and operating profit growth guidance for 2026, both at CER, would be 1% and 12%, respectively
Key modelling considerations
Financial items (net) Loss of around 0.6 bDKK Gain of around 2.3 bDKK
Effective tax rate 21% to 23% 21% to 23%
Capital expenditure (PP&E) Around 55 bDKK Around 55 bDKK
Free cash flow Between 36 and 46 bDKK Between 35 and 45 bDKK
Note: Expectations are as reported in Danish kroner, if not otherwise stated
Note: Free cash flow defined as net cash generated from operating activities, less purchase of property, plant and equipment
GUIDANCE
Adjusted sales growth is now expected to be -4% to -12% at CER, with fluctuations in growth rates expected across
quarters. The improvement in outlook is mainly driven by increased expectations for GLP-1 product sales.
The outlook reflects expectations for sales growth within International Operations and expectations for a sales decline
within US Operations. In 2026, the global GLP-1 market expansion is assumed to continue, enabling Novo Nordisk to
increase patient reach and expand volumes. This is countered by lower realised prices, including the MFN ('Most Favoured
Nations') agreement in the US and the loss of exclusivity for the semaglutide molecule in certain markets in International
Operations. Lastly, positive impacts related to US gross-to-net sales adjustments during 2025 are not anticipated to
reoccur.
In International Operations, the outlook is based on current growth trends, including continued volume penetration from
GLP-1 treatments and market expansion, mainly within obesity, as well as intensifying competition and negative impacts
from the compound patent expiry of the semaglutide molecule in certain markets. Novo Nordisk continues to roll-out the
Wegovy
®
product portfolio in more markets during 2026.
In US Operations, the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying
competition as well as negative impact from reduced obesity medication coverage in Medicaid. Further, lower realised
prices linked to investments in market access amplified by the MFN agreement with the US Administration to bring GLP-1s
to more Americans at a lower cost are assumed. Novo Nordisk further focuses on expanding access to Wegovy
®
, Wegovy
®
HD and Wegovy
®
pill, particularly in the self-pay channel through NovoCare
®
Pharmacy and collaborations with telehealth
organisations. Uptake related to the launch of Wegovy
®
pill in January 2026 is reflected in the outlook, based on a range of
assumptions related hereto such as market penetration, potential negative impact on the growth of the injectable obesity
medication category as well as channel mix.
Adjusted operating profit growth is now expected to be -4% to -12% at CER. The expectation for adjusted operating profit
growth primarily reflects the improved sales outlook, combined with targeted investments in current and future growth
opportunities within R&D and Commercial, partly funded by re-investment of savings from the company-wide
Financial report for the period 1 January 2026 to 31 March 2026 Page 13 of 33
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Company announcement No 30 / 2026
transformation in 2025 as well as further optimisation initiatives and disciplined resource allocation. Within R&D,
investments are related to the continued expansion and progression of the early and late-stage pipeline mainly within
Obesity and Diabetes, and includes impact related to the acquisition of Akero Therapeutics. Commercial investments are
mainly related to the GLP-1 portfolio.
KEY MODELLING CONSIDERATIONS
Novo Nordisk expects financial items (net) for 2026 to amount to a loss of around DKK 0.6 billion. This is driven by
interest expenses related to net debt, partly offset by gains on hedged currencies, mainly the US dollar.
The effective tax rate for 2026 is still expected to be in the range of 21-23%.
Capital expenditure is still expected to be around DKK 55 billion in 2026 compared to DKK 60 billion in 2025, reflecting the
expansion of the global supply chain. The investments will create additional capacity and flexibility across the supply chain,
including the manufacturing of active pharmaceutical ingredients (API), additional aseptic production and finished
production processes as well as packaging capacity. In the coming years, the capital expenditure investments are expected
to decline.
The free cash flow is now expected to be DKK 36-46 billion, reflecting the improved sales and operating profit outlook.
FX (average rates) Q1 2026 Q1 2025 % change
Spot rate
29 April 2026
USD
638
709
(10%)
638
CNY
92
97
(5%)
93
CAD
465
494
(6%)
467
AUD
444
445
0%
457
JPY
4.07
4.65
(12%)
4.00
Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies, and, all other things being equal,
movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.
Key invoicing currencies
Impact on Novo Nordisk's adjusted operating profit in the
next 12 months of a 5% movement in currency
Hedging period (months)
1
USD
DKK 4,450 million
12
CNY
2
DKK 550 million 12
CAD
DKK 310 million
0
AUD
DKK 290 million
0
JPY DKK 220 million 12
1)
As of 29 April 2026.
2)
Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.
The financial impact of foreign exchange hedging is included in Financial items (net).
All of the above expectations are based on assumptions that the global or regional macroeconomic and political environment
will not significantly change business conditions for Novo Nordisk during 2026, including energy and supply chain disruptions,
the potential implications from major healthcare reforms and legislative changes, taxation changes, including changes in tariffs,
duties and pricing policies, (incl Most Favoured Nations in the US), as well as outcome of legal cases, and that the currency
exchange rates, especially the US dollar, will remain at the current level versus the Danish krone. The guidance is also based on
assumptions in relation to the estimation of gross-to-net developments in the US. Finally, the guidance does not include the
financial implications of any new significant business development transactions.
Financial report for the period 1 January 2026 to 31 March 2026 Page 14 of 33
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Company announcement No 30 / 2026
R&D PIPELINE PROGRESS
QUARTERLY R&D HIGHLIGHTS
r
Therapeutic
Area
Product/Project Milestone
Regulatory
Obesity&
Wegovy
®
HD
The US Food and Drug Administration (FDA) approved Wegovy
®
HD
• The US FDA approved Wegovy
®
HD (once-weekly injectable semaglutide 7.2 mg) based on the STEP UP and
STEP UP T2D clinical trial programme in people with overweight or obesity with and without type 2 diabetes
• In the STEP UP trial, Wegovy
®
HD demonstrated a mean weight loss of 20.7% and around one-third of patients
achieved 25% or greater weight loss.
• Novo Nordisk launched Wegovy
®
HD in a single-dose pen in the US 7 April 2026. For further information,
please see the company announcement here
Wegovy
®
Regulatory update for the PDS290 device variant for Wegovy
®
• Novo Nordisk re-submitted its Supplemental New Drug Application (sNDA) to the US FDA for the PDS290 device
variant for Wegovy
®
.
• Novo Nordisk expects the regulatory review to be completed in the second quarter of 2026.
Wegovy
®
Regulatory submission for subcutaneous semaglutide 2.4 mg for the treatment of MASH in EU and China
• Novo Nordisk submitted part I of the ESSENCE trial to update the Wegovy
®
label for the treatment of Metabolic
Dysfunction-Associated Steatohepatitis (MASH) in adults with moderate to advanced liver fibrosis (stages F2 to
F3), in combination with diet and exercise to the European Medicines Agency (EMA) in EU and to the Centre for
Drug Evaluation (CDE) for regulatory approval in China, where a priority review was granted.
Diabetes&
Awiqli
®
Regulatory approval for Awiqli
®
in US
• In March, Novo Nordisk announced that the US FDA approved Awiqli
®
, the first and only once-weekly, long
acting basal insulin, indicated as an adjunct to diet and exercise to improve glycaemic control (blood sugar) in
adults living with type 2 diabetes.
• Novo Nordisk expects to launch Awiqli
®
in the FlexTouch
®
device in the US in the second half of 2026. For
further information, please see the company announcement here.
Kyinsu
®
Regulatory approval for Icosema (Kyinsu
®
) in Japan and China
• Icosema (a fixed dose combination of insulin icodec and semaglutide) was approved in Japan and China for
type 2 diabetes in adults insufficiently controlled on basal insulin or GLP-1 RAs as an adjunct to diet and
exercise under the brand name Kyinsu
®
.
• The approvals are based on the COMBINE clinical trial programme comprised of three phase 3a global clinical
trials in people with type 2 diabetes.
• Kyinsu
®
is now approved in the EU, Japan and China.
Rybelsus
®
Regulatory submission of SOUL cardiovascular outcomes data for oral semaglutide (Rybelsus
®
) in Japan
• Novo Nordisk submitted the SOUL cardiovascular outcomes trial with oral semaglutide in people with type 2
diabetes and atherosclerotic cardiovascular disease (ASCVD) and/or chronic kidney disease for regulatory
approval of a clinical update for Rybelsus
®
in Japan.
Rare Disease
Sogroya
®
Regulatory approval for Sogroya
®
in the US and regulatory submission in Japan
• The US FDA approved a supplemental Biologics License Application (sBLA) for Sogroya
®
for the treatment of
children with short stature born Small for Gestational Age (SGA), Noonan Syndrome (NS) and Idiopathic Short
Stature (ISS). Regulatory approval was based on data from REAL 8 and REAL 9.
• Novo Nordisk has submitted for regulatory approval of Turner Syndrome (TS) in Japan. A regulatory decision is
expected during the first half of 2027.
Alhemo
®
Regulatory submission of paediatric label extension for Alhemo
®
in the US and Europe
• Novo Nordisk submitted a paediatric label extension application to the US FDA and to the EMA for Alhemo
®
(concizumab). Regulatory decision is expected in the first quarter of 2027.
Clinical
Obesity&
CagriSema
2.4 mg/2.4 mg
Completion of the CagriSema open-label head-to-head REDEFINE 4 trial
• In February, Novo Nordisk announced headline results from REDEFINE 4, an open-label phase 3 trial from the
global REDEFINE clinical trial programme in people with obesity.
• CagriSema demonstrated 23% weight loss, the primary endpoint was not achieved.
• For further information, please see the company announcement here.
Zenagamtide
Initiation of the zenagamtide phase 3 programme in Obesity (AMAZE)
• Novo Nordisk initiated two pivotal phase 3a trials for zenagamtide in Obesity. AMAZE 1 and AMAZE 2, are 84-
week trials investigating efficacy and tolerability of once-weekly subcutaneous zenagamtide compared to
placebo in people with obesity and in people with obesity and type 2 diabetes, respectively.
• In addition, phase 3 trials have been initiated to investigate zenagamtide in people with obesity and sleep
apnoea (AMAZE 3 and AMAZE 4), in people with obesity and knee osteoarthritis (AMAZE 5 and AMAZE 6) and to
investigate how well zenagamtide helps people with obesity maintain their weight loss (AMAZE 12).
Financial report for the period 1 January 2026 to 31 March 2026 Page 15 of 33
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Company announcement No 30 / 2026
Obesity&
UBT251
Completion of Chinese Phase 2 trial with UBT251 in people with Obesity
• In February, The United Laboratories International Holdings Limited and Novo Nordisk announced headline
results from the Chinese phase 2 trial investigating the safety and efficacy of once-weekly injectable UBT251 in
Chinese people with overweight or obesity.
• The highest mean weight loss observed for people treated with UBT251 was 19.7% after 24 weeks of
treatment, and UBT251 appeared to be safe and well-tolerated.
• Novo Nordisk expects their global phase 1b/2a trial to read out during 2027. For further information, please
see the press release here.
Oral ACSL5i
Phase 1 trial with first-in-class oral ACSL5i initiated
• Novo Nordisk initiated a phase 1 trial investigating the safety, tolerability, pharmacokinetics and
pharmacodynamics of first-in-class oral, non-incretin small molecule ACSL5i (NNC6989-0001).
• The trial will investigate single and multiple ascending doses of oral ACSL5i for up to 2 weeks in around 96
people living with overweight or obesity and is expected to read out during the first half of 2027.
GLP-1 analogue
Phase 1 trial with a subcutaneous next generation GLP-1 analogue initiated
• Novo Nordisk initiated a phase 1 trial investigating safety, tolerability, pharmacokinetics and
pharmacodynamics with a subcutaneous next-generation GLP-1 analogue.
• The trial is a single-ascending-dose study in around 48 people living with overweight or obesity and is expected
to read out in the second half of 2026.
CagriSema co-
formulation
CagriSema co-formulation development project terminated
• Novo Nordisk terminated the development of CagriSema co-formulation due to portfolio considerations
Diabetes&
CagriSema
2.4 mg/2.4 mg
CagriSema demonstrated superior HbA
1c
reduction in adults with type 2 diabetes in REIMAGINE 1
• Novo Nordisk completed the pivotal phase 3 trial REIMAGINE 1. The trial was a 40-week efficacy and safety trial
investigating the effect of CagriSema 2.4/2.4 mg and 1.0/1.0 mg versus placebo on HbA
1c
and body weight in
people with type 2 diabetes inadequately controlled with diet and exercise alone.
• When evaluating the effects of treatment if all people adhered to treatment, people treated with CagriSema
2.4/2.4 mg achieved a superior HbA
1c
reduction of 1.8 percentage points and superior weight loss of 13.8%,
respectively, at 40 weeks.
• In the trial, CagriSema appeared to be safe and well tolerated, consistent with previous CagriSema trials.
• The detailed results will be presented at a scientific conference later in 2026.
UBT251
Completion of Chinese Phase 2 trial with UBT251 in people with type 2 diabetes
• In March, The United Laboratories International Holdings Limited and Novo Nordisk announced headline
results from the Chinese phase 2 trial investigating the safety and efficacy of once-weekly injectable UBT251 in
Chinese people with type 2 diabetes.
• The highest mean HbA
1c
reduction observed for people treated with UBT251 was 2.16% after 24 weeks of
treatment. The mean body weight reduction in the UBT251 groups was up to 9.8%.
• The safety and tolerability profile of UBT251 appeared consistent with what has been observed in other clinical
trials with triple-G agonists.
• Novo Nordisk expects to initiate the global phase 2 trial with UBT251 in people with type 2 diabetes in the
second quarter of 2026. For further information, please see the press release here.
CagriSema
2.4 mg/2.4 mg
Phase 2 trial completed with CagriSema 2.4 mg in type 2 diabetes and chronic kidney disease
• Novo Nordisk completed a phase 2 trial in participants with type 2 diabetes and chronic kidney disease treated
with CagriSema.
• The primary endpoint, relative change in Urine Albumin-Creatinine ratio (UACR) to week 26, was numerically
reduced in the fixed-dose combination of CagriSema and semaglutide.
• In the trial, CagriSema appeared to have a safe and well-tolerated profile consistent with data from previous
CagriSema trials. Detailed data are expected to be shared later at a medical conference.
Triple
Phase 2 trial with Triple in type 2 diabetes initiated
• Novo Nordisk initiated a phase 2 trial in people living with overweight or obesity and type 2 diabetes.
• The phase 2 trial will investigate the safety, tolerability and efficacy of once-weekly Triple for up to 40 weeks in
around 270 people and is expected to read out in the first half of 2027.
NNC16790001
Phase 1 trial with NNC16790001 in type 2 diabetes initiated
• Novo Nordisk has initiated a phase 1 clinical trial investigating the siRNA NNC16790001.
• The study investigates safety, tolerability, pharmacokinetics and pharmacodynamics across multiple dose levels
in healthy people and people with type 2 diabetes for up to 108 weeks in around 58 people.
• The trial is expected to read out in the first half of 2028.
Rare Disease
Etavopivat
Completion of the HIBISCUS phase 3 trial with etavopivat for the treatment of sickle cell disease
• In April, Novo Nordisk announced the topline results from HIBISCUS, a pivotal phase 3 trial of once-daily oral
etavopivat in adults and adolescents with sickle cell disease (SCD).
• Etavopivat showed a 27% reduction in vaso-occlusive crisis events and ~4-month delay to first vaso-occlusive
crisis event on top of standard of care. The haemoglobin response was superior with etavopivat: 48.7% of
people on treatment achieved an increase of >1g/dL after 24 weeks versus 7.2% on placebo.
• For further information, please see the company announcement here.
Etavopivat
Completion of the GLADIOLUS phase 2 trial with etavopivat
• Novo Nordisk completed the GLADIOLUS phase 2 trial with etavopivat in patients aged 12 to 65 years with
thalassemia or SCD. The study investigated the safety and clinical activity of etavopivat.
• The primary objective was to confirm the erythroid response of etavopivat, and this was shown across both
transfusion and non-transfusion dependent thalassemia.
• The data show etavopivat’s safety profile remains consistent with prior observations and what is expected with
the underlying disease. No new safety concerns were identified.
• Based on the results, Novo Nordisk is assessing further clinical development opportunities for etavopivat.
Financial report for the period 1 January 2026 to 31 March 2026 Page 16 of 33
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Rare Disease
NDec
Completion of the ASCENT-1 phase 2 trial with NDec
• Novo Nordisk completed the ASCENT-1 phase 2 trial with NDec in patients aged 12 to 65 years with
thalassemia or SCD.
• The primary objective was to investigate the change in total Hb from baseline to week 24 in hydroxyurea non-
eligible patients with SCD. The data show that the twice-weekly (on 2 consecutive days) arm showed a trend
towards better efficacy outcomes compared to the once-weekly arm.
• The safety profile of NDec was consistent with the expected risk profile indicating that NDec had a favourable
benefit/risk profile.
• Based on the results, Novo Nordisk will initiate phase 3 with NDec in the second half of 2027.
Zaltenibart
Completion of phase 1b/2a study with zaltenibart in people with paroxysmal nocturnal haemoglobinuria
• The phase 1b/2a, open-label study, to evaluate MASP-3 inhibitor zaltenibart in people with paroxysmal
nocturnal haemoglobinuria (PNH), was completed.
• Zaltenibart was generally well tolerated, and safety findings were consistent with the underlying disease, with
no new dose-related safety signals identified. Clinically meaningful improvements in key haematology markers
were observed in all dosing periods. The detailed results will be presented at a scientific conference in 2026.
• Phase 3 studies in PNH are planned to be initiated the second half of 2027.
ANTICIPATED KEY R&D MILESTONES IN 2026
Clinical milestones
Regulatory milestones
r
Therapeutic
Area
Product/Project Milestones
Q2 2026 Q3 2026 Q4 2026
Obesity&
Wegovy
®
(FlexTouch)
US decision
Oral semaglutide
25 mg
EU decision
Semaglutide 7.2
mg
EU decision (single-dose device)
CagriSema Phase 3b initiation (high-dose) US decision
Zenagamtide
(oral)
Phase 3 initiation
Cagrilintide Phase 3 initiation (high-dose)
Efruxifermin
Phase 3 results
(Fibrosis stage 1-4)
Diabetes&
UBT251
(tri-agonist)
Phase 2 initiation
Ziltivekimab Phase 3 results (ZEUS)
CagriSema Phase 3 results (REIMAGINE 4)
Oral semaglutide
25 mg
US decision
Zenagamtide
(subcutaneous)
Phase 3 initiation
Rare Disease
Sogroya
®
EU & Japan decision
Etavopivat (Sickle
cell disease)
US submission
Inno8 Phase 1 results
Denecimig US & EU decision
Note: Expected timing and qualification of R&D milestones for inclusion in this table are based on current assessment, which may change.
Financial report for the period 1 January 2026 to 31 March 2026 Page 17 of 33
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highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
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progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
Financial report for the period 1 January 2026 to 31 March 2026 Page 18 of 33
Strategic
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Performance
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Commercial
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Financials
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capital allocation
Outlook
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progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
CORPORATE GOVERNANCE
Members elected for the Board of Directors
On 26 March 2026 Novo Nordisk held its Annual General Meeting. Lars Rebien Sørensen was re-elected as chair of the
Board of Directors and Cees de Jong was re-elected as vice chair of the Board of Directors. Furthermore, Britt Meelby
Jensen, Kasim Kutay, and Stephan Engels were re-elected as members of the Board of Directors. Helena Saxon, Jan van de
Winkel, and Ramona Sequeira were elected as members of the Board of Directors.
Scientific Advisory Board established
In March 2026 Novo Nordisk established a Scientific Advisory Board, chaired by Jan van de Winkel, chair of the R&D
Committee, comprising three external scientific advisors, including John Maraganore (CEO and principal of JMM
Innovations, LLC), Paul Berns (managing director of ARCH Venture Partners), and Mads Krogsgaard Thomsen (CEO of the
Novo Nordisk Foundation and former executive vice president and chief scientific officer of Novo Nordisk A/S). The
Scientific Advisory Board operates with a mandate to provide outside-in advice to the R&D Committee relating to their
oversight of the R&D strategy and pipeline and their recommendations to the Board of Directors, with particular emphasis
on the R&D strategic ambition 2030 to develop and secure an industry- leading and competitive R&D portfolio. All
decisions will rest with the Board. Collectively, the members of the Scientific Advisory Board bring a broad range of
expertise and experience from across the scientific and drug development spectrum.
Financial report for the period 1 January 2026 to 31 March 2026 Page 19 of 33
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Performance
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Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
R&D pipeline
progress
Sustainability
Corporate
Governance
Legal matters
Financial
information
Company announcement No 30 / 2026
LEGAL MATTERS
Litigation in relation to FDA Drug Shortage List
On 21 February 2025, the US FDA removed semaglutide injectables from the FDA drug shortage list. On 24 February 2025,
the Outsourcing Facilities Association (“OFA”) and North American Custom Laboratories (“NACL”) filed a lawsuit in Federal
Court in Texas against FDA, challenging FDA’s resolution of the semaglutide injectables shortage. Novo Nordisk Inc.
intervened in the litigation to oppose the relief sought by OFA and NACL. On 20 March 2025, OFA and NACL filed a motion
for preliminary injunction against FDA in the litigation. Novo Nordisk and FDA opposed the motion. Following the
resolution of the shortage, FDA communicated that it would not be taking action against 503A compounding pharmacies
and 503B outsourcing facilities for shortage-based semaglutide compounding until after 22 April and 22 May, respectively.
FDA subsequently clarified that this period of enforcement discretion would end on each of these dates or on the date the
Federal Court in Texas issued a decision on OFA and NACL’s motion for preliminary injunction, whichever is later. On 24
April, the court denied OFA and NACL’s motion for preliminary injunction, thereby ending the period of enforcement
discretion for 503A compounding pharmacies. The period of enforcement discretion for 503B outsourcing facilities ended
on 22 May. On 13 June 2025, the Federal Court in Texas dismissed OFA and NACL’s lawsuit against FDA. OFA and NACL
appealed the dismissal decision to the US Court of Appeals for the Fifth Circuit. A decision on this appeal is expected
before the end of 2026.
Securities class-action lawsuit filed against Novo Nordisk A/S
On 3 April 2026, an Amended Complaint was filed in the class-action lawsuit against Novo Nordisk A/S, former Chief
Executive Officer Lars Fruergaard Jørgensen, Chief Financial Officer Karsten Munk Knudsen and Former Executive Vice
President Dave S. Moore in the United States District Court for the District of New Jersey by proposed class of purchasers
of Novo Nordisk ADRs between 6 November 2024, through 28 July 2025. The lawsuit contains similar allegations and legal
theories as those alleged in the original complaint filed on 1 August 2025, namely that the company misled investors as to
its potential to capitalise on the compounded market for GLP-1 medicines, understated the potential impact of the
personalised exception for compounding of GLP-1 medicines and overstated the company’s ability to penetrate the GLP-1
market to achieve continued growth. Current CEO Maziar Mike Doustdar, who was named as a defendant in the original
complaint, has been dismissed and not named as a defendant in the Amended Complaint. Novo Nordisk does not expect
the litigation to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow
Strive antitrust lawsuit against Novo Nordisk and Eli Lilly in the US
On 3 April 2026, Strive Specialities Inc. (a compounding pharmacy) filed an Amended Complaint in its lawsuit in the United
States District Court for the Western District of Texas against Novo Nordisk A/S, Novo Nordisk Inc. and Eli Lilly, alleging that
the defendants violated US antitrust laws. The lawsuit contains similar allegations and legal theories as those alleged in the
original complaint filed on 14 January 2026, namely that: (i) defendants entered into illegal agreements with telehealth
companies that prohibited them from working with compounding pharmacies, like Strive; and (ii) Eli Lilly unlawfully
interfered with Strive’s third-party relationships and disparaged compounding drugs.
Semaglutide compound patent infringement litigation, India
Following expiration of the semaglutide compound patent in India on 20 March 2026, several generic companies have
sought and/or received regulatory approval to commercialize a generic version of oral semaglutide. Novo Nordisk has
commenced lawsuits in the Delhi High Court against two companies, Torrent Pharmaceuticals (“Torrent”) and Dr. Reddy’s
Laboratories (“DRL”) alleging that the formulations used by Torrent and DRL infringe Novo Nordisk formulation patents
relating to the SNAC content and/or separate granules. The Indian court held two separate hearings on 20 March and 23
March 2026 and ruled that if the generic product infringes Novo Nordisk patents, it could not be manufactured, sold or
exported. Novo Nordisk is in the process of testing samples of the generic products and will report its results back to the
Indian Court at a hearing to be scheduled in the coming months.
Antitrust litigation relating to biosimilar semaglutide, China
In January 2026, Hangzhou Jiuyuan Genetic Biopharmaceutical Co., Ltd. filed a lawsuit against NNAS, NN Pharma AG, and
NN China claiming antitrust and monopolistic behaviour arising from the Chinese regulators failing to approve their
application for marketing authorization (“MA”) of a biosimilar semaglutide injection for diabetes. Plaintiff claims that Novo
Nordisk improperly obtained an extended period of patent exclusivity under 2014 Free Trade Agreement between China
and Switzerland, resulting in anticompetitive market dominance of semaglutide in China.
Financial report for the period 1 January 2026 to 31 March 2026 Page 20 of 33
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Performance
highlights
Commercial
execution
Financials
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capital allocation
Outlook
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progress
Sustainability
Corporate
Governance
Legal
matters
Financial
information
Company announcement No 30 / 2026
Victoza
®
ANDA Settlement Antitrust Case
In January 2026, JM Smith Corp., a direct purchaser of Victoza, filed a class action complaint in the District Court for the
Eastern District of New York alleging that Novo Nordisk’s settlements of the Victoza
®
patent litigations were
anticompetitive. Plaintiffs allege unlawful patent listings in the FDA’s Orange Book, and unlawful settlement agreements
including reverse payments that resulted in delayed generic entry beyond the expiry of the liraglutide compound patent in
February 2023. In March 2026, Uniformed Fire Officers Association Retired Officers Family Protection Plan (UFOA), an end
payer, filed a complaint in the Eastern District of New York based on the same allegations as made by JM Smith.
Financial report for the period 1 January 2026 to 31 March 2026 Page 21 of 33
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Performance
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Outlook
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Corporate
Governance
Legal
matters
Financial
information
Company announcement No 30 / 2026
STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
Executive Management:
Board of Directors:
Financial report for the period 1 January 2026 to 31 March 2026 Page 22 of 33
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Company announcement No 30 / 2026
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
our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 67,900 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.
Financial Calendar
7 June 2026
ADA investor event
5 August 2026
Financial results for the first six months of 2026
21 September 2026
Capital Markets Day 2026
4 November 2026
Financial results for the first nine months of 2026
3 February 2027
Financial statement for 2026 and Annual Report 2026
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
Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com
Max Ung
+45 3077 6414
mxun@novonordisk.com
Sina Meyer
+45 3079 6656
azey@novonordisk.com
Christoffer Sho Togo Tullin
+45 3079 1471
cftu@novonordisk.com
Alex Bruce
+45 3444 2613
axeu@novonordisk.com
Mads Berner Bruun
+45 3075 2936
mbbz@novonordisk.com
Frederik Taylor Pitter (US)
+1 609 613 0568
fptr@novonordisk.com
Forward-looking statements
Novo Nordisk’s statutory Annual Report 2025, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by
or on behalf of Novo Nordisk, may contain certain forward-looking statements relating to the operating, financial and sustainability performance and results of Novo Nordisk and/or the
industry in which it operates. Forward-looking statements can be identified by the fact that they do not relate to historical or current facts and include guidance. Words such as ‘believe’,
‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection
with any discussion of future operating, financial or sustainability performance identify forward-looking statements. Examples of such forward-looking statements include, but are not
limited to:
• Statements of targets, future guidance, (transition) plans, objectives or goals for future operations and/or not yet completed business acquisitions or divestments,
including those related to operating, financial and sustainability matters, Novo Nordisk’s products, product research, product development, product introductions and
product approvals as well as cooperation in relation thereto;
• Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials
and other financial measures;
• Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings; and
• Statements regarding the assumptions underlying or relating to such statements.
These statements are based on current plans, estimates, opinions, views and projections. Although Novo Nordisk believes that the expectation reflected in such forward-looking
statements are reasonable, there can be no assurance that such expectation will prove to be correct. By their very nature, forward-looking statements involve risks, uncertainties and
assumptions, both general and specific, and actual results may differ materially from those contemplated, expressed or implied by any forward-looking statement.
Factors that may affect future results include, but are not limited to, global as well as local political, economic and environmental conditions, such as interest rate and currency exchange
rate fluctuations or climate change, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as
a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches
or terminations, government- mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology
including the risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and
investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing,
approval, manufacturing and marketing, and taxation changes, including changes in tariffs and duties, perceived or actual failure to adhere to ethical marketing practices, investments
in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right
employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, the effects of domestic or international crises, civil unrest, war or other
conflict and factors related to the foregoing matters and other factors not specifically identified herein.
For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in the Annual Report 2025, reference is
made to the overview of risk factors in ‘Risks’ of the Annual Report 2025. None of Novo Nordisk or its subsidiaries or any such person's officers, or employees accept any responsibility
for the future accuracy of the opinions expressed in the Annual Report 2025, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements
made, to the public in the future by or on behalf of Novo Nordisk or the actual occurrence of the forecasted developments.
Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future
events, or otherwise.
Financial report for the period 1 January 2026 to 31 March 2026 Page 23 of 33
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Company announcement No 30 / 2026
APPENDIX 1: CONDENSED INCOME STATEMENT
DKK million
Q1 2026
Q1 2025
Condensed income statement
Net sales
Cost of goods sold
(13,598 )
(12,890 )
Gross profit
Sales and distribution costs
(12,077 )
(14,892 )
Research and development costs
(10,284 )
(10,308 )
Administrative costs
(1,140 )
(1,220 )
Other operating income and expenses
(106 )
Operating profit
Financial income
Financial expenses
(3,499 )
(5,183 )
Profit before income taxes
Income taxes
(13,615 )
(7,999 )
NET PROFIT
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
Segment Information
Segment sales:
Obesity and Diabetes care
91,362
73,468
Rare disease
5,461
4,619
Segment operating profit:
Obesity and Diabetes care
58,000
38,247
Operating margin
63.5 %
52.1 %
Rare disease
1,618
544
Operating margin
29.6 %
11.8 %
Total segment operating profit
59,618
38,791
Condensed statement of comprehensive income
Net profit
Other comprehensive income
Items that will not subsequently be reclassified to the Income
statement
Remeasurements of defined benefit obligations
Items that will not be reclassified subsequently to the income statement 56 82
Items that will be reclassified subsequently to the Income
statement
Exchange rate adjustments of investments in subsidiaries
(2,519 )
Cash flow hedges:
Realisation of previously deferred (gains)/losses
(3,641 )
Deferred gains/(losses) on hedges, incurred during the period
(2,869 )
Tax and other items
(1,505 )
Items that will be reclassified subsequently to the income statement (2,104 ) 2,183
Other comprehensive income (2,048 ) 2,265
TOTAL COMPREHENSIVE INCOME 46,509 31,299
Financial report for the period 1 January 2026 to 31 March 2026 Page 24 of 33
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Financial
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Company announcement No 30 / 2026
APPENDIX 2: CONDENSED CASH FLOW STATEMENT
DKK million Q1 2026 Q1 2025
Net profit
Adjustment for non-cash items:
Income taxes in the income statement
Depreciation, amortisation and impairment losses
Other non-cash items
(2,456 )
Change in working capital
(33,231 )
(15,414 )
Income taxes paid
(5,937 )
(2,671 )
Net cash flows from operating activities
Purchase of intangible assets
(728 )
(1,164 )
Purchase of property, plant and equipment
(11,311 )
(13,422 )
Proceeds from other financial assets
Purchase of other financial assets
(115 )
Proceeds from sale of associated companies
Interest received
1
Sale of marketable securities
Net cash flows from investing activities
(11,712 )
(5,979 )
Purchase of treasury shares
(2,400 )
(1,388 )
Dividends paid
2
(35,312 )
(35,274 )
Dividends paid after the reporting date
Withheld dividend tax
Interest paid
1
(941 )
(833 )
Proceeds from borrowings
Repayment of borrowings
(1,232 )
(12,032 )
Net cash flows from financing activities
(17,433 )
Net cash generated from activities
(5,061 )
Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents
(276 )
(86 )
Cash and cash equivalents at the end of the period
1)
Effective 2026, 'Interest received' are presented in 'Net cash flows from in investing activities' and 'Interest paid' are presented in 'Net cash flows from financing activities' to better
reflect the nature of these cash flows. In prior years, these amounts were included in 'Net cash flows from operating activities'.
2)
On 26 March 2026, a final dividend of DKK 7.95 for each Novo Nordisk A and B share (amounting to DKK 35.3 billion) was approved at the Annual General Meeting 2026. Dividend
on A shares (DKK 8.5 billion) was paid on 27 March 2026 and dividends on B shares (DKK 20.3 billion excluding withholding tax) was paid on 31 March 2026. Withholding tax of
approximately DKK 6.5 billion was paid in April 2026 and is included in ‘Other liabilities’ in the condensed balance sheet.
Financial report for the period 1 January 2026 to 31 March 2026 Page 25 of 33
Strategic
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Legal matters
Financial
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Company announcement No 30 / 2026
APPENDIX 3: CONDENSED BALANCE SHEET
DKK million
31 Mar 2026
31 Dec 2025
ASSETS
Intangible assets
Goodwill
Property, plant and equipment
Investments in associated companies
Deferred income tax assets
Other receivables and prepayments
Other financial assets
TOTAL NON-CURRENT ASSETS
Inventories
Trade receivables
Tax receivables
Other receivables and prepayments
Marketable securities
Derivative financial instruments
Cash at bank
TOTAL CURRENT ASSETS 177,317 172,453
TOTAL ASSETS 559,221 542,902
EQUITY AND LIABILITIES
Share capital
Treasury shares
(2 )
(2 )
Retained earnings
Other reserves
(3,799 )
(1,695 )
TOTAL EQUITY
Borrowings
Deferred income tax liabilities
Retirement benefit obligations
Provisions
Sales deductions and product returns
Total non-current liabilities
Borrowings
Trade payables
Tax payables
Other liabilities
Derivative financial instruments
Provisions
Sales deductions and product returns
1
Total current liabilities
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES 559,221 542,902
1)
During Q1 2026, the 340B provision of USD 4.2 billion (DKK 26.8 billion) included in ‘Sales deductions and product returns’ was fully reversed. For more details of the 340B reversal,
see page 98 of the Novo Nordisk Annual Report 2025.
Financial report for the period 1 January 2026 to 31 March 2026 Page 26 of 33
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Corporate
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Legal matters
Financial
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Company announcement No 30 / 2026
APPENDIX 4: CONDENSED EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Q1 2026
Balance at the beginning of the year
(2 )
(1,695 )
Net profit
Other comprehensive income for the period
(2,104 )
(2,048 )
Total comprehensive income for the period
(2,104 )
Transactions with owners:
Dividends
1
(35,312 )
(35,312 )
Share-based payments
Purchase of treasury shares
(2,400 )
(2,400 )
Balance at the end of the period 446 (2 ) 206,420 (3,799 ) 203,065
1)
On 26 March 2026, a final dividend of DKK 7.95 for each Novo Nordisk A and B share (amounting to DKK 35.3 billion) was approved at the Annual General Meeting 2026. Dividend on A
shares (DKK 8.5 billion) was paid on 27 March 2026 and dividends on B shares (DKK 20.3 billion excluding withholding tax) was paid on 31 March 2026. Withholding tax of approximately DKK
6.5 billion was paid in April 2026 and is included in ‘Other liabilities’ in the condensed balance sheet.
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Q1 2025
Balance at the beginning of the year
(2 )
(1,406 )
Net profit
Other comprehensive income for the period
Total comprehensive income for the period
Transactions with owners:
Dividends
(35,274 )
(35,274 )
Share-based payments
Purchase of treasury shares
(1,388 )
(1,388 )
Tax related to transactions with owners
(36 )
(36 )
Balance at the end of the period 446 (2 ) 137,319 777 138,540
Financial report for the period 1 January 2026 to 31 March 2026 Page 27 of 33
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Company announcement No 30 / 2026
APPENDIX 5: ADJUSTED SALES SPLIT PER AREA
Q1 2026 adjusted sales split per area
DKK million Total
US
Operations
International
Operations EUCAN
Emerging
Markets APAC Region China
Obesity and Diabetes care segment
Wegovy
®
injectable
18,235
9,493
8,742
4,941
1,732
1,653
416
% change at CER
12%
(11%)
62%
86%
35%
105%
(36%)
Wegovy
®
pill
2,256
2,256
—
—
—
—
—
% change at CER
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Saxenda
®
421
3
418
183
221
14
—
% change at CER
(60%)
(93%)
(57%)
(63%)
(40%)
(84%)
(100%)
Total Obesity care
20,912
11,752
9,160
5,124
1,953
1,667
416
% change at CER
22%
9%
44%
63%
18%
87%
(37%)
Injectable GLP-1 diabetes
28,159
17,739
10,420
6,638
1,479
871
1,432
% change at CER
(10%)
(15%)
0%
30%
(46%)
5%
(13%)
Ozempic
®
27,825
17,730
10,095
6,567
1,375
848
1,305
% change at CER
(8%)
(14%)
6%
35%
(44%)
9%
(8%)
Victoza
®
334
9
325
71
104
23
127
% change at CER
(70%)
(97%)
(61%)
(71%)
(67%)
(52%)
(43%)
Rybelsus
®
4,572
1,584
2,988
1,538
589
835
26
% change at CER
(15%)
(27%)
(6%)
(18%)
10%
15%
(33%)
Total GLP-1 diabetes
32,731
19,323
13,408
8,176
2,068
1,706
1,458
% change at CER
(11%)
(16%)
(1%)
17%
(38%)
10%
(14%)
Long-acting insulin
1
4,232
863
3,369
1,544
700
260
865
% change at CER
(17%)
(46%)
(3%)
0%
(15%)
(13%)
10%
Premix insulin
2
2,395
81
2,314
215
431
528
1,140
% change at CER
(9%)
(34%)
(7%)
(10%)
(14%)
20%
(14%)
Fast-acting insulin
3
3,955
1,445
2,510
1,243
653
254
360
% change at CER
(16%)
(34%)
1%
8%
(7%)
(2%)
(2%)
Human insulin
1,063
317
746
110
300
140
196
% change at CER
(34%)
5%
(43%)
(42%)
(54%)
(43%)
(7%)
Total insulin
11,645
2,706
8,939
3,112
2,084
1,182
2,561
% change at CER
(17%)
(36%)
(8%)
0%
(22%)
(5%)
(5%)
Other Diabetes care
4
560
20
540
127
71
62
280
% change at CER
25%
(46%)
32%
(4%)
8%
(1%)
86%
Total Diabetes care
44,936
22,049
22,887
11,415
4,223
2,950
4,299
% change at CER
(12%)
(19%)
(4%)
11%
(30%)
3%
(5%)
Obesity and Diabetes care total
65,848
33,801
32,047
16,539
6,176
4,617
4,715
% change at CER
(4%)
(11%)
6%
24%
(20%)
22%
(9%)
Rare disease segment
Rare blood disorders
5
2,633
1,002
1,631
843
481
257
50
% change at CER
(3%)
(16%)
7%
7%
12%
20%
(50%)
Rare endocrine disorders
6
1,147
496
651
292
143
209
7
% change at CER
(5%)
(23%)
17%
36%
(15%)
27%
17%
Other Rare disease
7
435
86
349
244
61
42
2
% change at CER
18%
67%
9%
5%
36%
5%
(33%)
Rare disease total
4,215
1,584
2,631
1,379
685
508
59
% change at CER
(2%)
(16%)
9%
12%
6%
22%
(46%)
Total adjusted sales
70,063
35,385
34,678
17,918
6,861
5,125
4,774
% change in DKK
(10%)
(20%)
3%
21%
(22%)
12%
(15%)
% change at CER
(4%)
(11%)
6%
23%
(18%)
22%
(10%)
Share of growth
(100%)
(178%)
78%
119%
(57%)
36%
(20%)
1)
Comprises Tresiba
®
, Xultophy
®
, Levemir
®
and
Awiqli
®.
2)
Comprises Ryzodeg
®
and NovoMix
®
.
3)
Comprises Fiasp
®
and NovoRapid
®
.
4)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
5)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
6)
Primarily Norditropin
®
and Sogroya
®
.
7)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2026 to 31 March 2026 Page 28 of 33
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Company announcement No 30 / 2026
Appendix 6: Sales IFRS reconciliation
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Reported sales Adjusted sales
Sales split per therapy
Q1 2026
reported
sales
340B
provision
reversal
Q1 2026
adjusted
sales
Growth
in DKK
Growth
at CER
Growth
in DKK
Growth
at CER
Obesity and Diabetes care segment
Wegovy
®
injectable 20,513 2,278 18,235 18% 26% 5% 12%
Wegovy
®
pill 2,256 — 2,256 N/A N/A N/A N/A
Saxenda
®
574 153 421 (46%) (45%) (60%) (60%)
Total Obesity care
23,343
2,431
20,912
27%
35%
14%
22%
Injectable GLP-1 diabetes
43,560
15,401
28,159
29%
37%
(17%)
(10%)
- Ozempic
®
40,480
12,655
27,825
24%
32%
(15%)
(8%)
- Victoza
®
3,080
2,746
334
166%
175%
(71%)
(70%)
Rybelsus
®
5,115
543
4,572
(10%)
(5%)
(20%)
(15%)
Total GLP-1 diabetes
48,675
15,944
32,731
23%
31%
(17%)
(11%)
Long-acting insulin
1
8,112
3,880
4,232
51%
57%
(21%)
(17%)
Premix insulin
2
2,636
241
2,395
(6%)
0%
(15%)
(9%)
Fast-acting insulin
3
6,879
2,924
3,955
36%
44%
(22%)
(16%)
Human insulin
1,157
94
1,063
(34%)
(28%)
(39%)
(34%)
Total insulin
18,784
7,139
11,645
25%
32%
(22%)
(17%)
Other Diabetes care
4
560
—
560
18%
25%
18%
25%
Total Diabetes care
68,019
23,083
44,936
24%
31%
(18%)
(12%)
Obesity and Diabetes care total
91,362
25,514
65,848
24%
32%
(10%)
(4%)
Rare disease segment
Rare blood disorders
5
2,633
—
2,633
(10%)
(3%)
(10%)
(3%)
Rare endocrine disorders
6
2,393
1,246
1,147
82%
93%
(13%)
(5%)
Other Rare disease
7
435
—
435
13%
18%
13%
18%
Rare disease total
5,461
1,246
4,215
18%
26%
(9%)
(2%)
Total sales 96,823 26,760 70,063 24% 32% (10%) (4%)
1)
Comprises Tresiba
®
, Xultophy
®
, Levemir
®
and
Awiqli
®.
2)
Comprises Ryzodeg
®
and NovoMix
®
.
3)
Comprises Fiasp
®
and NovoRapid
®
.
4)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
5)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
6)
Primarily Norditropin
®
and Sogroya
®
.
7)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2026 to 31 March 2026 Page 29 of 33
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Company announcement No 30 / 2026
APPENDIX 7: NON-IFRS FINANCIAL MEASURES (ADDITIONAL INFORMATION)
In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance,
financial position and cash flows that reflect adjustments to the most directly comparable measures calculated and
presented in accordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other
companies in the same manner, and may therefore not be comparable.
Net sales and operating profit growth at CER
'Growth at CER’ means that the effect of changes in exchange rates is excluded. It is defined as the relevant measure for
the period calculated using the average exchange rates for the same period prior year compared with the same measure
for the same period prior year. Price adjustments within hyperinflation countries, as defined in IAS 29 ‘Financial reporting
in hyperinflation economies’, are excluded from the calculation to avoid growth at CER being artificially inflated.
Growth at CER is considered to be relevant information for investors in order to understand the underlying development in
net sales and operating profit by adjusting for the impact of currency fluctuations.
DKK million Q1 2026 Q1 2025
% change
Q1 2026 to
Q1 2025
Net sales at CER
Net sales IFRS 96,823 78,087 24%
Effect of exchange rates 6,040 (1,229)
Net sales at CER 102,863 76,858
Net sales previous period 78,087
% increase/(decrease) in constant exchange rates 32%
Operating profit at CER
Operating profit IFRS 59,618 38,791 54%
Effect of exchange rates 4,407 (630)
Operating profit at CER 64,025 38,161
Operating profit previous period 38,791
% increase/(decrease) in constant exchange rates 65%
Adjusted sales and Adjusted operating profit as reported and at CER
The introduction of Adjusted sales as reported and at CER is driven by the impact of reversing a provision for sales rebates
of USD 4.2 billion in the first quarter of 2026 related to the 340B Drug Pricing Program in the US, that was previously
constrained. The effect is considered exceptional and non‑recurring and is not reflective of the Group’s normal course
operating activities. Adjusted sales growth as reported and at CER will exclude this specific effect to provide a clearer view
of underlying operating performance.
Novo Nordisk defines Adjusted operating profit as ‘Operating profit’ excluding "Major legal matters", "Major impairments"
and the "340B reversal".
Major impairments
Major impairments refers to impairment losses on intangible assets and property, plant and equipment in excess of DKK
1,000 million. Major impairments are considered exceptional and non-recurring and not reflective of the Group’s normal
course operating activities.
Major legal matters
Major legal matters refers to legal matters (such as legal or administrative disputes, litigations, investigations or
settlements) where any such matter, or series of related matters, has an impact (net of insurance recoveries) in excess of
DKK 1,000 million on Novo Nordisk in any given year. Expenses incurred for Novo Nordisk’s legal counsel and consultants
in advising, defending, litigating or negotiating settlements are not excluded. Major legal matters are considered
exceptional and non‑recurring and not reflective of the Group’s normal course operating activities.
Financial report for the period 1 January 2026 to 31 March 2026 Page 30 of 33
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340B reversal
Adjusted operating profit as reported and at constant exchange rates ("CER") will likewise exclude the impact of reversing
the provision for sales rebates of USD 4.2 billion in the first quarter of 2026 related to the 340B Drug Pricing Program in
the US, that was previously constrained, as well as other exceptional and non-recurring items related to effects from major
legal matters and major impairment losses. For further information of the 340B reversal, see page 98 of the Novo Nordisk
Annual Report 2025.
Adjusted sales and Adjusted operating profit as reported and at CER
DKK million Reported
340B
provision
reversal
Major
impairments
Major legal
matters Adjusted
Effect of
exchange
rate
Adjusted
at CER
Q1 2026
Net sales 96,823 (26,760) 0 0 70,063 5,216 75,279
Cost of goods sold (13,598) (13,598) (319) (13,917)
Gross profit 83,225 (26,760) 0 0 56,465 4,897 61,362
Sales and distribution costs (12,077) (12,077) (806) (12,883)
Research and development costs (10,284) (10,284) (421) (10,705)
Administrative costs (1,140) (1,140) (68) (1,208)
Other operating income and expenses (106) (106) (19) (125)
Operating profit 59,618 (26,760) 0 0 32,858 3,583 36,441
Q1 2025
Net sales 78,087 0 0 0 78,087
Costs of goods sold (12,890) (12,890)
Gross profit 65,197 0 0 0 65,197
Sales and distribution costs (14,892) (14,892)
Research and development costs (10,308) (10,308)
Administrative costs (1,220) (1,220)
Other operating income and expenses 14 14
Operating profit 38,791 0 0 0 38,791
EBITDA and EBITDA at CER
Novo Nordisk defines EBITDA as ’Net profit’ adjusted for 'income taxes', 'financial items', 'depreciation and amortisation'
and 'impairment losses and reversals'. EBITDA is a measure that is widely used by investors and analysts as it helps analyse
operating results from core business operations without including the effects of capital structure, tax rates and
depreciation and amortisation and impairment losses. These factors can vary substantially between companies.
EBITDA and EBITDA growth at CER
DKK million Q1 2026 Q1 2025
% change
Q1 2026 to
Q1 2025
Net profit 48,557 29,034 67%
Income taxes 13,615 7,999 70%
Financial income (6,053) (3,425) 77%
Financial expenses 3,499 5,183 (32%)
Operating profit (EBIT) 59,618 38,791 54%
Depreciation and amortisations 3,513 3,759 (7%)
Impairment losses and reversals 23 71 (68%)
EBITDA 63,154 42,621 48%
Effect of exchange rates 4,490 (652)
EBITDA at CER 67,644 41,969
EBITDA previous period 42,621
% increase/(decrease) in constant exchange rates 59%
Financial report for the period 1 January 2026 to 31 March 2026 Page 31 of 33
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Company announcement No 30 / 2026
Adjusted net profit and Adjusted diluted earnings per share ("EPS")
Novo Nordisk defines Adjusted net profit as ‘Net profit’ excluding the following items and related tax effects: "Impairment
losses and reversals on intangible assets", Amortisations on intangible assets", "Major impairments on property, plant &
equipment", "Major legal matters", the "340B reversal" and "Major restructuring costs".
Adjusted net profit is considered to be relevant information for investors as it helps analyse financial performance from
core business operations from period to period and enhances comparability against peer companies. Adjusted EPS is
calculated as Adjusted net profit divided by average number of shares outstanding, including the dilutive effect of the
outstanding restricted stock units.
Major impairments on property, plant and equipment
Major impairments on property, plant and equipment refer to impairment losses in excess of DKK 1,000 million.
Major restructuring costs
Major restructuring costs refer to costs incurred in connection with substantial restructuring plans where the accumulated
costs exceed DKK 1,000 million. Costs included under ‘Major restructuring costs’ are considered exceptional and non-
recurring, as they arise from strategic restructurings that are not reflective of the Group’s ongoing operating activities.
Such costs include costs of severance and termination benefits, impairments of tangible assets and committed expenses
for contract or projects terminated as part of substantial restructuring plans. Impairments of intangible assets are included
in the line ‘Impairment losses and reversals on intangible assets’ even if related to substantial restructuring plans.
Adjusted net profit and Adjusted diluted EPS
DKK million Q1 2026 Q1 2025
% change
Q1 2026 to
Q1 2025
Net profit IFRS 48,557 29,034 67%
Impairment losses and reversals on intangible assets IFRS — 2 (100%)
Amortisations on intangible assets IFRS 1,670 1,623 3%
340B provision reversal (26,760) — N/A
Tax effects of adjustments 6,012 (355) N/A
Adjusted net profit 29,479 30,304 (3%)
Average number of shares outstanding, including dilutive effect (million) 4,448.7 4,446.4 0%
Adjusted diluted EPS 6.63 6.82 (3%)
Free cash flow
Free cash flow is a measure of the amount of cash generated in the period which is available for the Board of Directors to
allocate between Novo Nordisk's capital providers, through measures such as dividends, share repurchases and
repayment of debt (excluding lease liabilities) or for retaining within the business to fund future growth.
The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the most
directly comparable IFRS financial measure:
Free cash flow
DKK million Q1 2026 Q1 2025
Net cash generated from operating activities 24,084 24,730
Purchase of property, plant and equipment (11,311) (13,422)
Free cash flow
1)
12,773 11,308
1)
With effect from 2026, Novo Nordisk defines Free cash flow as ’net cash generated from operating activities’, less ‘Purchase of property, plant and equipment’. Comparative figures
are restated accordingly. For further information, see page 118 of the Novo Nordisk Annual Report 2025.
Financial report for the period 1 January 2026 to 31 March 2026 Page 32 of 33
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Company announcement No 30 / 2026
Net debt
Net debt comprises of current and non-current ‘Borrowings’, excluding lease liabilities, less ‘Cash at bank’ and ‘Marketable
securities’. Net Debt is considered relevant information for investors as it provides a clear indicator of Novo Nordisk’s
leverage position.
The following table shows a reconciliation of Net debt with the balance sheet items, the most directly comparable IFRS
financial measures:
Net debt
DKK million 31 Mar 2026 31 Dec 2025
Borrowings, non-current (119,172) (118,941)
Borrowings, current (27,210) (12,017)
Add-back of lease liabilities 8,837 8,572
Cash at bank 21,127 26,464
Marketable securities 499 498
Net debt
(115,919) (95,424)
Financial report for the period 1 January 2026 to 31 March 2026 Page 33 of 33
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Company announcement No 30 / 2026