EarningsQ2 2026 Earnings Report
DE:NOVA Q2 2026 EPS Results
Actual EPS€0.85
Consensus EPS€0.68
Beat/MissBeat by +€0.16
One Year Ago EPS€0.83
DE:NOVA Q2 2026 Revenue Results
Actual Revenue€10.85B
Expected Revenue€9.67B
Beat/MissBeat by +€1.17B
YoY Revenue Growth+4.59%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeDuring Market Hours
Conference CallTuesday, August 4, 2026
DE:NOVA Upcoming Earnings
Novo Nordisk's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:NOVA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly constructive, supported by strong GLP-1 volume growth, rapid Wegovy pill uptake in the U.S. and international markets, continued pipeline advancement, Q2 sales growth of 7%, operating profit growth of 11%, and transformation savings ahead of plan. However, the company faces material headwinds from lower realized prices, declining gross margin, U.S. competition and coverage pressure, semaglutide loss of exclusivity, declining international market share, and the unsuccessful ZEUS cardiovascular outcomes trial. Overall, the highlights significantly outweigh the lowlights, although management characterized 2026 as a challenging year.Company Guidance
Expanded Patient Reach
Novo Nordisk is serving more than 46 million people living with obesity and diabetes. The company is treating almost 70% more people living with obesity than a year ago, with nearly 5 million people using its obesity treatments.
Wegovy Pill Global Expansion
Following the successful U.S. launch, the Wegovy pill has been launched in global markets and reached around 1.5 million people worldwide.
Strong Wegovy Pill U.S. Launch
The Wegovy pill was described as Novo Nordisk's strongest-ever GLP-1 launch by volume, surpassing 5 million total prescriptions. Weekly prescriptions reached 267,000 as of July 17, and the latest 1 million prescriptions were added in four weeks.
Wegovy Pill Oral Market Leadership
The Wegovy pill captured around 90% of the oral obesity medication market in the U.S. despite competition launched in early April.
Wegovy Pill Market Expansion
Approximately 80% of Wegovy pill patients are GLP-1 treatment-naive, indicating that the pill is expanding the market. Novo also reported limited cannibalization of injectable Wegovy and increasing prescriptions at higher doses.
Strong Obesity Franchise and Market Growth
Obesity care sales increased 16%, driven by volume growth across the Wegovy portfolio in the U.S. and International Operations. The branded obesity medication market grew volumes by around 70% compared with Q2 2025, while the Wegovy franchise held around 60% NBRx market share in July.
International GLP-1 Growth
International Operations GLP-1 sales grew 13%, driven by volume growth and market expansion, with the obesity franchise growing 37%. Novo remained the volume market leader outside the U.S. with around 58% GLP-1 volume market share.
Ozempic Sales Momentum
Ozempic sales grew 10% in Q2, supported partly by the Ozempic 2.0 mg launch in around 10 countries and strong performance across key European markets.
Encouraging Wegovy Pill Launch in the U.K.
Around 300,000 patients were estimated to have started the Wegovy pill in the U.K. within three weeks of launch. Novo's overall obesity market share in the U.K. increased from around 30% before launch to 45% in July.
Encouraging Wegovy Pill Launch in the U.A.E.
Despite launching roughly one month after an oral competitor, the Wegovy pill captured around 50% of the oral obesity market in the U.A.E.
Product Expansion Planned in Europe
Wegovy 7.2 mg in a single-dose pen became broadly available in the U.K., was recently approved in the EU, and is expected to launch in the first EU markets during Q3. The Wegovy pill is expected to launch in selected countries, starting with Germany in September.
Pipeline Progress and Regulatory Activity
Novo Nordisk received more than 10 regulatory approvals and started more than five clinical trials during Q2. The company also continued first-in-human dosing and late-stage trial initiation across multiple therapy areas.
CagriSema REDEFINE 9 Progress
The 68-week REDEFINE 9 trial was completed, and both lower CagriSema maintenance doses achieved superior weight loss versus placebo. CagriSema appeared safe and well-tolerated, consistent with previous trials.
Next-Generation Obesity Programs Advanced
Novo initiated a phase III-B high-dose CagriSema trial, a phase II trial for its GLP-1/GIP/amylin triple agonist, and plans to initiate large-stage programs for oral zenagamtide and high-dose cagrilintide.
CagriSema Regulatory Milestone Maintained
The company continues to expect a U.S. regulatory decision for CagriSema in obesity at the end of 2026, with a potential launch in 2027.
CagriSema Weight-Loss Efficacy
In the REIMAGINE 4 trial, CagriSema produced 15.2% weight loss and a 1.9 percentage-point HbA1c reduction at 68 weeks. It demonstrated non-inferiority to tirzepatide for weight reduction.
Broader Pipeline Milestones
Novo expects phase III safety results for efruxifermin in MASH, plans to initiate the REIMAGINE SWITCH trial and the phase III AMBITION program for zenagamtide, anticipates U.S. and EU decisions for denecimig, and remains on track to submit etavopivat in the U.S. and EU in Q4 2026.
Revenue and Operating Profit Growth in Q2
Adjusted sales increased 7% at constant exchange rates to DKK 78.5 billion, driven by GLP-1 volume growth across geographies and a favorable prior-period rebate adjustment. Adjusted operating profit increased 11% at constant exchange rates, driven by higher sales and lower costs.
Transformation Savings Ahead of Plan
Novo Nordisk is ahead of plan to deliver DKK 8 billion of savings from its company-wide transformation announced in Q3 2025, with the savings being reinvested into growth opportunities.
Focused Growth Investment
The company invested more than DKK 26 billion in R&D and commercial activities during Q2 to support competitiveness and pipeline progress.
Strong Supply Capacity Progress
The first product has been validated in the first new API manufacturing facility. Commercial utilization of the new facilities remains very low, and management said progress is proceeding very nicely and supports future supply, particularly for the ex-U.S. Wegovy pill rollout.
Medicare Bridge Program Early Uptake
Novo reported strong early participation in the Medicare Part D Bridge program for obesity medication. The eligibility, prior authorization, and prescription processes were described as working well, and the company was very pleased with the volume of paid prescription claims in the first few weeks.
Growing Self-Pay Injectable Channel
Self-pay represented around 35% of U.S. Wegovy injectable volume, compared with approximately 10% to 15% a year earlier, helping unlock volume.
M&A and Business Development Activity
Management said Novo Nordisk is active in evaluating bolt-on acquisitions and is looking for innovations that complement its existing obesity, diabetes, and related-comorbidity portfolio.
Etavopivat Phase III Success
Management described the recently announced etavopivat phase III data as among the most groundbreaking single-disease results seen in many years and is targeting regulatory submission soon.
DE:NOVA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed