Novo Nordisk (NOVO) Q2 2026 earnings summary

Executive summary

• Adjusted sales grew 7% in Q2 2026, driven by strong GLP-1 volume growth in obesity care, with rapid WegovyⓇ pill uptake in the US, UK, and UAE, despite lower realized prices and US pricing pressure.

• Net profit reached DKK 21.0 billion in Q2 2026, with free cash flow of DKK 42.5 billion, and over 46 million people treated for obesity and diabetes globally.

• The WegovyⓇ pill captured 90% of the US oral obesity market and achieved over 5 million cumulative prescriptions in 30 weeks, with strong launches in the UK and UAE.

• R&D pipeline advanced with over 10 regulatory approvals, 5+ clinical trial initiations, and key trial readouts, including ZEUS and REDEFINE 9.

• EMA approved WegovyⓇ 7.2 mg pen and pill in July, supporting obesity care momentum.

Financial highlights

• Q2 2026 adjusted sales reached DKK 78.5 billion, up 7% at CER; adjusted operating profit was DKK 33.4 billion, up 11% at CER.

• Gross margin for Q2 2026 was 78.2%, with operating margin at 42.5%.

• S&D costs increased 13% to DKK 14,997 million; R&D costs up 2% to DKK 11,459 million in Q2.

• Free cash flow for Q2 was DKK 42.5 billion; interim dividend of DKK 3.75 per share declared for 2026.

• H1 2026 adjusted sales grew 2% at CER to DKK 148.6 billion; EBITDA for H1 was DKK 100.5 billion, up 24% year-over-year.

Outlook and guidance

• 2026 adjusted sales and operating profit growth guidance raised to 0% to -6% at CER, reflecting stronger GLP-1 expectations but US pricing and patent headwinds.

• Free cash flow expected between DKK 45-55 billion; CAPEX around DKK 55 billion; effective tax rate projected at 21%-23%.

• International Operations expected to grow, while US Operations face sales decline due to competition, reduced Medicaid coverage, and lower realized prices.

• On a non-adjusted basis, mid-point guidance for sales and operating profit growth at CER would be 5% and 12%, respectively.

• 2027 outlook not yet provided, but management highlights strong GLP-1 market growth and upcoming launches as positives.