Financial report for the period 1 January 2026 to 30 June 2026
4 August 2026
Novo Nordisk reports adjusted operating profit of DKK 33,389 million for Q2 2026 and
raises full-year outlook
Financial performance
• Q2 2026 reported sales increased by 3% at CER, with growth negatively impacted by a DKK 2.6 billion rebate provision
reversal related to the 340B Drug Pricing Program in the US in Q2 2025.
• Q2 2026 adjusted sales increased by 7% at CER, driven by GLP-1 volume growth across geographies and favourable US
rebate adjustments in the quarter.
• Q2 2026 reported operating profit decreased by 16% at CER, with growth negatively impacted by the US 340B rebate
provision reversal in Q2 2025 as well as non-cash impairment charges of DKK 6.3 billion in Q2 2026 related to intangible
pipeline assets, including monlunabant (DKK 4.0 billion).
• Q2 2026 adjusted operating profit increased by 11% at CER.
Commercial highlights
• Wegovy
®
pill continues its uptake in the US, and for the week ending 17 July, total weekly prescriptions exceeded 265,000.
Measured by new patient starts, the Wegovy® franchise remains the market leader among branded obesity medications in
the US.
• Wegovy
®
pill was launched in the UAE in June and in the UK in July, with encouraging early uptake observed. In the coming
quarters, additional Wegovy
®
pill launches in other select markets are planned.
• Wegovy
®
HD was launched in the US in April, and Wegovy
®
7.2 mg single-dose pen in the UK in June. The roll-out of
Wegovy
®
7.2 mg single-dose pen across the EU is planned in the second half of 2026.
Pipeline progress
• Within obesity, Wegovy
®
7.2 mg single-dose pen received EMA approval in July based on the STEP UP data providing up to
20.7% mean weight loss.
• Also within obesity, Wegovy
®
pill received EMA approval in July based on the OASIS 4 data providing up to 16.6% mean
weight loss.
• In cardiovascular disease, the ZEUS phase 3 trial with ziltivekimab did not meet the primary endpoint.
Outlook
• Adjusted sales growth for 2026 is now expected to be 0% to -6% at CER and adjusted operating profit growth is now
expected to be 0% to -6% at CER. The improved outlook is driven by increased expectations for GLP-1 product sales.
PROFIT AND LOSS
DKK million
Q2 2026
Growth
in DKK
Growth
at CER
H1 2026
Growth
in DKK
Growth
at CER
Net sales 78,488 2% 3% 175,311 13% 18%
Operating profit 27,061 (19%) (16%) 86,679 20% 27%
Adjusted net sales
1
78,488 6% 7% 148,551 (2%) 2%
Adjusted operating profit
1,2
33,389 8% 11% 66,247 (5%) 2%
CER: Constant exchange rates;
1
Adjusted sales and adjusted operating profit growth rates exclude the non-recurring impact from the provision reversals related to the 340B Drug
Pricing Program in the US.
2
Excl. DKK 6.3 billion non-recurring, non-cash impairment charges in Q2 2026 related to intangible pipeline assets, including monlunabant (DKK 4.0 billion)..
Further details provided in Appendix 7
“The Wegovy
®
product portfolio remains a key growth driver for Novo Nordisk in 2026, led by the continued rapid adoption of
Wegovy
®
pill in the US, which has reached more than 5 million prescriptions since its launch, alongside encouraging early
uptake in markets outside the US and the rollout of Wegovy
®
HD (7.2 mg). The increased US GLP-1 momentum, combined
with continued growth and new launches in International Operations, has led us to further raise our 2026 guidance for both
adjusted sales and adjusted operating profit,” said Mike Doustdar, president and CEO of Novo Nordisk.
On 5 August 2026 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under
'Investors' (the contents of the company's website do not form a part of this Form 6-K).
Investor Relations
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
Company announcement No 48 / 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 six months of 2026 (blue indicates second-quarter development):
HIGHLIGHTS
Commercial execution: drive competitiveness
– Medical treatment provided to:
– 41.6 million people living with diabetes
– 4.9 million people living with obesity
– Total Wegovy
®
scripts (TRx) in the US for the week ending 17
July of around 575,000
– including more than 265,000 weekly TRx for Wegovy
®
pill,
with best-in-class GLP-1 volume launch and now more than
5 million TRx since launch.
– Adjusted Obesity care sales growth of 19% at CER
– Wegovy
®
HD approved and launched in the US
– Wegovy
®
7.2 mg in single-dose pen launched in the UK in
June
– Wegovy
®
pill launched in the UAE in June and in the UK in
July
– Wegovy
®
launched in around 60 countries
Financials: focus investments and deliver returns
– Adjusted sales growth of 2% at CER
– Adjusted operating profit growth of 2% at CER
– Strategic investments in key therapy areas via:
– DKK 21.7 billion in R&D
1
– DKK 27.1 billion in commercial investments
– DKK 41.2 billion returned to shareholders via:
– DKK 35.3 billion in dividends
– DKK 5.9 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
– Wegovy
®
7.2 mg in single-dose pen approved in the UK in June
and in the EU in July
– Wegovy
®
pill approved in the UAE and the UK in June and in the
EU in July
Diabetes&:
– UBT251 phase 2 trial in China successfully completed
– Awiqli
®
approved in the US
– The ZEUS phase 3 trial with ziltivekimab did not meet the primary
endpoint
Rare Disease:
– Etavopivat HIBISCUS phase 3 trial completed, successfully
meeting both co-primary endpoints
– Alhemo
®
paediatric US submission
– Sogroya
®
positive opinion achieved in the EU and approved in Japan
for non-replacement indications
1
Adjusted R&D costs excluding major impairments.
Financial report for the period 1 January 2026 to 30 June 2026 Page 2 of 37
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 48 / 2026
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS Q2 2026
Growth
in DKK
Growth
at CER H1 2026
Growth
in DKK
Growth
at CER
(Amounts are in DKK million, except for earnings per share)
Net sales
78,488 2% 3% 175,311 13% 18%
Adjusted net sales
1
78,488 6% 7% 148,551 (2%) 2%
Adjusted sales per therapy area
Total Obesity care
23,152
15% 16%
44,064
14% 19%
Total Diabetes care
50,429
2% 3%
95,365
(9%) (5%)
Obesity and Diabetes care total
73,581
6% 7%
139,429
(2%) 2%
Rare disease total
4,907
2% 6%
9,122
(3%) 2%
Adjusted sales for key brands:
Wegovy
®
injectable
19,484
1% 1%
37,719
3% 7%
Wegovy
®
pill
3,218
N/A N/A
5,474
N/A N/A
Ozempic
®
31,375
3% 5%
59,200
(6%) (2%)
Ozempic
®
pill / Rybelsus
®
5,228
(7%) (4%)
9,800
(13%) (9%)
Gross profit
61,388 (4%) (2%) 144,613 12% 17%
Gross margin 78.2 % 82.5 %
Operating profit (EBIT)
27,061 (19%) (16%) 86,679 20% 27%
Operating margin 34.5 % 49.4 %
Adjusted gross profit
1
61,388 0% 2% 117,853 (7%) (2%)
Adjusted gross margin 78.2 % 79.3 %
Adjusted operating profit (EBIT)
1
33,389 8% 11% 66,247 (5%) 2%
Adjusted operating margin 42.5 % 44.6 %
Net profit
20,989 (21%) N/A 69,546 25% N/A
Adjusted net profit
1
27,421 5% N/A 56,900 1% N/A
OTHER KEY NUMBERS
Capital expenditure (PP&E)
12,675
(14%) N/A
23,986
(15%) N/A
Free cash flow
1,2
42,524
57% N/A
55,297
44% N/A
EBITDA
1
37,365
(2%) 0%
100,519
24% 31%
Diluted earnings per share / ADR (in DKK)
4.75
(20%) N/A
15.66
25% N/A
Adjusted diluted earnings per share/ADR (in DKK)
1
6.18
5% N/A
12.81
1% 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 six 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 30 June 2026 Page 3 of 37
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 48 / 2026
COMMERCIAL EXECUTION
Q2 AND H1 2026 REPORTED SALES
Reported sales in Q2 2026 were not impacted by 340B provision reversals. In contrast, reported sales in H1 2026 were positively
impacted by a DKK 26.8 billion sales rebate provision reversal in Q1 2026, related to the US 340B Drug Pricing Program. For
comparison, reported sales in Q2 2025 were also positively impacted by a DKK 2.6 billion sales rebate provision reversal related
to the same programme. The reversal of these provisions has no cash impact. More information can be found in Appendix 6 and
Appendix 7.
Reported sales in Q2 2026 increased by 2% measured in Danish kroner and by 3% at CER, with growth negatively impacted
by the 340B provision reversal in Q2 2025. US Operations reported sales in Q2 2026 decreased by 5% in Danish kroner
and by 2% at CER, also negatively impacted by the reversal of the 340B provision in Q2 2025. International Operations
reported sales in Q2 2026 increased by 11% in Danish kroner and by 10% at CER, driven by higher volumes.
Reported sales in H1 2026 increased by 13% measured in Danish kroner and by 18% at CER, with growth positively
impacted by the 340B provision reversal in Q1 2026, partly offset by the provision reversal in Q2 2025 related to the same
programme. US Operations reported sales in H1 2026 increased by 18% in Danish kroner and by 25% at CER, also
impacted by the provision reversals. International Operations reported sales in H1 2026 increased by 7% in Danish kroner
and by 8% at CER, driven by higher volumes.
Reported sales
DKK million Q2 2026
Growth in
DKK
Growth
at CER H1 2026
Growth in
DKK
Growth
at CER
Reported sales per geographical area
US Operations
40,869
(5%)
(2%)
103,014
18%
25%
International Operations
37,619
11%
10%
72,297
7%
8%
Total sales 78,488 2% 3% 175,311 13% 18%
Reported sales split per therapy
Obesity care
23,152
14%
15%
46,495
20%
24%
Diabetes care
50,429
(2%)
(1%)
118,448
11%
15%
Obesity and Diabetes care total
73,581
2%
3%
164,943
13%
18%
Rare disease
4,907
0%
3%
10,368
9%
14%
Total sales 78,488 2% 3% 175,311 13% 18%
Q2 AND H1 2026 ADJUSTED SALES
To enhance transparency and comparability of underlying sales performance, the sections below exclude the exceptional and
non-recurring reversals of sales rebate provisions related to the US 340B Drug Pricing Program of DKK 26.8 billion in Q1 2026
and DKK 2.6 billion in Q2 2025. No adjustments related to the 340B provision were recorded in Q1 2025 or Q2 2026. Growth
rates are in CER, unless otherwise noted. Reconciliation to reported sales (IFRS) can be found in Appendix 6 and definition of CER
can be found in Appendix 7.
Q2 2026 adjusted sales increased by 7% at CER to DKK 78,488 million, driven by GLP-1 volume growth in both operating
units, partly offset by lower realised prices. Total Obesity care sales increased by 16% at CER to 23,152 million.
H1 2026 adjusted sales increased by 2% at CER to DKK 148,551 million and total Obesity care sales increased by 19% at
CER to DKK 44,064 million.
Financial report for the period 1 January 2026 to 30 June 2026 Page 4 of 37
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 48 / 2026
ADJUSTED SALES PER GEOGRAPHICAL AREA
Adjusted sales split per geographical area
DKK million Q2 2026
Growth in
DKK
Growth
at CER H1 2026
Growth in
DKK
Growth
at CER
US Operations
40,869
1%
4%
76,254
(10%)
(4%)
International Operations
37,619
11%
10%
72,297
7%
8%
- EUCAN
19,206
17%
17%
37,124
19%
20%
- Emerging Markets
8,413
12%
5%
15,274
(6%)
(7%)
- APAC
5,030
(10%)
(6%)
10,155
(1%)
7%
- Region China
4,970
16%
13%
9,744
(2%)
0%
Total adjusted sales 78,488 6% 7% 148,551 (2%) 2%
US Operations
Adjusted sales development
Q2 2026 performance
Q2 2026 sales increased by 4% at CER, positively impacted by rebate adjustments, and reflecting volume growth, primarily
driven by GLP-1 in obesity. Obesity care sales increased by 4% at CER, driven by volume growth, partly offset by lower
realised prices. GLP-1 diabetes sales increased by 3% at CER, benefitting from rebate adjustments, partly offset by lower
volumes and lower realised prices for Ozempic
®
and Rybelsus
®
. Total GLP-1 sales increased by 3% at CER. Insulin sales
increased by 15% at CER, benefitting from timing of rebates and rebate adjustments, offset by market share declines in the
quarter. Finally, Rare Disease sales increased by 12% at CER, reflecting a rebound from the first quarter where sales were
negatively impacted by wholesaler buying patterns.
H1 2026 performance
H1 2026 sales decreased by 4% at CER, reflecting lower realised prices, partly offset by volume growth, primarily driven by
GLP-1 in obesity. Obesity care sales increased by 6% at CER, driven by volume growth, partly offset by lower realised prices.
GLP-1 diabetes sales decreased by 7% at CER and total GLP-1 sales decreased by 2% at CER. Insulin sales decreased by
17% at CER. Finally, Rare Disease sales decreased by 2% at CER, impacted by de-stocking in the first 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 available through the Bridge pilot programme, which has been implemented from 1 July
2026 and covers a majority of beneficiaries. Novo Nordisk believes Bridge carries long-term potential to reach many more
patients in the US with obesity, and initial uptake of Novo Nordisk's obesity medicines has been encouraging.
On 5 January, Novo Nordisk launched Wegovy
®
pill in the US, the first and most efficacious 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 July 2026, total weekly prescriptions exceeded 265,000, driven by GLP-1-naïve
patient uptake and across all doses in the self-pay channel, particularly the 1.5 mg, 4 mg and 9 mg doses. Total
prescriptions for Wegovy
®
pill in Q2 2026 reached around 2.9 million, and coupled with total prescriptions since launch
now exceeding 5 million, it remains the strongest-ever GLP-1 volume launch in the US. Self-pay prices range from USD
149–299 per month by dose. Wegovy
®
pill commercial formulary access is on par with injectable Wegovy
®
. External data
providers are still expected to gradually improve their capture rate of prescriptions for Wegovy
®
pill across channels
during the coming quarters.
Following accelerated approval of Wegovy
®
HD in March, 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
Financial report for the period 1 January 2026 to 30 June 2026 Page 5 of 37
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 48 / 2026
standard formularies as a line extension. For the week ending 17 July, total weekly prescriptions for injectable Wegovy
®
in
the US amounted to around 310,000, of which around 120,000 were filled in the self-pay channel via retail and NovoCare
®
Pharmacy (including telehealth organisations).
Measured by new patient starts, the Wegovy® franchise remains the market leader among branded obesity medications in
the US.
Novo Nordisk continues to invest in expanding direct-to-patient initiatives such as NovoCare
®
Pharmacy and further
collaborations with telehealth providers initiated during the first half of 2026. Available from late Q1, through Ro,
WeightWatchers and LifeMD, with Hims & Hers and Sesame 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. Effective 1
October 2026, CVS Caremark
®
will add other weight loss medications, in addition to Wegovy
®
, to their largest commercial
template formularies.
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. The 25 mg dose for Ozempic
®
pill was submitted for US FDA approval earlier in
the year with an expected FDA decision during Q4 2026.
International Operations
Sales development
Q2 2026 performance
Q2 2026 sales increased by 10% at CER, driven by Region EUCAN (+17% at CER), China (+13% at CER) and Region Emerging
Markets (+5% at CER), partly offset by a decline in Region APAC (-6% at CER). Obesity care sales increased by 37% at CER,
reflecting volume growth, partly offset by lower realised prices across regions, particularly in China. GLP-1 diabetes sales
were stable (0% at CER) driven by continued uptake and sales growth for Ozempic
®
, offset by declining sales of Rybelsus
®
and Victoza
®
. In Canada, the loss of exclusivity for semaglutide has led to lower realised prices while volumes have
remained broadly stable for Novo Nordisk. Total GLP-1 sales increased by 13% at CER. Insulin sales increased by 4% at CER,
driven by increasing volumes, while Rare disease sales increased by 1% at CER, driven by higher volumes for Sogroya
®
and
Norditropin
®
.
H1 2026 performance
H1 2026 sales increased by 8% at CER, driven by Regions EUCAN (+20% at CER) and APAC (+7% at CER), partly offset by a
decline in Region Emerging Markets (-7% at CER) and flat performance in Region China (0% at CER). Obesity care sales
increased by 40% 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 sales declining for Rybelsus
®
and Victoza
®
, offset by sales growth
for Ozempic
®
. Total GLP-1 sales increased by 13% at CER. Insulin sales declined by 3% at CER while Rare disease sales
increased by 5% at CER.
Commercial update
For 2026, Novo Nordisk is progressing the broad roll-out of Ozempic
®
2.0 mg for type 2 diabetes and Wegovy
®
7.2 mg
single-dose pen for obesity across International Operations. Throughout 2026, more than 20 launches of Ozempic
®
2.0
mg are planned and early launch performance from the first markets in Europe is encouraging, with new patients being
initiated on Ozempic
®
and patients titrating up to 2.0 mg strength.
For Wegovy
®
7.2 mg, the STEP UP label update was approved in the UK on 12 January, and the single-dose pen was
approved in the UK on 14 April. Wegovy
®
7.2 mg in the single-dose pen has been available in the UK market since 1 June.
In the EU, Wegovy
®
7.2 mg in the single-dose pen received a positive CHMP opinion in May and the full EMA approval was
Financial report for the period 1 January 2026 to 30 June 2026 Page 6 of 37
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 48 / 2026
granted on 15 July. Launches are expected imminently in the first EU markets, with a broad rollout planned across more
than 30 markets across International Operations in 2026.
For Wegovy
®
pill, the approvals in UAE and the UK both occurred in June and launches have since commenced in the UAE
in June and in the UK in early July. In the UK, Wegovy
®
pill is the first and only oral GLP-1 available for the treatment of
obesity. While it remains early days, the initial sales performance is encouraging. In May, Novo Nordisk received a positive
CHMP opinion for Wegovy
®
pill in the EU, and the full EMA approval was obtained in July. The approved label also includes
data from SELECT which demonstrates that Wegovy
®
reduces the risk of major adverse cardiovascular events (MACE). In
the coming quarters, additional Wegovy
®
pill launches in other select markets are planned.
Financial report for the period 1 January 2026 to 30 June 2026 Page 7 of 37
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 48 / 2026
ADJUSTED SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Adjusted sales split per therapy
1
Q2 2026
Growth in
DKK
Growth
at CER H1 2026
Growth in
DKK
Growth
at CER
Obesity and Diabetes care segment
Wegovy
®
injectable
19,484
1%
1%
37,719
3%
7%
Wegovy
®
pill
3,218
N/A
N/A
5,474
N/A
N/A
Saxenda
®
450
(46%)
(47%)
871
(54%)
(54%)
Total Obesity care
23,152
15%
16%
44,064
14%
19%
Injectable GLP-1 diabetes
31,556
1%
3%
59,715
(8%)
(4%)
- Ozempic
®
31,375
3%
5%
59,200
(6%)
(2%)
- Victoza
®
181
(72%)
(74%)
515
(71%)
(71%)
Ozempic
®
pill / Rybelsus
®
5,228
(7%)
(4%)
9,800
(13%)
(9%)
Total GLP-1 diabetes
36,784
0%
2%
69,515
(9%)
(5%)
Long-acting insulin
2
4,412
8%
8%
8,644
(9%)
(6%)
Premix insulin
3
2,790
7%
1%
5,185
(4%)
(4%)
Fast-acting insulin
4
4,691
10%
10%
8,646
(7%)
(4%)
Human insulin
1,048
(4%)
(2%)
2,111
(26%)
(21%)
Total insulin
12,941
7%
6%
24,586
(9%)
(7%)
Other Diabetes care
5
704
55%
50%
1,264
36%
37%
Total Diabetes care
50,429
2%
3%
95,365
(9%)
(5%)
Obesity and Diabetes care total
73,581
6%
7%
139,429
(2%)
2%
Rare disease segment
Rare blood disorders
6
2,896
(6%)
(4%)
5,529
(8%)
(4%)
Rare endocrine disorders
7
1,538
19%
24%
2,685
3%
9%
Other Rare disease
8
473
17%
18%
908
15%
18%
Rare disease total
4,907
2%
6%
9,122
(3%)
2%
Total adjusted sales 78,488 6% 7% 148,551 (2%) 2%
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 30 June 2026 Page 8 of 37
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Legal matters
Financial
information
Company announcement No 48 / 2026
OBESITY CARE
Obesity care
Adjusted sales per geographical area
DKK million
Global branded obesity
market growth
(Volume, MAT)
May
Q2 2026
Growth
at CER
H1 2026
Growth
at CER
2026
Global
81%
23,152
16%
44,064
19%
US Operations
87%
12,824
4%
24,576
6%
International Operations
71%
10,328
37%
19,488
40%
- EUCAN *
82%
5,908
52%
11,032
57%
- Emerging Markets **
55%
2,474
45%
4,427
31%
- APAC ***
53%
1,611
(9%)
3,278
24%
- Region China ****
N/A
335
104%
751
(11%)
Source: IQVIA, May 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
Q2 2026 Obesity care sales increased by 4% at CER, driven by volume growth across the Wegovy
®
product portfolio, partly
offset by lower realised prices. Sales of Wegovy
®
injectable in Q2 2026 decreased by 22% at CER, driven by lower realised
prices, partly countered by increased volumes. Sales of Wegovy
®
pill in Q2 2026 amounted to DKK 3,141 million, reflecting
underlying demand from continued market expansion. The US Bridge programme went into effect on 1 July and Novo
Nordisk sees encouraging early uptake. Combined Wegovy
®
product sales (injectable and oral) increased by 4% at CER.
H1 2026 Obesity care sales increased by 6% at CER, driven by volume growth across the Wegovy
®
product portfolio, partly
offset by lower realised prices. Sales of Wegovy
®
injectable in H1 2026 decreased by 17% at CER, driven by lower realised
prices, partly countered by increased volumes. Sales of Wegovy
®
pill in H1 2026 amounted to DKK 5,397 million, reflecting
strong underlying demand and a positive impact in Q1 2026 from pre-launch pipeline fill with wholesalers and telehealth
partners. Combined Wegovy
®
product sales (injectable and oral) increased by 7% at CER.
International Operations
Q2 2026 Obesity care sales increased by 37% at CER, driven by continued uptake of Wegovy
®
across regions, partly
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 Q2 2026 increased by 46% at CER. Sales of Wegovy
®
pill in Q2
2026 amounted to DKK 77 million, primarily driven by wholesaler pipeline fill ahead of the first launch outside the US.
H1 2026 Obesity care sales increased by 40% at CER, driven by continued uptake of Wegovy
®
across regions, partly
countered by lower realised prices and lower sales of Saxenda. Sales of Wegovy
®
injectable in H1 2026 increased by 53% at
CER.
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 30 June 2026 Page 9 of 37
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Corporate
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Financial
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Company announcement No 48 / 2026
DIABETES CARE
Diabetes care, adjusted sales per geographical area
DKK million
Q2 2026
Growth
at CER
H1 2026
Growth
at CER
Global
50,429
3%
95,365
(5%)
US Operations
25,825
4%
47,874
(8%)
International Operations
24,604
3%
47,491
(1%)
- EUCAN
11,947
6%
23,362
9%
- Emerging Markets
5,240
(7%)
9,463
(20%)
- APAC
2,819
(8%)
5,769
(3%)
- Region China
4,598
14%
8,897
4%
GLP-1 diabetes
GLP-1 diabetes
Adjusted sales per geographical area
DKK million
Global GLP-1 diabetes
market growth
(Volume, MAT)
May
Q2 2026
Growth
at CER
H1 2026
Growth
at CER
2026
Global
29%
36,784
2%
69,515
(5%)
US Operations
12%
22,803
3%
42,126
(7%)
International Operations
40%
13,981
0%
27,389
(1%)
- EUCAN *
35%
8,692
10%
16,868
13%
- Emerging Markets **
61%
2,247
(22%)
4,315
(31%)
- APAC ***
55%
1,559
(12%)
3,265
(2%)
- Region China ****
N/A
1,483
3%
2,941
(6%)
Source: IQVIA, May 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 77% 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
Q2 2026 GLP-1 diabetes sales increased by 3% at CER, positively impacted by rebate adjustments in the quarter, partly
offset by lower realised prices and slightly lower volumes. Ozempic
®
sales in Q2 2026 increased by 2% at CER, positively
impacted by the rebate adjustments, partly offset by lower realised prices and lower volumes. Sales of Ozempic
®
pill/
Rybelsus
®
increased by 7% at CER in Q2 2026, driven by the re-branding and re-launch of Ozempic
®
pill and related
wholesaler pipeline fill, partly offset by lower realised prices.
H1 2026 GLP-1 diabetes sales declined by 7% at CER, mainly driven by lower realised prices as well as lower volumes.
Ozempic
®
sales in H1 2026 decreased by 6% at CER, mainly driven by lower realised prices in the commercial channel and
lower volumes, partly offset by positive rebate adjustments in the second quarter. Sales of Ozempic
®
pill/Rybelsus
®
decreased by 11% at CER in H1 2026, mainly due to lower realised prices.
International Operations
Q2 2026 GLP-1 diabetes sales were stable (0% at CER) with positive performance seen for Ozempic
®
sales, however
negatively impacted 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 Q2 2026 increased by 10% at CER driven
by increasing volumes, mainly in Region EUCAN.
H1 2026 GLP-1 diabetes sales decreased by 1% at CER driven by Victoza
®
and Rybelsus
®
. Ozempic
®
sales in H1 2026
increased by 8% at CER.
Financial report for the period 1 January 2026 to 30 June 2026 Page 10 of 37
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Company announcement No 48 / 2026
Insulin
Insulin, adjusted sales per geographical area
DKK million
Q2 2026
Growth
at CER
H1 2026
Growth
at CER
Global
12,941
6%
24,586
(7%)
US Operations
3,012
15%
5,718
(17%)
International Operations
9,929
4%
18,868
(3%)
- EUCAN
3,131
(3%)
6,243
(2%)
- Emerging Markets
2,932
10%
5,016
(8%)
- APAC
1,195
(4%)
2,377
(5%)
- Region China
2,671
10%
5,232
2%
US Operations
Q2 2026 insulin sales increased by 15% at CER, positively impacted by timing of rebates and rebate adjustments, partly
offset by a declining insulin market, loss of market share as well as lower realised prices reflecting product and channel
mix.
H1 2026 insulin sales decreased by 17% at CER, mainly driven by loss of market share, a declining insulin market, as well as
lower realised prices reflecting product and channel mix.
International Operations
Q2 2026 insulin sales increased by 4% at CER, mainly driven by volumes, particular for Tresiba
®
.
H1 2026 insulin sales decreased by 3% at CER, mainly driven by lower human insulin volumes in Region Emerging Markets
in Q1 2026, impacted by lower tender sales.
RARE DISEASE
Rare disease, adjusted sales split per geographical area
DKK million
Q2 2026
Growth
at CER
H1 2026
Growth
at CER
Global
4,907
6%
9,122
2%
US Operations
2,220
12%
3,804
(2%)
International Operations
2,687
1%
5,318
5%
- EUCAN
1,351
5%
2,730
8%
- Emerging Markets
699
6%
1,384
6%
- APAC
600
18%
1,108
19%
- Region China
37
(82%)
96
(70%)
US Operations
Q2 2026 rare disease sales increased by 12% at CER, mainly driven by higher volumes of Norditropin
®
, and Sogroya
®
.
H1 2026 rare disease sales decreased by 2% at CER, mainly driven by lower volumes of NovoSeven
®
.
International Operations
Q2 2026 Rare disease sales increased by 1% at CER, negatively impacted by lower volumes of NovoSeven
®
in Regions
China and EUCAN.
H1 2026 Rare disease sales increased by 5% at CER, mainly driven by higher volumes of Norditropin
®
and Sogroya
®
Financial report for the period 1 January 2026 to 30 June 2026 Page 11 of 37
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Company announcement No 48 / 2026
FINANCIALS
Q2 2026 DEVELOPMENT IN COSTS AND OPERATING PROFIT
Similar to reported sales, reported operating profit in Q2 2026 was not impacted by any provision reversals related to the
US 340B Drug Pricing Program. For comparison, reported operating profit in Q2 2025 was positively impacted by a DKK
2.6 billion sales rebate provision reversal related to the 340B program, negatively impacting reported growth in Q2 2026.
In addition, reported operating profit in Q2 2026 is negatively impacted by non-cash impairment charges of DKK 6.3 billion
related to intangible pipeline assets, including monlunabant (DKK 4.0 billion). In reported operating profit, the non-cash
impairment charges are included in the R&D cost line.
Q2 2026 PROFIT AND LOSS
DKK million Reported
340B
provision
reversal
Major
impairments
Major legal
matters Adjusted
Growth
in DKK
Growth
at CER
Net sales 78,488 — — — 78,488 6% 7%
Cost of goods sold
(17,100)
(17,100)
33%
30%
Gross profit
61,388
—
—
—
61,388
0%
2%
Gross margin
78.2%
78.2%
Sales and distribution costs
(14,997)
(14,997)
(14%)
(13%)
Percentage of sales
19.1%
19.1%
Research and development costs
(17,787)
6,328
(11,459)
(2%)
(2%)
Percentage of sales
22.7%
14.6%
Administrative costs
(1,309)
(1,309)
(1%)
0%
Percentage of sales
1.7%
1.7%
Other operating income and expenses
(234)
(234)
N/A
N/A
Operating profit (EBIT)
27,061
—
6,328
—
33,389
8%
11%
Operating margin
34.5%
42.5%
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 78.2%, compared with 82.7% in Q2 2025. The decline in gross margin is impacted
by lower realised prices, one-time costs of around DKK 3 billion related to right-sizing of manufacturing capacity
agreements, as well as a negative currency impact. This was partly countered by productivity gains and a positive product
mix from increased GLP-1 sales.
Sales and distribution costs decreased by 13% at CER. The decrease is driven by savings across regions following the
company-wide restructuring announced in Q3 2025 as well as quarter-to-quarter variability in spending. 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
®.
Adjusted Research and development costs decreased by 2% at CER, mainly driven by phasing across quarters.
Adjusted operating profit increased by 11% at CER, driven by the increase in sales and lower costs for the quarter.
Q2 2026 REPORTED NET PROFIT
Financial items (net) showed a net loss of DKK 186 million in Q2 2026 compared with a net gain of DKK 356 million in the
second quarter of 2025, mainly reflecting net interest expenses, partly offset by gains on hedged currencies, primarily the
US dollar.
The effective tax rate was 21.9% in Q2 2026, compared with an effective tax rate of 21.6% in Q2 2025.
Net profit decreased by 21% to DKK 20,989 million and diluted earnings per share decreased by 20% to DKK 4.75.
Financial report for the period 1 January 2026 to 30 June 2026 Page 12 of 37
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Company announcement No 48 / 2026
H1 2026 DEVELOPMENT IN COSTS AND OPERATING PROFIT
H1 2026 PROFIT AND LOSS
DKK million Reported
340B
provision
reversal
Major
impairments
Major legal
matters Adjusted
Growth
in DKK
Growth
at CER
Net sales 175,311 (26,760) — — 148,551 (2%) 2%
Cost of goods sold (30,698) (30,698) 19% 19%
Gross profit
144,613
(26,760)
—
—
117,853
(7%)
(2%)
Gross margin
82.5%
79.3%
Sales and distribution costs
(27,074)
(27,074)
(17%)
(13%)
Percentage of sales
15.4%
18.2%
Research and development costs
(28,071)
6,328
(21,743)
(1%)
1%
Percentage of sales
16.0%
14.6%
Administrative costs
(2,449)
(2,449)
(3%)
(1%)
Percentage of sales
1.4%
1.6%
Other operating income and expenses
(340)
(340)
N/A
N/A
Operating profit (EBIT)
86,679
(26,760)
6,328
—
66,247
(5%)
2%
Operating margin
49.4%
44.6%
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 79.3%, compared with 83.1% in H1 2025. The decline in gross margin is impacted
by lower realised prices, one-time costs related to right-sizing of manufacturing capacity agreements, as well as a negative
currency impact. This is partly countered by productivity gains and a positive product mix from increased GLP-1 sales.
Sales and distribution costs decreased by 13% at CER. The decrease is driven by savings across regions following the
company-wide restructuring announced in Q3 2025, as well as quarter-to-quarter variability in spending. 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
®
.
Adjusted Research and development costs increased by 1% at CER.
Adjusted operating profit increased by 2% at CER, driven by the increase in sales and lower costs for the first half of the
year.
H1 2026 REPORTED NET PROFIT
Financial items (net) showed a net gain of DKK 2,368 million in H1 2026 compared with a net loss of DKK 1,402 million in
the first half of 2025, mainly reflecting gains on hedged currencies, primarily the US dollar, partially offset by net interest
expenses.
The effective tax rate was 21.9% in H1 2026, compared with an effective tax rate of 21.6% in H1 2025.
Net profit increased by 25% to DKK 69,546 million and diluted earnings per share increased by 25% to DKK 15.66.
Financial report for the period 1 January 2026 to 30 June 2026 Page 13 of 37
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Company announcement No 48 / 2026
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW AND CAPITAL EXPENDITURE IN THE FIRST SIX MONTHS OF 2026
Free cash flow in the first six months of 2026 was DKK 55.3 billion compared to DKK 38.4 billion in 2025. The increase in free
cash flow is driven by phasing of operating expenses, timing of US rebate payments and tax payments, as well as lower
capital expenditure, in line with guidance provided for full-year 2026.
Capital expenditure for property, plant and equipment was DKK 24.0 billion compared with DKK 28.1 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 221,277 million at the end of June 2026, equivalent to 37.2% 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 41.2
billion to shareholders via share buybacks (DKK 5.9 billion) and dividends (DKK 35.3 billion) in the first six months of 2026.
Interim dividend
The Board of Directors has decided to pay out an interim dividend for 2026 of DKK 3.75 for each Novo Nordisk A and B
share of DKK 0.10. The interim dividend for 2026 will be paid in August 2026. The ex-dividend date for the interim dividend
will be 14 August 2026 for A and B shares, while the ex-dividend date will be 17 August for the ADRs. The record date will be
17 August 2026 for the A and B shares as well as the ADRs. The payment date for the A and B shares will be 18 August 2026,
while the payment date for the ADRs will be 25 August 2026. No dividend will be paid on the company’s own holding of B
shares.
2026 share repurchase programme and treasury shares
As of 3 August 2026, Novo Nordisk has repurchased 27,064,179 B shares of DKK 0.10 for an amount of DKK 7,533,256,457
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 5 May 2026 to 3 August 2026, employee share programmes have resulted in a net
transfer from Novo Nordisk of 204,498 B shares of DKK 0.10. As of 3 August 2026, Novo Nordisk owns a total of 44,249,480
B shares of DKK 0.10 as treasury shares.
Novo Nordisk continues the execution of the share repurchase programme of DKK 11,200,000,010.45 initiated on 6 May
2026, and ending on 1 February 2027 under the overall DKK 15 billion 2026 programme, in accordance with Article 5 of
Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated
Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules”). 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.
Bonds
On 21 May 2026, Novo Nordisk repaid the maturing EUR 1.30 billion bond, originally issued on 21 May 2024. On 11 June
2026, Novo Nordisk issued a total of CHF 1.09 billion in bonds, across four tranches, under its EUR 30 billion Euro Medium
Term Note Programme. For further information, please visit the bond investor page here: https://www.novonordisk.com/
investors/bond-investors.html (the contents of the company's website do not form a part of this Form 6-K). The net proceeds
of the issuance are used for general corporate purposes. Novo Nordisk has EUR 15.00 billion and CHF 1.09 billion
outstanding in bonds. The current rating from Moody's and S&P is Aa3 and AA, respectively.
Financial report for the period 1 January 2026 to 30 June 2026 Page 14 of 37
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Company announcement No 48 / 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
4 August 2026
Full-year expectations
6 May 2026
Adjusted sales growth
at CER 0% to -6%
1
'-4% to -12%
as reported in Danish kroner Around 1 percentage points lower than at CER Around 2 percentage points lower than at CER
Adjusted operating profit growth
at CER 0% to -6%
1
'-4% to -12%
as reported in Danish kroner Around 2 percentage points lower than at CER Around 3 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 5% and 12%, respectively
Key modelling considerations
Financial items (net) Loss of around 1.1 bDKK Loss of around 0.6 bDKK
Effective tax rate 21% to 23% 21% to 23%
Capital expenditure (PP&E) Around 55 bDKK Around 55 bDKK
Free cash flow Between 45 and 55 bDKK Between 36 and 46 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 0% to -6% at CER, with fluctuations in growth rates expected across
quarters. The improved 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.
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, including Wegovy
®
pill.
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, including market penetration, potential cannibalisation effects, channel mix, the US Bridge programme,
competitive dynamics, and potential seasonality in prescription patterns and usage of injectable and oral obesity
medications.
Adjusted operating profit growth is now expected to be 0% to -6% 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 30 June 2026 Page 15 of 37
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Company announcement No 48 / 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. Commercial investments are mainly related to the GLP-1 portfolio. R&D spend and promotional
activities across key products are expected to increase in the second half of the year compared to the first half of 2026.
KEY MODELLING CONSIDERATIONS
Novo Nordisk expects financial items (net) for 2026 to amount to a net loss of DKK 1.1 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 45-55 billion, reflecting the improved sales and operating profit outlook.
As previously communicated, effective 1 January, 2027, Novo Nordisk 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.
FX (average rates) H1 2026 H1 2025 % change
Spot rate
30 July 2026
USD
640
684
(6%)
651
CNY
93
94
(1%)
96
CAD
465
485
(4%)
464
GBP
862
886
(3%)
872
JPY
4.05
4.60
(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 4,970 million
12
CNY
DKK 580 million
12
CAD
DKK 340 million
0
GBP
DKK 250 million
0
JPY DKK 160 million 12
1)
As of 30 July 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
Financial report for the period 1 January 2026 to 30 June 2026 Page 16 of 37
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 48 / 2026
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 30 June 2026 Page 17 of 37
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 48 / 2026
R&D PIPELINE PROGRESS
QUARTERLY R&D HIGHLIGHTS
r
Therapeutic
Area
Product/Project Milestone
Regulatory
Obesity&
Wegovy
®
pill
Regulatory approval for Wegovy
®
pill in EU
• In July, Novo Nordisk announced that the European Medicine Agency (EMA) has granted approval of Wegovy
®
pill under the Wegovy
®
brand for the treatment of excess body weight and long-term weight management.
• The approval also includes SELECT data in the label, demonstrating that Wegovy
®
reduces the risk of major
adverse cardiovascular events.
• In the OASIS 4 trial, Wegovy
®
pill demonstrated an average of 16.6% weight loss, and one in three people
experienced 20% or greater weight loss .
• Novo Nordisk has launched the Wegovy
®
pill in the US, UAE and the UK and expects continued launches in
select countries in the second half of 2026.
• For further information, please see the Committee for Medicinal Products for Human Use (CHMP) positive
opinion company announcement here and the approval press release here.
Wegovy
®
Regulatory approval for Wegovy
®
7.2 mg in a single-dose device in EU
• In July, Novo Nordisk announced that the EMA has granted approval of Wegovy
®
7.2 mg (once-weekly
injectable semaglutide 7.2 mg) in a single-dose device for people living with obesity.
• In the STEP UP trial, Wegovy
®
7.2 mg demonstrated an average weight loss of 20.7%, and around one-third of
patients achieved 25% or greater weight loss.
• Wegovy
®
7.2 mg is available in the US for adults living with obesity under the brand name Wegovy
®
HD.
• Novo Nordisk expects to launch Wegovy
®
7.2 mg in the single-dose pen in the EU in Q3 of 2026.
• For further information, please see the CHMP positive opinion company announcement here and the
approval press release here.
Wegovy
®
Regulatory approval for Wegovy
®
manual prefilled syringe (mPFS) device in US and EU
• The US FDA and EMA in EU approved the mPFS device for Wegovy
®
2.4 mg.
• Novo Nordisk expects to explore select market opportunities with the mPFS device.
Wegovy
®
Regulatory approval of Wegovy
®
FlexTouch
®
2.4 mg pen in US
• The US FDA approved the Wegovy
®
FlexTouch
®
pen for semaglutide 2.4 mg in obesity.
• Novo Nordisk expects to launch the Wegovy
®
FlexTouch
®
pen in the second half of 2026.
Wegovy
®
Regulatory approval of Wegovy
®
for the treatment of Metabolic Dysfunction-Associated Steatohepatitis
(MASH) in Japan and UK
• Once-weekly semaglutide 2.4 mg in MASH has been approved by regulatory authorities in Japan and UK for
the treatment of MASH (stages F2 to F3).
• The approval was based on part I of the ESSENCE trial investigating semaglutide 2.4 mg in MASH with
moderate to advanced liver fibrosis (stages F2 to F3), in combination with diet and exercise.
Wegovy
®
pill
Regulatory submission of ESSENCE MASH data for Wegovy
®
pill in US
• The US FDA has accepted the filing for inclusion of MASH data for Wegovy
®
pill
(oral semaglutide 25 mg), with
expected decision in Q1 2027.
• The submission is based on part I of the ESSENCE trial investigating semaglutide 2.4 mg in MASH with
moderate to advanced liver fibrosis (stages F2 to F3), in combination with diet and exercise.
Diabetes&
Ozempic
®
Regulatory milestone for Ozempic
®
label update in EU
• The CHMP provided a positive opinion for inclusion of SUSTAIN OPTIMIZE, which investigated once-weekly
injectable semaglutide 2.0 mg as an add-on to dose reduced insulin glargine in type 2 diabetes, in the
Ozempic
®
label in the EU.
• In SUSTAIN OPTIMIZE, Ozempic® 2.0 mg as an add on to dose-reduced insulin glargine demonstrated
superior glycaemic control (-1.4% mean HbA
1C
reduction) and superior body weight reduction (-8.0kg mean
weight loss) compared to dose-titrated insulin glargine, while reducing daily insulin requirements and the risk
of severe hypoglycaemia.
Ozempic
®
Regulatory approval of Ozempic
®
mPFS device in US and EU
• The US FDA and EMA in EU approved the mPFS device for Ozempic
®
0.25, 0.5 and 1.0 mg doses.
• Novo Nordisk expects to explore select market opportunities with the mPFS device.
Rybelsus
®
Regulatory approval of SOUL cardiovascular outcomes data for Rybelsus
®
in Japan and China
• Regulatory authorities in Japan and the China Center for Drug Evaluation (CDE) approved the label update for
Rybelsus
®
(oral semaglutide) with SOUL cardiovascular outcomes data.
• The approval was based on the SOUL cardiovascular outcomes trial with oral semaglutide in people with type
2 diabetes and atherosclerotic cardiovascular disease (ASCVD) and/or chronic kidney disease and reduced the
risk of major cardiovascular adverse event by 14%.
Financial report for the period 1 January 2026 to 30 June 2026 Page 18 of 37
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 48 / 2026
Rare Disease
Sogroya
®
Regulatory milestones for Sogroya
®
non-replacement indications in EU and Japan
• Sogroya
®
non-replacement indications for the treatment of children with short stature born Small for
Gestational Age (SGA) and Noonan Syndrome (NS) was recommended by CHMP for approval in the EU and
approved in Japan. Regulatory approval was based on data from REAL 8 and REAL 9.
• Novo Nordisk has submitted for regulatory approval of Turner Syndrome (TS) in the EU. A regulatory decision
on TS is expected in Q4 2026 in the US and in the first half of 2027 in EU and Japan.
Denecimig
Regulatory submission of denecimig for the treatment of haemophilia A in China
• Denecimig was submitted to the CDE for regulatory approval in China.
• The submission is based on the data from the FRONTIER programme, which is designed to establish the
efficacy and safety profile of denecimig as a prophylactic treatment administered once every month, once
every two weeks or once every week to prevent or reduce the frequency of bleeding episodes in people with
haemophilia A.
Alhemo
®
Regulatory submission of paediatric label extension for Alhemo
®
in Japan
• Novo Nordisk submitted a paediatric label extension application to regulatory authorities in Japan for
Alhemo
®
(concizumab).
Clinical
Obesity&
CagriSema
2.4 mg/2.4 mg
Completion of the CagriSema lower dose REDEFINE 9 trial
• Novo Nordisk successfully completed the phase 3 trial REDEFINE 9 investigating lower doses of CagriSema for
weight management.
• The trial was a 68-week efficacy and safety trial investigating the effect of CagriSema 1.7 mg/1.7 mg and
CagriSema 1.0 mg/1.0 mg on body weight in people with overweight or obesity. CagriSema 1.0 mg/1.0 mg
and 1.7 mg/1.7 mg achieved a superior weight loss compared to placebo.
• 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.
CagriSema
2.4 mg/7.2 mg
Initiation of the CagriSema REDEFINE high-dose phase 3 trial in weight management
• Novo Nordisk initiated a phase 3 trial for CagriSema high dose in obesity. The trial investigates efficacy and
safety of CagriSema 2.4 mg/7.2 mg versus CagriSema 2.4 mg/2.4 mg and semaglutide 7.2 mg in people with
obesity with or without type 2 diabetes.
• The trial is expected to read out in the first half of 2028.
Zenagamtide
Initiation of the zenagamtide phase 3 heart failure outcomes trial HF-POLARIS and AMAZE 8
• Novo Nordisk initiated a phase 3 trial for zenagamtide, HF-POLARIS, investigating efficacy and safety of
subcutaneous zenagamtide compared to placebo on morbidity and mortality in people with heart failure with
preserved or mildly reduced ejection fraction and obesity. Approximately 5600 patients are anticipated to be
enrolled. The trial is event-driven and is expected to read out in the second half of 2029.
• In addition, a phase 3a trial (AMAZE 8) was initiated to investigate zenagamtide versus semaglutide on change
in body weight (%) in people with overweight or obesity and T2D, and with a total of two years of exposure.
The trial is expected to read out in the first half of 2029.
Triple
Initiation of the Triple phase 2 dose finding trial in obesity
• Novo Nordisk initiated a phase 2 trial in people living with obesity that will evaluate different dose escalation
regimens of Triple for up to 39 weeks in around 230 people.
• The trial is expected to read out in the first quarter of 2027.
Monlunabant
Termination of monlunabant development project
• Novo Nordisk terminated the development of monlunabant due to portfolio considerations.
Financial report for the period 1 January 2026 to 30 June 2026 Page 19 of 37
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 48 / 2026
Diabetes&
Ziltivekimab
ZEUS phase 3 cardiovascular outcomes trial completed
• In July, Novo Nordisk provided an update on the ZEUS phase 3 trial in people with atherosclerotic
cardiovascular disease (ASCVD), chronic kidney disease (CKD) and inflammation. The trial did not meet its
primary endpoint.
• The outcome of ZEUS may result in a non-cash impairment charge in Q3 2026. For further information please
find the company announcement here.
CagriSema
Completion of the CagriSema open-label head-to-head REIMAGINE 4 trial
• REIMAGINE 4 was an open-label head-to-head 68-week efficacy and safety trial investigating CagriSema
2.4/2.4 mg versus tirzepatide 15 mg on HbA
1c
and body weight in people with type 2 diabetes inadequately
controlled with metformin with and without an SGLT2 inhibitor.
• For the dual primary endpoints of percentage change in body weight and HbA
1c
, CagriSema 2.4 mg/2.4 mg
demonstrated non-inferiority versus tirzepatide 15 mg for weight reduction, but not for HbA
1c
reduction.
• When evaluating the effects of treatment if all people adhered to treatment, people treated with CagriSema
2.4/2.4 mg achieved a weight loss of 15.2% and an HbA
1c
reduction of 1.9 percentage points, respectively, at
68 weeks. Treatment with tirzepatide 15 mg resulted in a weight loss of 15.8% and an HbA
1c
reduction of 2.2
percentage points, respectively, at 68 weeks.
• In the trial, CagriSema appeared to be safe and well tolerated, consistent with previous CagriSema trials.
UBT251
Initiation of the phase 2 trial with UBT251 in type 2 diabetes
• Novo Nordisk initiated a phase 2 trial in people living with overweight or obesity and type 2 diabetes.
• The trial will investigate safety, tolerability and efficacy of once-weekly UBT251 for up to 40 weeks in around
300 people. The trial is expected to read out end of year 2027.
GSI
Completion of the phase 1 trial with GSI (NN1644)
• The trial investigated the safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of
GSI.
• In the trial, all multiple doses tested appeared to have a safe and well-tolerated profile.
• Novo Nordisk will assess further development of GSI based on these results.
NNC0497-0040
Initiation of the phase 1 trial with NNC0497-0040 in type 1 diabetes
• Novo Nordisk initiated a phase 1 trial investigating safety, tolerability, pharmacokinetics and
pharmacodynamics of NNC0497-0040.
• The trial includes 146 people in a single-ascending-dose cohort in healthy people and a multiple-ascending-
dose cohort in people with type 1 diabetes.
• The trial is expected to read out in the second half of 2028.
NLRP3 inhibitor
Initiation of the phase 1 trial with an oral NLRP3 inhibitor, NNC6022-0004
• Novo Nordisk initiated a phase 1 trial with NNC6022-0004 aiming for an oral treatment of inflammation in a
broad range of cardiometabolic diseases.
• The study investigates single and multiple ascending dose to assess safety, tolerability, pharmacokinetics,
food effect, and target engagement in healthy people, including one cohort of people with obesity.
• The trial is expected to read out in second half of 2027.
Rare Disease Inno8
Completion of the Inno8 phase 1 trial
• The phase 1 trial with Inno8 in healthy male participants was completed.
• The trial investigated safety, tolerability, pharmacokinetics and pharmacodynamics of single intravenous and
multiple oral doses of Inno8 in healthy male participants.
• In the trial, all doses tested appeared to have a safe and well-tolerated profile.
• A phase 1 trial with Inno8 in people with haemophilia A is ongoing.
Financial report for the period 1 January 2026 to 30 June 2026 Page 20 of 37
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 48 / 2026
ANTICIPATED KEY R&D MILESTONES IN 2026
Clinical milestones
Regulatory milestones
r
Therapeutic
Area
Product/Project Milestones
Q3 2026 Q4 2026
Obesity&
Zenagamtide
(oral)
Phase 3 initiation
CagriSema US decision
Zenagamtide
(subcutaneous)
Phase 3 initiation
(Cardiovascular outcomes)
Cagrilintide Phase 3 initiation (high-dose)
Efruxifermin
Phase 3 safety results
(SYNCHRONY Real-World, Fibrosis stage 1-4)
Diabetes&
CagriSema
Phase 3 initiation
(REIMAGINE SWITCH)
Oral semaglutide
25 mg
US decision
Zenagamtide
(subcutaneous)
Phase 3 initiation
Rare Disease
Denecimig US & EU decision
Etavopivat (Sickle
cell disease)
US & EU submission
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 30 June 2026 Page 21 of 37
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 48 / 2026
Financial report for the period 1 January 2026 to 30 June 2026 Page 22 of 37
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 48 / 2026
LEGAL MATTERS
Inflation Reduction Act Litigation
On 18 May 2026, the United States Supreme Court denied Novo Nordisk’s Petition for certiorari seeking review of the Third
Circuit’s decision affirming the dismissal of Novo Nordisk’s lawsuit challenging the legality of the pricing provisions of the
Inflation Reduction Act. No further appeals can be taken and this matter is now closed.
Ozempic
®
ANDA Patent Litigation
Cipla notified Novo Nordisk that they have filed an ANDA with the FDA for a generic version of Ozempic
®
. Novo Nordisk has
filed a complaint for patent infringement against Cipla in the Federal Court for the District of New Jersey. The ANDA
contains Paragraph IV certifications to obtain approval to engage in the commercial manufacture, use, or sale of such
products before the expiration of the patents currently listed for Ozempic
®
in the Orange Book.
Data Breach / IT incident, US
Novo Nordisk is a defendant in multiple putative class action lawsuits in the US related to an IT security incident about
which the company issued a press release on 11 June 2026. The complaints, which assert negligence and other claims
against Novo Nordisk, are brought on behalf of individuals who allege their personally identifiable information and
protected health information were compromised in the IT security incident.
Unified Patent Court Semaglutide Patent Litigation
On 30 June 2026, Sandoz AG filed a lawsuit against Novo Nordisk A/S in the Unified Patent Court (“UPC”), Milan Central
Division, seeking revocation of Novo Nordisk Unitary Patent 3 689 365, covering the 1mg dose of semaglutide for diabetes
in 18 EU countries. Novo Nordisk is fully prepared to defend its patents in this matter.
False Advertising Litigation Against Lilly, US
On 21 July 2026, Novo Nordisk filed a lawsuit against Eli Lilly and Company and Lilly USA, LLC in Federal Court in New
Jersey, alleging they engaged in false advertising and unfair competition in connection with their dissemination of
nationwide, direct-to-consumer advertising campaigns related to the comparative efficacy of FDA-approved GLP-1
medicines.
Financial report for the period 1 January 2026 to 30 June 2026 Page 23 of 37
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 48 / 2026
STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
Executive Management:
Board of Directors:
Financial report for the period 1 January 2026 to 30 June 2026 Page 24 of 37
Strategic
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Performance
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Sustainability
Corporate
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Legal matters
Financial
information
Company announcement No 48 / 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 66,700 people in 80 countries and
markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on
the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.
4 November 2026
Financial results for the first nine months of 2026
3 February 2027
Financial statement for 2026 and Annual Report 2026
Financial Calendar
21 September 2026
Capital Markets Day 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
Sina Meyer
+45 3079 6656
azey@novonordisk.com
Alex Bruce
+45 3444 2613
axeu@novonordisk.com
Ida Schaap Melvold
+45 3077 5649
idmg@novonordisk.com
Christoffer Togo Solgaard-Tullin
+45 3079 1471
cftu@novonordisk.com
Mads Berner Bruun
+45 3075 2936
mbbz@novonordisk.com
Frederik Taylor Pitter (US)
+1 609 613 0568
fptr@novonordisk.com
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 30 June 2026 Page 25 of 37
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 48 / 2026
APPENDIX 1: CONDENSED INCOME STATEMENT
DKK million
Q2 2026
Q2 2025
H1 2026
H1 2025
Condensed income statement
Net sales
Cost of goods sold
(17,100 )
(12,846 )
(30,698 )
(25,736 )
Gross profit
Sales and distribution costs
(14,997 )
(17,533 )
(27,074 )
(32,425 )
Research and development costs
(17,787 )
(11,690 )
(28,071 )
(21,998 )
Administrative costs
(1,309 )
(1,316 )
(2,449 )
(2,536 )
Other operating income and expenses
(234 )
(23 )
(340 )
(9 )
Operating profit
Financial income
Financial expenses
(1,500 )
(4,958 )
(4,999 )
(10,141 )
Profit before income taxes
Income taxes
(5,886 )
(7,302 )
(19,501 )
(15,301 )
NET PROFIT
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
Segment Information
Segment sales:
Obesity and Diabetes care
73,581
71,938
164,943
145,406
Rare disease
4,907
4,919
10,368
9,538
Segment operating profit:
Obesity and Diabetes care
28,356
32,931
86,356
71,178
Operating margin
38.5 %
45.8 %
52.4 %
49.0 %
Rare disease
(1,295)
518
323
1,062
Operating margin
(26.4) %
10.5 %
3.1 %
11.1 %
Total segment operating profit
27,061
33,449
86,679
72,240
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
Items that will be reclassified subsequently to the Income
statement
Exchange rate adjustments of investments in subsidiaries
(5,440 )
(7,959 )
Cash flow hedges:
Realisation of previously deferred (gains)/losses
(739 )
(4,380 )
Deferred gains/(losses) on hedges, incurred during the period
(679 )
(3,548 )
Tax and other items
(2,608 )
(4,113 )
Items that will be reclassified subsequently to the income
statement
Other comprehensive income 500 2,397 (1,548 ) 4,662
TOTAL COMPREHENSIVE INCOME 21,489 28,900 67,998 60,199
Financial report for the period 1 January 2026 to 30 June 2026 Page 26 of 37
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 48 / 2026
APPENDIX 2: CONDENSED CASH FLOW STATEMENT
DKK million H1 2026 H1 2025
Net profit
Adjustment for non-cash items:
Income taxes in the income statement
Depreciation, amortisation and impairment losses
Other non-cash items
Change in working capital
(19,912 )
(7,473 )
Income taxes paid
(7,302 )
(8,400 )
Net cash flows from operating activities
Purchase of intangible assets
(854 )
(2,778 )
Purchase of property, plant and equipment
(23,986 )
(28,083 )
Proceeds from other financial assets
Purchase of other financial assets
(94 )
(199 )
Proceeds from sale of associated companies
Interest received
1
Purchase of marketable securities
(498 )
Sale of marketable securities
Net cash flows from investing activities
(24,476 )
(20,097 )
Purchase of treasury shares
(5,899 )
(1,388 )
Dividends paid
(35,312 )
(35,100 )
Interest paid
1
(2,759 )
(1,952 )
Proceeds from borrowings
Repayment of borrowings
(27,344 )
(76,889 )
Net cash flows from financing activities
(36,565 )
(42,731 )
Net cash generated from activities
Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents
(224 )
(896 )
Cash and cash equivalents at the end of the period
1)
Effective 1 January 2026, 'Interest received' is presented in 'Net cash flows from in investing activities' and 'Interest paid' is 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'.
Financial report for the period 1 January 2026 to 30 June 2026 Page 27 of 37
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 48 / 2026
APPENDIX 3: CONDENSED BALANCE SHEET
DKK million
30 Jun 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 208,696 172,453
TOTAL ASSETS 594,941 542,902
EQUITY AND LIABILITIES
Share capital
Treasury shares
(4 )
(2 )
Retained earnings
Other reserves
(3,329 )
(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 594,941 542,902
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 provision
reversal, see page 88 and 98 of the Novo Nordisk Annual Report 2025.
Financial report for the period 1 January 2026 to 30 June 2026 Page 28 of 37
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 48 / 2026
APPENDIX 4: CONDENSED EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
H1 2026
Balance at the beginning of the year
(2 )
(1,695 )
Net profit
Other comprehensive income / (loss) for the period
(1,634 )
(1,548 )
Total comprehensive income for the period
(1,634 )
Transactions with owners:
Dividends
(35,312 )
(35,312 )
Share-based payments
Purchase of treasury shares
(2 )
(5,897 )
(5,899 )
Balance at the end of the period 446 (4 ) 224,164 (3,329 ) 221,277
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
H1 2025
Balance at the beginning of the year
(2 )
(1,406 )
Net profit
Other comprehensive income / (loss) for the period
Total comprehensive income for the period
Transactions with owners:
Dividends
(35,100 )
(35,100 )
Share-based payments
Purchase of treasury shares
(1,388 )
(1,388 )
Tax related to transactions with owners
(37 )
(37 )
Balance at the end of the period 446 (2 ) 164,453 3,169 168,066
Financial report for the period 1 January 2026 to 30 June 2026 Page 29 of 37
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 48 / 2026
APPENDIX 5: ADJUSTED SALES SPLIT PER AREA
Q2 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
19,484
9,636
9,848
5,707
2,217
1,590
334
% change at CER
1%
(22) %
46 %
63 %
55 %
(5) %
106 %
Wegovy
®
pill
3,218
3,141
77
—
77
—
—
% change at CER
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Saxenda
®
450
47
403
201
180
21
1
% change at CER
(47%)
(43%)
(48%)
(48%)
(37%)
(76%)
(50%)
Total Obesity care
23,152
12,824
10,328
5,908
2,474
1,611
335
% change at CER
16%
4%
37%
52%
45%
(9%)
104 %
Injectable GLP-1 diabetes
31,556
20,530
11,026
7,238
1,482
798
1,508
% change at CER
3%
3%
4%
19%
(35%)
(14%)
8%
Ozempic
®
31,375
20,538
10,837
7,184
1,458
786
1,409
% change at CER
5%
2%
10%
22%
(22%)
(10%)
10%
Victoza
®
181
(8)
189
54
24
12
99
% change at CER
(74%)
0%
(76%)
(72%)
(95%)
(78%)
(15%)
Ozempic
®
pill / Rybelsus
®
5,228
2,273
2,955
1,454
765
761
(25)
% change at CER
(4%)
7%
(12%)
(22%)
33%
(10%)
(120%)
Total GLP-1 diabetes
36,784
22,803
13,981
8,692
2,247
1,559
1,483
% change at CER
2%
3%
0%
10%
(22%)
(12%)
3 %
Long-acting insulin
1
4,412
749
3,663
1,527
854
286
996
% change at CER
8%
9%
8%
(4%)
17%
(4%)
33%
Premix insulin
2
2,790
118
2,672
208
777
490
1,197
% change at CER
1%
13%
0%
(12%)
1%
(1%)
3%
Fast-acting insulin
3
4,691
1,830
2,861
1,293
958
264
346
% change at CER
10%
15%
7%
5%
13%
7%
0%
Human insulin
1,048
315
733
103
343
155
132
% change at CER
(2%)
42%
(13%)
(34%)
5%
(23%)
(18%)
Total insulin
12,941
3,012
9,929
3,131
2,932
1,195
2,671
% change at CER
6%
15%
4%
(3%)
10%
(4%)
10%
Other Diabetes care
4
704
10
694
124
61
65
444
% change at CER
50%
(75%)
62%
(5%)
(16%)
(1%)
196%
Total Diabetes care
50,429
25,825
24,604
11,947
5,240
2,819
4,598
% change at CER
3%
4%
3%
6%
(7%)
(8%)
14%
Obesity and Diabetes care total
73,581
38,649
34,932
17,855
7,714
4,430
4,933
% change at CER
7%
4%
11%
18%
5%
(9%)
18 %
Rare disease segment
Rare blood disorders
5
2,896
1,294
1,602
790
471
315
26
% change at CER
(4%)
4%
(9%)
(6%)
4%
20%
(87%)
Rare endocrine disorders
6
1,538
812
726
321
160
236
9
% change at CER
24%
22%
26%
40%
16%
18%
50%
Other Rare disease
7
473
114
359
240
68
49
2
% change at CER
18%
65%
8%
10%
3%
6%
0%
Rare disease total
4,907
2,220
2,687
1,351
699
600
37
% change at CER
6%
12%
1%
5%
6%
18%
(82%)
Total adjusted sales
78,488
40,869
37,619
19,206
8,413
5,030
4,970
% change in DKK
6%
1%
11%
17%
12%
(10%)
16%
% change at CER
7%
4%
10%
17%
5%
(6%)
13%
Share of growth
100%
35%
65%
53%
8%
(6%)
10%
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 30 June 2026 Page 30 of 37
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 48 / 2026
H1 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
37,719
19,129
18,590
10,648
3,949
3,243
750
% change at CER
7%
(17) %
53 %
73 %
45 %
32 %
(9) %
Wegovy
®
pill
5,474
5,397
77
—
77
—
—
% change at CER
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Saxenda
®
871
50
821
384
401
35
1
% change at CER
(54%)
(68%)
(53%)
(56%)
(39%)
(80%)
(95%)
Total Obesity care
44,064
24,576
19,488
11,032
4,427
3,278
751
% change at CER
19%
6%
40%
57%
31%
24%
(11) %
Injectable GLP-1
59,715
38,269
21,446
13,876
2,961
1,669
2,940
% change at CER
(4%)
(7%)
2%
24%
(41%)
(5%)
(4%)
Ozempic
®
59,200
38,268
20,932
13,751
2,833
1,634
2,714
% change at CER
(2%)
(6%)
8%
28%
(35%)
(1%)
0%
Victoza
®
515
1
514
125
128
35
226
% change at CER
(71%)
(101%)
(68%)
(72%)
(82%)
(65%)
(34%)
Ozempic
®
pill / Rybelsus
®
9,800
3,857
5,943
2,992
1,354
1,596
1
% change at CER
(9%)
(11%)
(9%)
(20%)
21%
2%
(78%)
Total GLP-1 diabetes
69,515
42,126
27,389
16,868
4,315
3,265
2,941
% change at CER
(5%)
(7%)
(1%)
13%
(31%)
(2%)
(6) %
Long-acting insulin
1
8,644
1,612
7,032
3,071
1,554
546
1,861
% change at CER
(6%)
(31%)
3%
(2%)
0%
(8%)
20%
Premix insulin
2
5,185
199
4,986
423
1,208
1,018
2,337
% change at CER
(4%)
(13%)
(4%)
(11%)
(6%)
9%
(6%)
Fast-acting insulin
3
8,646
3,275
5,371
2,536
1,611
518
706
% change at CER
(4%)
(14%)
4%
7%
3%
2%
(1%)
Human insulin
2,111
632
1,479
213
643
295
328
% change at CER
(21%)
20%
(32%)
(38%)
(35%)
(35%)
(12%)
Total insulin
24,586
5,718
18,868
6,243
5,016
2,377
5,232
% change at CER
(7%)
(17%)
(3%)
(2%)
(8%)
(5%)
2%
Other Diabetes care
4
1,264
30
1,234
251
132
127
724
% change at CER
37%
(60%)
47%
(5%)
(4%)
(1%)
138%
Total Diabetes care
95,365
47,874
47,491
23,362
9,463
5,769
8,897
% change at CER
(5%)
(8%)
(1%)
9%
(20%)
(3%)
4%
Obesity and Diabetes care total
139,429
72,450
66,979
34,394
13,890
9,047
9,648
% change at CER
2%
(4%)
9%
21%
(9%)
5%
2 %
Rare disease segment
Rare blood disorders
5
5,529
2,296
3,233
1,633
952
572
76
% change at CER
(4%)
(6%)
(2%)
1%
8%
20%
(75%)
Rare endocrine disorders
6
2,685
1,308
1,377
613
303
445
16
% change at CER
9%
(1%)
21%
38%
(1%)
22%
33%
Other Rare disease
7
908
200
708
484
129
91
4
% change at CER
18%
66%
9%
7%
17%
6%
33%
Rare disease total
9,122
3,804
5,318
2,730
1,384
1,108
96
% change at CER
2%
(2%)
5%
8%
6%
19%
(70%)
Total adjusted sales
148,551
76,254
72,297
37,124
15,274
10,155
9,744
% change in DKK
(2%)
(10%)
7%
19%
(6%)
(1%)
(2%)
% change at CER
2%
(4%)
8%
20%
(7%)
7%
0%
Share of growth
100%
(136%)
236%
259%
(51%)
29%
(1%)
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 30 June 2026 Page 31 of 37
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 48 / 2026
Appendix 6: Sales IFRS reconciliation
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Reported sales Adjusted sales
Sales split per therapy
Q2 2026
reported
sales
340B
provision
reversal
Q2 2026
adjusted
sales
Growth
in DKK
Growth
at CER
Growth
in DKK
Growth
at CER
Obesity and Diabetes care segment
Wegovy
®
injectable 19,484 — 19,484 0% 0% 1% 1%
Wegovy
®
pill 3,218 — 3,218 N/A N/A N/A N/A
Saxenda
®
450 — 450 (47%) (48%) (46%) (47%)
Total Obesity care
23,152
—
23,152
14%
15%
15%
16%
Injectable GLP-1 diabetes
31,556
—
31,556
(4%)
(2%)
1%
3%
- Ozempic
®
31,375
—
31,375
(1%)
0%
3%
5%
- Victoza
®
181
—
181
(80%)
(81%)
(72%)
(74%)
Ozempic
®
pill / Rybelsus
®
5,228
—
5,228
(8%)
(5%)
(7%)
(4%)
Total GLP-1 diabetes
36,784
—
36,784
(4%)
(2%)
0%
2%
Long-acting insulin
1
4,412
—
4,412
(1%)
(1%)
8%
8%
Premix insulin
2
2,790
—
2,790
6%
0%
7%
1%
Fast-acting insulin
3
4,691
—
4,691
3%
3%
10%
10%
Human insulin
1,048
—
1,048
(5%)
(3%)
(4%)
(2%)
Total insulin
12,941
—
12,941
2%
0%
7%
6%
Other Diabetes care
4
704
—
704
55%
50%
55%
50%
Total Diabetes care
50,429
—
50,429
(2%)
(1%)
2%
3%
Obesity and Diabetes care total
73,581
—
73,581
2%
3%
6%
7%
Rare disease segment
Rare blood disorders
5
2,896
—
2,896
(6%)
(4%)
(6%)
(4%)
Rare endocrine disorders
6
1,538
—
1,538
8%
13%
19%
24%
Other Rare disease
7
473
—
473
17%
18%
17%
18%
Rare disease total
4,907
—
4,907
0%
3%
2%
6%
Total sales 78,488 — 78,488 2% 3% 6% 7%
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 30 June 2026 Page 32 of 37
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 48 / 2026
Appendix 6: Sales IFRS reconciliation
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Reported sales Adjusted sales
Sales split per therapy
H1 2026
reported
sales
340B
provision
reversal
H1 2026
adjusted
sales
Growth
in DKK
Growth
at CER
Growth
in DKK
Growth
at CER
Obesity and Diabetes care segment
Wegovy
®
injectable 39,997 2,278 37,719 8% 12% 3% 7%
Wegovy
®
pill 5,474 — 5,474 N/A N/A N/A N/A
Saxenda
®
1,024 153 871 (46%) (46%) (54%) (54%)
Total Obesity care
46,495
2,431
44,064
20%
24%
14%
19%
Injectable GLP-1 diabetes
75,116
15,401
59,715
13%
18%
(8%)
(4%)
- Ozempic
®
71,855
12,655
59,200
11%
16%
(6%)
(2%)
- Victoza
®
3,261
2,746
515
57%
62%
(71%)
(71%)
Ozempic
®
pill / Rybelsus
®
10,343
543
9,800
(9%)
(5%)
(13%)
(9%)
Total GLP-1 diabetes
85,459
15,944
69,515
10%
14%
(9%)
(5%)
Long-acting insulin
1
12,524
3,880
8,644
27%
31%
(9%)
(6%)
Premix insulin
2
5,426
241
5,185
0%
0%
(4%)
(4%)
Fast-acting insulin
3
11,570
2,924
8,646
21%
24%
(7%)
(4%)
Human insulin
2,205
94
2,111
(23%)
(18%)
(26%)
(21%)
Total insulin
31,725
7,139
24,586
14%
18%
(9%)
(7%)
Other Diabetes care
4
1,264
—
1,264
36%
37%
36%
37%
Total Diabetes care
118,448
23,083
95,365
11%
15%
(9%)
(5%)
Obesity and Diabetes care total
164,943
25,514
139,429
13%
18%
(2%)
2%
Rare disease segment
Rare blood disorders
5
5,529
—
5,529
(8%)
(4%)
(8%)
(4%)
Rare endocrine disorders
6
3,931
1,246
2,685
44%
52%
3%
9%
Other Rare disease
7
908
—
908
16%
19%
15%
18%
Rare disease total
10,368
1,246
9,122
9%
14%
(3%)
2%
Total sales 175,311 26,760 148,551 13% 18% (2%) 2%
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 30 June 2026 Page 33 of 37
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Company announcement No 48 / 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 Q2 2026 Q2 2025
% change
Q2 2026 to
Q2 2025
H1 2026 H1 2025
% change
H1 2026 to
H1 2025
Net sales at CER
Net sales IFRS 78,488 76,857 2% 175,311 154,944 13%
Effect of exchange rates 894 3,335 6,934 2,106
Net sales at CER 79,382 80,192 182,245 157,050
Net sales previous period 76,857 154,944
% increase/(decrease) in constant exchange rates 3% 18%
Operating profit at CER
Operating profit IFRS 27,061 33,449 (19%) 86,679 72,240 20%
Effect of exchange rates 932 2,740 5,339 2,110
Operating profit at CER 27,993 36,189 92,018 74,350
Operating profit previous period 33,449 72,240
% increase/(decrease) in constant exchange rates (16%) 27%
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 DKK 26.8 billion in the first quarter of 2026 and DKK 2.6 billion in the second quarter of 2025 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 "340B provision reversals".
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. In the second quarter of 2026, Novo Nordisk recorded non-cash impairment charges of DKK
6.3 billion in Q2 2026 related to intangible pipeline assets, including monlunabant (DKK 4.0 billion).
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 30 June 2026 Page 34 of 37
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Company announcement No 48 / 2026
340B provision 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 DKK 26.8 billion in the first quarter of 2026 and of DKK 2.6 billion in the second quarter of
2025 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 provision reversal, see page 88 and 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
Q2 2026
Net sales 78,488 — — — 78,488 893 79,381
Cost of goods sold (17,100) (17,100) 454 (16,646)
Gross profit 61,388 — — — 61,388 1,347 62,735
Sales and distribution costs (14,997) (14,997) (338) (15,335)
Research and development costs (17,787) 6,328 (11,459) (54) (11,513)
Administrative costs (1,309) (1,309) (5) (1,314)
Other operating income and expenses (234) (234) (14) (248)
Operating profit 27,061 — 6,328 — 33,389 936 34,325
Q2 2025
Net sales 76,857 (2,649) — — 74,208
Costs of goods sold (12,846) (12,846)
Gross profit 64,011 (2,649) — — 61,362
Sales and distribution costs (17,533) (17,533)
Research and development costs (11,690) (11,690)
Administrative costs (1,316) (1,316)
Other operating income and expenses (23) (23)
Operating profit 33,449 (2,649) — — 30,800
H1 2026
Net sales 175,311 (26,760) — — 148,551 6,109 154,660
Cost of goods sold (30,698) (30,698) 135 (30,563)
Gross profit 144,613 (26,760) — — 117,853 6,244 124,097
Sales and distribution costs (27,074) (27,074) (1,144) (28,218)
Research and development costs (28,071) 6,328 (21,743) (475) (22,218)
Administrative costs (2,449) (2,449) (73) (2,522)
Other operating income and expenses (340) (340) (33) (373)
Operating profit 86,679 (26,760) 6,328 — 66,247 4,519 70,766
H1 2025
Net sales 154,944 (2,649) — — 152,295
Cost of goods sold (25,736) (25,736)
Gross profit 129,208 (2,649) — — 126,559
Sales and distribution costs (32,425) (32,425)
Research and development costs (21,998) (21,998)
Administrative costs (2,536) (2,536)
Other operating income and expenses (9) (9)
Operating profit 72,240 (2,649) — — 69,591
Financial report for the period 1 January 2026 to 30 June 2026 Page 35 of 37
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Company announcement No 48 / 2026
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 Q2 2026 Q2 2025
% change
Q2 2026 to
Q2 2025
H1 2026 H1 2025
% change
H1 2026 to
H1 2025
Net profit 20,989 26,503 (21%) 69,546 55,537 25%
Income taxes 5,886 7,302 (19%) 19,501 15,301 27%
Financial income (1,314) (5,314) (75%) (7,367) (8,739) (16%)
Financial expenses 1,500 4,958 (70%) 4,999 10,141 (51%)
Operating profit (EBIT) 27,061 33,449 (19%) 86,679 72,240 20%
Depreciation and amortisations 3,605 3,744 (4%) 7,118 7,503 (5%)
Impairment losses and reversals 6,699 1,089 N/A 6,722 1,160 N/A
EBITDA 37,365 38,282 (2%) 100,519 80,903 24%
Effect of exchange rates 960 2,790 5,450 2,138
EBITDA at CER 38,325 41,072 105,969 83,041
EBITDA previous period 38,282 80,903
% increase/(decrease) in constant exchange rates 0% 31%
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", "340B provision reversals" 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.
Financial report for the period 1 January 2026 to 30 June 2026 Page 36 of 37
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Company announcement No 48 / 2026
Adjusted net profit and Adjusted diluted EPS
DKK million Q2 2026 Q2 2025
% change
Q2 2026 to
Q2 2025
H1 2026 H1 2025
% change
H1 2026 to
H1 2025
Net profit IFRS 20,989 26,503 (21%) 69,546 55,537 25%
Impairment losses and reversals on intangible assets
IFRS
6,519 635 927% 6,519 637 N/A
Amortisations on intangible assets IFRS 1,670 1,621 3% 3,340 3,244 3%
340B provision reversal — (2,649) N/A (26,760) (2,649) N/A
Major impairment on property, plant & equipment — — N/A — — N/A
Major legal matters — — N/A — — N/A
Major restructuring costs — — N/A — — N/A
Tax effects of adjustments (1,757) 99 N/A 4,255 (256) N/A
Adjusted net profit 27,421 26,209 5% 56,900 56,513 1%
Average number of shares outstanding, including
dilutive effect (million)
4,435.8 4,446.7 0% 4,442.2 4,446.9 0%
Adjusted diluted EPS 6.18 5.89 5% 12.81 12.71 1%
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 Q2 2026 Q2 2025 H1 2026 H1 2025
Net cash generated from operating activities 55,199 41,774 79,283 66,504
Purchase of property, plant and equipment (12,675) (14,661) (23,986) (28,083)
Free cash flow
1)
42,524 27,113 55,297 38,421
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.
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 30 Jun 2026 31 Dec 2025
Borrowings, non-current (121,794) (118,941)
Borrowings, current (18,333) (12,017)
Add-back of lease liabilities 8,622 8,572
Cash at bank 44,482 26,464
Marketable securities 500 498
Net debt
(86,523) (95,424)
Financial report for the period 1 January 2026 to 30 June 2026 Page 37 of 37
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Outlook
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Financial
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Company announcement No 48 / 2026