Novo Nordisk A/S
The Danish drugmaker behind Ozempic and Wegovy, the weight-loss and diabetes medicines where Eli Lilly overtook it in the US in 2025.
The scores
Growth2/4 ↓
Not 3: first-half adjusted sales rose 2% and the year is guided flat to down 6%.
Business quality3/4 ↓
Not 4: patents and scale hold off copies, but Lilly took both US leads and US prices are falling.
Financial position3/4 ↑
Not 4: net debt of DKK 86.5B is modest against profit, but it is debt, not cash.
Execution record2/4 →
Not 3: monlunabant was written down, ZEUS failed and CagriSema tied tirzepatide's top dose, though guidance rose twice.
Per share capture4/4 →
Share count shrinking under a DKK 15B buyback, dividends near 5%, and no share-funded deals.
Potential2/4 →
Not 3: CagriSema needs FDA approval and share won from Lilly, both outside Novo's control.
Risk profile3/4 ↓
Not 4: semaglutide is about three quarters of sales and the US government now sets much of its price.
Valuation3/4 ↑
Not 4: the price assumes a slow fade, roughly what falling US prices and the 2032 patent end imply.
Evidence quality3/4 →
Not 4: the figures are filed, but net prices and CagriSema's switching rate are undisclosed.
If it works 1.1× · if it fails you keep about 89%.
The Verdict
We rate Novo Nordisk Neutral. It is a mixed business: still hugely profitable and gaining patients, but Lilly has taken the lead in both its markets and US prices are being cut. The price is fair: at 9.4 times last year's profit, it already assumes profits shrink slowly for years. As a bet it is defensive: if CagriSema, its next obesity drug, succeeds the shares are worth only a little more, and if it fails the existing business still covers most of today's price. Cheap-looking, but for a reason.
The long caseMore people will treat obesity with medicine for years; if Novo's next drugs work better than Wegovy, it keeps patients it would otherwise lose to Lilly.
The evidence under this - 6 claims
The finance chief said the second half carries semaglutide's loss of exclusivity in Canada and Brazil and about DKK 5B of favourable prior-year rebate effects that will not repeat (S04).
Reported earnings, after the June quarter's DKK 6.3B of impairments, are lower than adjusted earnings, so the reported multiple is higher (C36).
Earnings may fall faster after the 2032 US patent expiry and recover more slowly than a steady decline, so the implied path is an average, not a forecast (C13).
Lilly's retatrutide is due for submission in early 2027 and its tirzepatide already leads both US markets, so CagriSema may mainly defend Novo's share rather than add patients (C12, C47).
Ten times prices earnings that the 2032 US patent expiry will cut (C13); at eight times the core is worth about $118B, about 71% of the market value.
The company
Novo makes medicines that copy gut hormones. Semaglutide imitates GLP-1, a hormone that lowers blood sugar and appetite; a weekly shot or a daily pill helps people lose a sixth of their weight. Ozempic, Wegovy and the pill Rybelsus were about three quarters of its DKK 309B of 2025 sales.
Insurers and governments pay for it instead of leaving obesity untreated or turning to surgery. CagriSema, which adds a second hormone, is the next drug: in trials it beat a low dose of Lilly's rival but not its top dose.
The evidence under this - 3 claims
The comparator was tirzepatide's lowest maintenance dose; against its top dose CagriSema did not win (C23).
How it makes money
Novo sells each prescription through wholesalers, insurers and governments, and keeps about 78 cents of every sales dollar after making the drug. After research, selling and tax, about 38 cents of each sales dollar is profit.
Obesity sales grew 19% in the first half of 2026, but the whole company grew 2% because US prices fell and diabetes sales slowed. Most of the profit goes back to shareholders as dividends and buybacks.
The evidence under this - 5 claims
The adjustment removes a US 340B rebate provision reversal booked in 2025, so reported growth was weaker than the adjusted figure.
Reported earnings in the June 2026 quarter carried DKK 6.3B of pipeline impairments, including DKK 4.0B for monlunabant, which the adjusted figure excludes (C36).
Management attributes part of the fall to about DKK 3B of one-off capacity costs, which may not recur.
Where the money comes from, stream by stream
| Stream | Share of sales (H1 2026) | How it earns it |
|---|---|---|
| GLP-1 for diabetes (Ozempic, Rybelsus, Victoza) | 46.8% | Semaglutide injections and tablets for type 2 diabetes, sold through wholesalers and paid for by insurers and governments after rebates. |
| Obesity care (Wegovy injection and pill, Saxenda) | 29.7% | Weight-loss medicines sold through insurers, government plans and, increasingly, self-pay channels at lower prices. |
| Insulin | 16.6% | Long-acting, premix, fast-acting and human insulins for diabetes, a mature line sold worldwide. |
| Rare disease | 6.1% | Haemophilia and growth hormone treatments, the second reported segment. |
| Other diabetes care | 0.9% | Smaller diabetes products outside GLP-1 medicines and insulin. |
Who runs it
Mike Doustdar, at Novo since 1992, became chief executive in August 2025 and cut about a tenth of the staff; Karsten Knudsen has run finance since 2018. A charitable foundation controls over three quarters of the votes, so managers own almost nothing and outside shareholders cannot force change. Bonuses and share awards ride on sales and profit growth, none on the share price or cash, and 2025's bonus paid a quarter of the maximum.
The evidence under this - 4 claims
Why it wins, and who could beat it
Why customers come back
Patents are the protection: nobody may sell a copy of semaglutide in the US until about 2032. In a trial, people on diet and exercise alone lost 2% of their weight; on CagriSema they lost 21%.
But a patent stops copies, not a better rival drug. Lilly's tirzepatide took the US lead in 2025, and Wegovy injection sales fell 22% in the June quarter on lower prices. Medicare will pay $274 a month from 2027, and over half of users say the drugs are hard to afford.
The evidence under this - 6 claims
The finance chief says self-pay is now about 35% of US Wegovy injectable volume, so part of the price fall is a channel mix shift rather than lost pricing on the same patients (C18).
The comparator was tirzepatide's lowest maintenance dose; against its top dose CagriSema did not win (C23).
The threat
Lilly is the threat. Its weekly shot outsells Novo's, its revenue grew 48% in the June quarter, its patent runs four years longer, it launched a rival pill in 2026 and plans to file an even stronger drug, retatrutide, in early 2027. Behind Lilly, generic makers such as Cipla and Sandoz are already challenging Novo's patents, and US compounding pharmacies sell unapproved copies.
The evidence under this - 7 claims
Retatrutide has no approval yet, and a submission in early 2027 means a US decision around the end of 2027 at the earliest, a year after CagriSema's.
The volume doubling was taken mostly by Lilly, whose tirzepatide revenue rose far faster than Novo's semaglutide (C12).
The rivals: LLY, LLY, LLY, PFE, AMGN, ABBV, MRK, and 3 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| LLY | Eli Lilly tirzepatide, sold as Mounjaro and ZepboundPriced against it: Yes | Semaglutide franchise, insulin and rare disease | On sale | Yes |
| Eli Lilly Foundayo (orforglipron) | Semaglutide franchise, insulin and rare disease | On sale | ||
| Eli Lilly retatrutide | Next-generation obesity medicines: CagriSema, zenagamtide and cagrilintide | Announced | ||
| Private | US compounding pharmaciesPriced against it: Private | Semaglutide franchise, insulin and rare disease | On sale | Private |
| Cipla generic semaglutidePriced against it: Listed abroad | Semaglutide franchise, insulin and rare disease | Announced | Listed abroad | |
| Sandoz generic semaglutidePriced against it: Listed abroad | Semaglutide franchise, insulin and rare disease | Announced | Listed abroad | |
| PFE | Pfizer obesity programmes from MetseraPriced against it: Yes | Next-generation obesity medicines: CagriSema, zenagamtide and cagrilintide | In research | Yes |
| AMGN | AmgenPriced against it: Yes | - | On sale | Yes |
| ABBV | AbbViePriced against it: Yes | - | On sale | Yes |
| MRK | Merck & Co.Priced against it: Yes | - | On sale | Yes |
How big it could get
How big this could get
The market is enormous: 890 million adults worldwide live with obesity, and one in eight American adults already takes one of these drugs. Novo treats about 4.9 million obesity patients and is paid roughly $2,700 a year for each.
So the number of patients is not what limits Novo. The price per patient is, and it is falling as Medicare and cash buyers pay far less than list.
The evidence under this - 4 claims
US prices fall further in 2027 (C16, C17), so earnings per patient are likely to shrink before CagriSema launches.
The results
What growth costs
Growing has not made Novo more profitable: cheaper selling per sale has been eaten by rising research spending and a slightly lower gross margin, so the operating margin stayed flat. The big new cost is factories, which take a far larger slice of sales than five years ago.
The evidence under this - 1 claim
The last report (5 Aug)
Quarter ended June 2026, filed figures.
In the first half of 2026, adjusted sales grew 2% at constant exchange rates, and the June quarter alone grew 7%. Novo raised its 2026 outlook to between flat and down 6%, helped by the new Wegovy pill, which passed 265,000 prescriptions a week in July.
The weak spots were price and the pipeline. US Wegovy injection sales fell 22% on lower prices, Novo wrote off DKK 6.3B of failed drug projects, and in a head-to-head trial CagriSema's 15.2% weight loss did not beat Lilly's 15.8%.
What it did to the thesisIt showed the volume half of the case working, through the pill and growing patient numbers, while confirming the price half: US injection sales fell sharply and CagriSema only tied Lilly's top dose. It left the central question, whether volume outruns price, open.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.96 against $0.82 expected.
The evidence under this - 6 claims
The adjustment removes a US 340B rebate provision reversal booked in 2025, so reported growth was weaker than the adjusted figure.
The finance chief says self-pay is now about 35% of US Wegovy injectable volume, so part of the price fall is a channel mix shift rather than lost pricing on the same patients (C18).
The finance chief said the second half carries semaglutide's loss of exclusivity in Canada and Brazil and about DKK 5B of favourable prior-year rebate effects that will not repeat (S04).
Management attributes part of the fall to about DKK 3B of one-off capacity costs, which may not recur.
What management did with the money
In the first half of 2026 Novo paid out DKK 41.2B, mostly as dividends, with a DKK 15B buyback running. It is also spending about DKK 55B a year on new factories, roughly as much as the cash it expects to have left over.
The evidence under this - 3 claims
Capital spending of about DKK 55B a year is as large as the free cash flow it leaves, so a further price cut comes straight out of shareholder returns.
The price, and where we disagree
In short. Fair. The price already assumes Novo's profits shrink slowly for years, about what falling US prices and the patent end imply, so it is not paying for a recovery.
The shares fell 37% in the year to October 2026 while sales per share rose about 6%, so the whole fall was investors paying less for each dollar of sales. Analysts have turned too: about half rated it a buy in February, a fifth now.
Three tests arrive close together. Third-quarter results come on November 4, the FDA decides on CagriSema by the end of 2026, and the US price cut takes effect on January 1, 2027, ahead of Novo's 2027 outlook in February.
The evidence under this - 5 claims
Revenue per share is struck in kroner and the price in dollars, so a weaker dollar flatters the revenue side slightly.
A fourth-quarter decision is Novo's expectation, not an FDA action date, and the FDA extended its review of another Novo application in October 2026; a delay would push launch into the second half of 2027.
A list price is not what Novo is paid: most US volume already sells at net prices far below list after rebates, so the cut's effect on revenue is smaller than its headline.
How we read the multiple
Novo looks cheap beside other big drugmakers, but its main patent ends years before Lilly's, and 2027 profit is expected to dip.
What a buyer is paying for:
- Each share costs about 11 times expected 2027 profit.
- That means each share earns about 9 cents a year for every dollar paid.
- A common rule of thumb asks about 8 cents a year from a large, steady company.
- The extra cent leaves room for profits to shrink about 1% a year for ever, roughly the fade the evidence shows.
Against its own history. Below what buyers usually paid for each dollar of its profit, but that history was earned while sales grew fast and the patent end was far away.
The evidence under this - 5 claims
Reported earnings, after the June quarter's DKK 6.3B of impairments, are lower than adjusted earnings, so the reported multiple is higher (C36).
Earnings may fall faster after the 2032 US patent expiry and recover more slowly than a steady decline, so the implied path is an average, not a forecast (C13).
The panel is small; seven analysts publish 2027 figures and four 2028, so one revision moves the average.
Several peers' trailing earnings are depressed by acquisition and impairment charges, which inflates their multiples and widens the gap.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on price for each $1 of yearly profit, cheapest first:
| Ticker | Company | price for each $1 of yearly profit |
|---|---|---|
| NVO | Novo Nordisk A/S | 9.5× |
| AMGN | Amgen | 24.8× |
| PFE | Pfizer | 36.7× |
| LLY | Eli Lilly and Company | 38.2× |
| ABBV | AbbVie | 74.0× |
| MRK | Merck & Co. | 114.5× |
The middle of the other 5 is 38.2. Novo Nordisk A/S is cheapest of 6.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
Novo is far cheaper than its filed rivals, but this is its own story: an earlier patent end and falling US prices, not a cheap group.
The bet: what it pays if it works
The bet is on Novo's next obesity drugs, CagriSema above all. The existing business is valued separately, at a little less than the whole company sells for today.
If CagriSema reaches millions of patients by 2029, the shares are worth only slightly more than today, because a big success is still small next to a company this large. If it fails, the existing business covers most of the price, so little is lost. It is a safe holding with little upside, not an asymmetric one.
| Next-generation obesity medicines: CagriSema, zenagamtide and cagrilintide earnings in two to three years | CagriSema patients treated for a year needed | At the stated multiple |
|---|---|---|
| $1.00B | about 1.0M at 100% kept | 1.0× |
| $2.00B (the big win) | about 2.0M at 100% kept | 1.1× |
| $4.00B | about 4.0M at 100% kept | 1.3× |
To pay 2× (a Fair bet) it would need about $12.23B of Next-generation obesity medicines: CagriSema, zenagamtide and cagrilintide earnings (about 12.2M CagriSema patients treated for a year); to pay 5× (a Cheap bet), about $45.37B of Next-generation obesity medicines: CagriSema, zenagamtide and cagrilintide earnings (about 45.4M CagriSema patients treated for a year), at the same multiple.
Each row is Next-generation obesity medicines: CagriSema, zenagamtide and cagrilintide alone, plus the rest of the company (Semaglutide franchise, insulin and rare disease) counted at about $148.00B.
The steps it has to take
- Done CagriSema submitted to the US FDA
- Done REIMAGINE 5 and REDEFINE 9 positive
- Done Zenagamtide phase 3 programme started
- In progress CagriSema approved in the US due 2026-12
- Not started CagriSema launched in the US due 2027-06
- Not started CagriSema high-dose phase 3 reads out due 2028-06
- Not started Zenagamtide AMAZE 8 reads out due 2029-06
The detail behind the label
The evidence under this - 10 claims
Lilly's retatrutide is due for submission in early 2027 and its tirzepatide already leads both US markets, so CagriSema may mainly defend Novo's share rather than add patients (C12, C47).
Ten times prices earnings that the 2032 US patent expiry will cut (C13); at eight times the core is worth about $118B, about 71% of the market value.
US prices fall further in 2027 (C16, C17), so earnings per patient are likely to shrink before CagriSema launches.
It counts people reached, not patient-years: many patients stop within a year, so fewer are on treatment for the whole year than the figure suggests.
The panel is small; seven analysts publish 2027 figures and four 2028, so one revision moves the average.
The comparator was tirzepatide's lowest maintenance dose; against its top dose CagriSema did not win (C23).
Retatrutide has no approval yet, and a submission in early 2027 means a US decision around the end of 2027 at the earliest, a year after CagriSema's.
Where we disagree with the market
Novo is a fading franchise: Lilly is winning, US prices are falling, and the shares deserve to keep sliding.
The fade is real but already in the price; Novo still gains patients, so the decline may be slower than feared.
The market might be too gloomy because the problem is price, not demand: Novo treats 4.9 million obesity patients and its new pill is the fastest US launch of this kind of drug.
The evidence against us is that analysts expect 2027 profit below 2026, and Lilly's next drug may arrive soon after CagriSema.
What analysts say, and the evidence
The evidence under this - 5 claims
Revenue per share is struck in kroner and the price in dollars, so a weaker dollar flatters the revenue side slightly.
The finance chief says self-pay is now about 35% of US Wegovy injectable volume, so part of the price fall is a channel mix shift rather than lost pricing on the same patients (C18).
It counts people reached, not patient-years: many patients stop within a year, so fewer are on treatment for the whole year than the figure suggests.
The panel is small; seven analysts publish 2027 figures and four 2028, so one revision moves the average.
What could go wrong, and how we would know
The risks
- US prices fall faster List prices drop sharply in January 2027 and Medicare pays $274 a month; if new patients do not make up the gap, profit falls more than expected.
- Lilly keeps winning Lilly's drugs already lead in the US, and retatrutide could reach the market about a year after CagriSema.
- The patent cliff Semaglutide's US patent ends around 2032 and generic makers have already filed, so the biggest product has a fixed end date.
- One molecule About three quarters of sales come from semaglutide, so one drug's price decides the company's results.
- CagriSema delayed or rejected A late or negative FDA decision would leave Novo without a new obesity drug while Lilly launches its next one.
The evidence under this - 8 claims
A list price is not what Novo is paid: most US volume already sells at net prices far below list after rebates, so the cut's effect on revenue is smaller than its headline.
Retatrutide has no approval yet, and a submission in early 2027 means a US decision around the end of 2027 at the earliest, a year after CagriSema's.
A fourth-quarter decision is Novo's expectation, not an FDA action date, and the FDA extended its review of another Novo application in October 2026; a delay would push launch into the second half of 2027.
What we still do not know
- What Novo is actually paid per US patient after the 2027 list price cut and Medicare's price.
- How many CagriSema patients will be new and how many will simply switch from Wegovy.
- Whether the patent suit against Cipla settles on a date for a US generic before 2032.
The evidence under this - 4 claims
A list price is not what Novo is paid: most US volume already sells at net prices far below list after rebates, so the cut's effect on revenue is smaller than its headline.
Lilly's retatrutide is due for submission in early 2027 and its tirzepatide already leads both US markets, so CagriSema may mainly defend Novo's share rather than add patients (C12, C47).
What would change our view
- Neutral→AttractiveThe price falls to 7.5 times earnings
It needs:
- ○The shares fall until each costs about 7.5 times last year's profit, down from about 9.4.about $29.65 today, 21% below the last close
- Neutral→Attractive2027 returns to growth with CagriSema approved
It needs all of:
- ○Novo's 2027 outlook, due in February, expects sales to grow, or at least not fall.checked at the next results, due by 4 Nov
- ○The FDA approves CagriSema for weight loss.watched as it happens
- Neutral→Unattractive2027 guidance shows a deep decline
It needs:
- ○Novo's 2027 outlook expects sales to fall by more than 5%.checked at the next results, due by 4 Nov
We would also be wrong if
- The FDA rejects CagriSema or delays its decision beyond mid-2027.
- A US generic semaglutide launches before 2031 after a court ruling against Novo.
What is coming
- 4 November 2026 Nine-month 2026 results: Whether adjusted sales growth holds at or above 0% as Canada and Brazil lose exclusivity, and whether the raised 0% to -6% range is kept.
Every dated event ahead
- 4 November 2026 Nine-month 2026 results: Whether adjusted sales growth holds at or above 0% as Canada and Brazil lose exclusivity, and whether the raised 0% to -6% range is kept.
- December 2026 US FDA decision on CagriSema for weight management: Whether Novo's next obesity drug reaches the US market on time; a delay or a narrow label would shrink the one upside the bet counts.
- 1 January 2027 US list price cuts and Medicare negotiated price take effect: How far US semaglutide revenue per patient falls, and whether volume from wider access makes up for it.
- 3 February 2027 2026 full-year results and 2027 outlook: The first guidance struck after the US price cuts, the next buyback size, and whether capital spending starts to fall as promised.
- March 2027 Lilly submits retatrutide to the US FDA: Whether Lilly's next drug keeps it a generation ahead of CagriSema, which would cap the share Novo can win back.
Since we wrote this
- 5 OctThesis reviewThe bet now names what it ridesThe owner asked that every bet name the macro trend behind it, after BWXT's bet was missing its chief executive's case for nuclear over gas.
- 4 OctThesis writtenNeutral, medium convictionThe price already assumes a slow fade in earnings, and CagriSema is too small against the whole company to make the shares asymmetric.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the 20-F, annual and remuneration reports.
Sources 19
Sources - 19
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-04segments, the ADR ratio, competition and the lost US prescription leads, compounding, patents, product salesbacksC01C02C11C13C22C49C51C52
- S02primarycompany release2026-02-032025 results, adjusted earnings per share, the initial 2026 outlook, the CagriSema submission, the dividend, the buyback and restructuring costsbacksC02C05C06C09C25C37
- S03primarycompany filing2026-08-04first-half sales and profit, the raised outlook, US pricing, the 2027 list price cut, trial results, impairments, the balance sheet, legal proceedings and currency sensitivitybacksC03C04C05C06C07C08C09C10C14C15C16C18C23C25C26C29C35C36C38C39C43C44C50C51C58
- S04primarytranscript2026-08-05Novo Nordisk second-quarter 2026 earnings call, held 2026-08-05the second-half bridge, self-pay mix, market growth near 40%, Bridge uptake and the questions from Goldman Sachs, JPMorgan, Jefferies, Danske, TD Cowen, BNP, UBS, Citi, Berenberg and Barclays
Right now for Wegovy injectable in the U.S., self-pay is to the tune of 35% of total Wegovy injectable compared to a year ago, where we were around the 10%-15% range.
backsC15C18C19C44 - S05primarycompany release2026-09-21the 2030 ambitions: blockbusters, pipeline sales, peer-like growth and a stable margin
Launch >5 multi-blockbusters by 2030 and deliver >150 bDKK 2 pipeline sales in 2035
backsC27 - S06primarycompany release2026-09-21the two September phase 3 results
In REIMAGINE 5, CagriSema 1.0 mg/1.0 mg was superior to tirzepatide 5 mg for weight loss, achieving an estimated average weight loss of 12.4%, compared with 9.1%, respectively.
backsC24 - S07primaryregulator2026-10-04US FDA Orange Book, patent and exclusivity data for NDA 215256 (Wegovy) US Food and Drug Administrationthe listed expiry of Wegovy's compound patent
001 8129343 12/05/2031 DS DP 06/30/2021
backsC13 - S08primarygovernment data2025-05-07World Health Organization fact sheet: Obesity and overweight World Health Organizationglobal prevalence of overweight and obesity
In 2022, 2.5 billion adults (18 years and older) were overweight. Of these, 890 million were living with obesity.
backsC20 - S09primaryindustry data2025-11-07US use of GLP-1 drugs and how many users find them hard to afford
About one in eight adults (12%) say that they are currently taking a GLP-1 drug such as Ozempic or Wegovy either to lose weight or treat a chronic condition
backsC21 - S10secondaryindustry data2025-12-02National Community Pharmacists Association: CMS announces MFPs for 15 drugs National Community Pharmacists Associationthe Medicare negotiated price for semaglutide from 2027
Novo Nordisk's Ozempic, Rybelsus, and Wegovy will have an MFP of $274, higher than the $245 Medicare price announced weeks earlier under the administration's most-favored-nation (MFN) deal.
backsC17 - S11primarycompany filing2026-08-05Lilly's revenue, volume and price, Mounjaro, Zepbound and Foundayo sales, and the retatrutide submission planbacksC12C46C47
- S12secondaryvendor data2026-10-04FMP analyst estimates and USD/DKK quoteconsensus earnings per share and net income for 2026-2030 and the 6.6437 kroner-to-dollar ratebacksC32
- S13secondaryvendor data2026-10-04Research pack (FMP market tier, FINRA short interest, headcount index, filed peer cohort)price, market value, the price move decomposition, the analyst split and grades series, the cohort multiples, short interest and headcountbacksC10C28C29C32C33C34C37
- S14primarycompany filing2026-05-06the May 2026 outlook and the 340B provision reversalbacksC05
- S15secondarynews2026-09-21the market's reaction to the capital markets day
Novo's plans didn't appear to excite investors, though, as shares fell another 8% in Monday morning trading.
backsC28 - S16primarycompany filing2026-02-12tirzepatide's patent expiry and its share of Lilly's revenuebacksC45
- S17primarycompany filing2026-02-26the Metsera acquisition and obesity in-licensingbacksC48
- S18primarycompany filing2026-02-04the five-year overview (sales, cost ratios, capital spending, buybacks, dividends, share count, net debt, return on invested capital), the income statement, intangible capital spending on Akero, and Note 5.1's long-term incentive designbacksC37C53C55C56C57
- S19primarycompany release2026-02-04the short- and long-term incentive targets, weights and 2025 payouts, the CEO's 2025 pay, and the executives' shareholdings
The maximum pay-out cannot exceed 12 months' base salary for executives. Corporate targets have a weight of 75%, apply to all executives and are aligned to Novo Nordisk's Strategic Aspirations 2025: Commercial Execution, Financials and Purpose & Sustainability, Innovation & Therapeutic Focus. The individual targets have a weight of 25%.
backsC52C53C54