Novo Nordisk A S 6-K, filed Nov 4, 2026

Novo Nordisk A S (NVO)

6-K 2026-11-04 For: 2026-09-30

Added on November 04, 2026

About this 6-K

Novo Nordisk A S filed this 6-K on November 4, 2026.

Novo Nordisk A/S raised 2026 adjusted sales and adjusted operating profit growth expectations to -2% to +2% at CER, after Q3 2026 adjusted operating profit increased 27% to DKK 31,720 million. AI summary

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Novo Nordisk A/S Investor Relations	Novo Alle 1 2880 Bagsværd Denmark	Telephone: +45 4444 8888 www.novonordisk.com	CVR Number: 24 25 67 90
		Company announcement No 65 / 2026


PROFIT AND LOSS DKK million	Q3 2026	Growth in DKK	Growth at CER	9M 2026	Growth in DKK	Growth at CER

Net sales	79,195	6%	4%	254,506	11%	13%
Operating profit	23,011	(3%)	(9%)	109,690	14%	18%
Adjusted net sales1	79,195	6%	4%	227,746	0%	2%
Adjusted operating profit1	31,720	34%	27%	97,967	5%	8%
CER: Constant exchange rates; 1Adjusted sales and adjusted operating profit exclude certain exceptional and non-recurring items not reflective of the Group’s normal course of operating activities, as defined in Appendix 7.


2030 ambitions	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 65 / 2026


HIGHLIGHTS

Grow and diversify pipeline
Diabetes: •Awiqli® approved in the US •1.0/1.0 mg CagriSema phase 3 trial REIMAGINE 5 successfully completed •Zenagamtide phase 3 trial AMBITION 7 initiated Obesity: •Wegovy® 7.2 mg in single-dose pen approved in UK in June and EU in July •Wegovy® pill approved in UAE and UK in June and in EU in July •1.0/1.0 mg CagriSema delivered 21% weight loss in the REDEFINE 9 trial •Zenagamtide phase 3 programme AMAZE initiated •Oral zenagamtide phase 3 trial AMAZE 9 initiated •Oral amylin 355 phase 2 trial initiated Blood & endocrine disorders: •Frehemgo® (denecimig) received positive opinion in EU, and denecimig BLA review extended in the US •Sogroya® received positive opinion in EU and approval in Japan for non-replacement indications •Etavopivat phase 3 trial HIBISCUS completed, successfully meeting both co-primary endpoints		Liver diseases: •Semaglutide 2.4 mg approved in the EU for the treatment of MASH under the brand name Kayshild® •Wegovy® 2.4 mg approved in UK and Japan for the treatment of MASH •Wegovy® pill for MASH indication submitted to the US FDA Cardiovascular diseases: •Ziltivekimab phase 3 trials ZEUS and HERMES did not meet the primary endpoint R&D productivity: •6 first human dose (FHD) studies initiated in 9M 2026 and 7 in total by the end of October •10 ongoing phase 3 programmes
Drive sustainable growth
•9M 2026 adjusted sales growth of 2% at CER ◦9M 2026 adjusted obesity sales growth of 20% at CER •Medical treatment provided to: ◦42.2 million people living with diabetes ◦5.6 million people living with obesity		•Wegovy® pill launched in four markets by the end of Q3 2026, with more recent launches bringing the total to eight markets globally •Wegovy® launched in around 70 countries
Deliver attractive returns
•9M 2026 adjusted operating profit of DKK 98.0 billion •9M 2026 cash from operations of DKK 121.0 billion •9M 2026 free cash flow of DKK 83.8 billion		•DKK 61.9 billion returned to shareholders via: ◦DKK 51.9 billion in dividends ◦DKK 10.0 billion in share repurchases


2030 ambitions	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 65 / 2026


Financial report for the period 1 January 2026 to 30 September 2026	Page 2 of 35


Financial report for the period 1 January 2026 to 30 September 2026	Page 3 of 35


FINANCIAL HIGHLIGHTS	Q3 2026	Growth in DKK	Growth at CER	9M 2026	Growth in DKK	Growth at CER
(Amounts are in DKK million, except for earnings per share)

Net sales	79,195	6%	4%	254,506	11%	13%
Adjusted net sales1	79,195	6%	4%	227,746	0%	2%

Adjusted sales per therapy area
Total obesity	26,146	24%	22%	70,210	18%	20%
Total diabetes	47,545	(3%)	(5%)	142,910	(7%)	(5%)
Obesity and diabetes total	73,691	5%	3%	213,120	0%	2%
Blood & endocrine disorders total	5,504	17%	15%	14,626	3%	6%

Adjusted sales for key brands
Wegovy® injectable	20,407	0%	(2%)	58,126	2%	4%
Wegovy® pill	5,394	N/A	N/A	10,868	N/A	N/A
Ozempic®	29,706	(3%)	(5%)	88,906	(5%)	(3%)
Ozempic® pill / Rybelsus®	4,938	(9%)	(10%)	14,738	(12%)	(10%)


Gross profit	60,958	7%	3%	205,571	10%	13%
Gross margin	77.0%			80.8%
Operating profit (EBIT)	23,011	(3%)	(9%)	109,690	14%	18%
Operating margin	29.1%			43.1%
Adjusted gross profit1	65,019	14%	10%	182,872	0%	2%
Adjusted gross margin	82.1%			80.3%
Adjusted operating profit (EBIT)1	31,720	34%	27%	97,967	5%	8%
Adjusted operating margin	40.1%			43.0%


Net profit	16,740	(16%)	N/A	86,286	14%	N/A
Adjusted net profit1	25,602	(12%)	N/A	82,502	(4%)	N/A


OTHER KEY NUMBERS

Capital expenditure (PP&E)	13,227	(3%)	N/A	37,213	(11%)	N/A
Free cash flow1,2	28,483	(13%)	N/A	83,780	18%	N/A
EBITDA1	37,383	19%	15%	137,902	23%	26%

Diluted earnings per share / ADR (in DKK)	3.79	(16%)	N/A	19.45	14%	N/A
Adjusted diluted earnings per share/ADR (in DKK)1	5.79	(12%)	N/A	18.60	(3%)	N/A

1) See appendix 7: Non-IFRS financial measures (additional information).
2) Effective Q1 2026, the definition of Free cash flow has been updated and comparative figures have been restated accordingly. See Appendix 7 Non‑IFRS financial measures (additional information) for the revised definition.


Financial report for the period 1 January 2026 to 30 September 2026	Page 4 of 35


Reported sales DKK million	Q3 2026	Growth in DKK	Growth at CER	9M 2026	Growth in DKK	Growth at CER


Reported sales per geographical area
US Operations	41,880	2%	1%	144,894	13%	17%
International Operations	37,315	10%	8%	109,612	8%	8%

Total sales	79,195	6%	4%	254,506	11%	13%

Reported sales split per therapy
Obesity	26,146	24%	22%	72,641	21%	24%
Diabetes	47,545	(3%)	(5%)	165,993	7%	9%
Obesity and diabetes total	73,691	5%	3%	238,634	11%	13%
Blood & endocrine disorders	5,504	17%	15%	15,872	11%	14%

Total sales	79,195	6%	4%	254,506	11%	13%


Financial report for the period 1 January 2026 to 30 September 2026	Page 5 of 35


Adjusted sales split per geographical area DKK million	Q3 2026	Growth in DKK	Growth at CER	9M 2026	Growth in DKK	Growth at CER


US Operations	41,880	2%	1%	118,134	(6%)	(2%)
International Operations	37,315	10%	8%	109,612	8%	8%
- EUCAN	19,864	18%	18%	56,988	19%	19%
- Emerging Markets	7,378	11%	6%	22,652	(1%)	(3%)
- APAC	5,039	(8%)	(7%)	15,194	(3%)	2%
- Region China	5,034	1%	(5%)	14,778	(1%)	(2%)

Total adjusted sales	79,195	6%	4%	227,746	0%	2%


Financial report for the period 1 January 2026 to 30 September 2026	Page 6 of 35


Financial report for the period 1 January 2026 to 30 September 2026	Page 7 of 35



Adjusted sales split per therapy1		Q3 2026	Growth in DKK	Growth at CER	9M 2026	Growth in DKK	Growth at CER
Obesity and diabetes segment


Wegovy® injectable		20,407	0%	(2%)	58,126	2%	4%
Wegovy® pill		5,394	N/A	N/A	10,868	N/A	N/A
Saxenda®		345	(54%)	(59%)	1,216	(54%)	(55%)

Total obesity		26,146	24%	22%	70,210	18%	20%

Injectable GLP-1 diabetes		29,811	(5%)	(7%)	89,526	(7%)	(5%)
	- Ozempic®	29,706	(3%)	(5%)	88,906	(5%)	(3%)
	- Victoza®	105	(81%)	(83%)	620	(74%)	(74%)
Ozempic® pill / Rybelsus®		4,938	(9%)	(10%)	14,738	(12%)	(10%)

Total GLP-1 diabetes		34,749	(5%)	(7%)	104,264	(8%)	(5%)

Long-acting insulin2		4,379	4%	1%	13,023	(5%)	(4%)

Premix insulin3		2,419	3%	8%	7,604	(2%)	(1%)

Fast-acting insulin4		4,379	7%	7%	13,025	(3%)	(1%)

Human insulin		1,088	(18%)	(21%)	3,199	(23%)	(21%)

Total insulin		12,265	2%	2%	36,851	(6%)	(4%)

Other diabetes5		531	26%	18%	1,795	33%	31%

Total diabetes		47,545	(3%)	(5%)	142,910	(7%)	(5%)

Obesity and diabetes total		73,691	5%	3%	213,120	0%	2%

Blood & endocrine disorders segment
Blood disorders6		3,055	5%	3%	8,584	(4%)	(2%)

Endocrine disorders7		1,994	43%	43%	4,679	17%	21%

Other blood & endocrine disorders8		455	11%	8%	1,363	14%	15%

Blood & endocrine disorders total		5,504	17%	15%	14,626	3%	6%

Total adjusted sales		79,195	6%	4%	227,746	0%	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®.


9M 2026 PROFIT AND LOSS DKK million	Reported	340B provision reversal	Major impairments	Major legal matters	Adjusted	Growth in DKK	Growth at CER


Net sales	254,506	(26,760)			227,746	0%	2%
Cost of goods sold	(48,935)		4,061		(44,874)	3%	4%

Gross profit	205,571	(26,760)	4,061	—	182,872	0%	2%
Gross margin	80.8%				80.3%

Sales and distribution costs	(42,106)				(42,106)	(13%)	(12%)
Percentage of sales	16.5%				18.5%

Research and development costs	(47,974)		10,976		(36,998)	(1%)	0%
Percentage of sales	18.8%				16.2%

Administrative costs	(3,673)				(3,673)	(17%)	(15%)
Percentage of sales	1.4%				1.6%

Other operating income and expenses	(2,128)				(2,128)	N/A	N/A


Operating profit (EBIT)	109,690	(26,760)	15,037	—	97,967	5%	8%
Operating margin	43.1%				43.0%


Financial report for the period 1 January 2026 to 30 September 2026	Page 8 of 35




Obesity Adjusted sales per geographical area DKK million	Global branded obesity market growth (Volume, MAT)

	August	Q3 2026	Growth at CER	9M 2026	Growth at CER
	2026	Q3 2026	Growth at CER	9M 2026	Growth at CER


Global	70%	26,146	22%	70,210	20%
US Operations	71%	15,266	20%	39,842	11%
International Operations	68%	10,880	24%	30,368	34%
- EUCAN *	85%	6,931	47%	17,963	53%
- Emerging Markets **	50%	2,086	4%	6,513	22%
- APAC ***	30%	1,537	(22%)	4,815	5%
- Region China ****	N/A	326	162%	1,077	9%


Financial report for the period 1 January 2026 to 30 September 2026	Page 9 of 35





Diabetes Adjusted sales per geographical area DKK million	Q3 2026	Growth at CER	9M 2026	Growth at CER
Diabetes Adjusted sales per geographical area DKK million	Q3 2026	Growth at CER	9M 2026	Growth at CER


Global	47,545	(5%)	142,910	(5%)
US Operations	24,034	(11%)	71,908	(9%)
International Operations	23,511	2%	71,002	0%
- EUCAN	11,566	7%	34,928	8%
- Emerging Markets	4,387	2%	13,850	(14%)
- APAC	2,921	(1%)	8,690	(2%)
- Region China	4,637	(6%)	13,534	0%



GLP-1 diabetes Adjusted sales per geographical area DKK million	Global GLP-1 diabetes market growth (Volume, MAT)


	August	Q3 2026	Growth at CER	9M 2026	Growth at CER
	2026	Q3 2026	Growth at CER	9M 2026	Growth at CER


Global	28%	34,749	(7%)	104,264	(5%)
US Operations	12%	21,233	(10%)	63,359	(8%)
International Operations	37%	13,516	(2%)	40,905	(1%)
- EUCAN *	24%	8,534	13%	25,402	13%
- Emerging Markets **	82%	1,931	(18%)	6,246	(27%)
- APAC ***	57%	1,612	(2%)	4,877	(2%)
- Region China ****	N/A	1,439	(36%)	4,380	(18%)


Financial report for the period 1 January 2026 to 30 September 2026	Page 10 of 35





Insulin Adjusted sales per geographical area DKK million	Q3 2026	Growth at CER	9M 2026	Growth at CER
Insulin Adjusted sales per geographical area DKK million	Q3 2026	Growth at CER	9M 2026	Growth at CER


Global	12,265	2%	36,851	(4%)
US Operations	2,789	(13%)	8,507	(16%)
International Operations	9,476	8%	28,344	1%
- EUCAN	2,916	(6%)	9,159	(3%)
- Emerging Markets	2,382	22%	7,398	1%
- APAC	1,253	0%	3,630	(3%)
- Region China	2,925	17%	8,157	7%





Blood & endocrine disorders Adjusted sales split per geographical area DKK million	Q3 2026	Growth at CER	9M 2026	Growth at CER
	Q3 2026	Growth at CER	9M 2026	Growth at CER


Global	5,504	15%	14,626	6%
US Operations	2,580	27%	6,384	7%
International Operations	2,924	6%	8,242	5%
- EUCAN	1,367	3%	4,097	6%
- Emerging Markets	905	45%	2,289	17%
- APAC	581	11%	1,689	16%
- Region China	71	(70%)	167	(70%)


Financial report for the period 1 January 2026 to 30 September 2026	Page 11 of 35


Q3 2026 PROFIT AND LOSS DKK million	Reported	340B provision reversal	Major impairments	Major legal matters	Adjusted	Growth in DKK	Growth at CER


Net sales	79,195				79,195	6%	4%
Cost of goods sold	(18,237)		4,061		(14,176)	(21%)	(16%)

Gross profit	60,958	—	4,061	—	65,019	14%	10%
Gross margin	77.0%				82.1%

Sales and distribution costs	(15,032)				(15,032)	(6%)	(9%)
Percentage of sales	19.0%				19.0%

Research and development costs	(19,903)		4,648		(15,255)	(1%)	(1%)
Percentage of sales	25.1%				19.3%

Administrative costs	(1,224)				(1,224)	(35%)	(34%)
Percentage of sales	1.5%				1.5%

Other operating income and expenses	(1,788)				(1,788)	N/A	N/A


Operating profit (EBIT)	23,011	—	8,709	—	31,720	34%	27%
Operating margin	29.1%				40.1%


Financial report for the period 1 January 2026 to 30 September 2026	Page 12 of 35


Financial report for the period 1 January 2026 to 30 September 2026	Page 13 of 35


Financial report for the period 1 January 2026 to 30 September 2026	Page 14 of 35


r

Guidance	Full-year expectations 4 November 2026	Full-year expectations 4 August 2026


Adjusted sales growth
at CER	'-2% to +2%	-6% to 0%
as reported in Danish kroner	In line with CER growth	Around 1 percentage points lower than at CER


Adjusted operating profit growth
at CER	'-2% to +2%	-6% to 0%
as reported in Danish kroner	In line with CER growth	Around 2 percentage points lower than at CER




Key modelling considerations


Financial items (net)	Loss of around 1.6 bDKK	Loss of around 1.1 bDKK

Effective tax rate	21% to 23%	21% to 23%

Capital expenditure (PP&E)	Around 50 bDKK	Around 55 bDKK

Free cash flow	Between 60 and 70 bDKK	Between 45 and 55 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


Financial report for the period 1 January 2026 to 30 September 2026	Page 15 of 35



FX (average rates)	9M 2026	9M 2025	% change	Spot rate 29 October 2026

USD	643	669	(4%)	671
CNY	94	93	1%	101
CAD	465	478	(3%)	480
GBP	866	878	(1%)	894
JPY	4.06	4.51	(10%)	4.25




Key invoicing currencies	Impact on Novo's adjusted operating profit in the next 12 months of a 5% movement in currency	Hedging period (months)1


USD	DKK 5,120 million	12
CNY	DKK 560 million	12
CAD	DKK 460 million	0
GBP	DKK 260 million	0
JPY	DKK 180 million	12


Financial report for the period 1 January 2026 to 30 September 2026	Page 16 of 35


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Therapeutic Area	Product/Project	Milestones

Regulatory
Obesity	Wegovy® pill	Submission of oral semaglutide 25 mg for regulatory approval in China •Novo submitted a New Drug Application for oral semaglutide 25 mg to China’s Center for Drug Evaluation (CDE) for regulatory approval for the treatment of adults with overweight or obesity. •The submission is based on OASIS 4, a 64-week efficacy and safety trial comparing once-daily oral semaglutide 25 mg to placebo in 307 adults with obesity or overweight with one or more comorbidities. •From a baseline body weight of 105.9 kg, oral semaglutide 25 mg achieved 16.6% weight loss compared to a 2.7% reduction with placebo. In the trial, oral semaglutide 25 mg appeared to have a safe and well- tolerated profile. •Novo expects the regulatory review to be completed around turn of the year 2027/2028.
Obesity	CagriSema	Submission of CagriSema for regulatory approval in China •Novo submitted a New Drug Application for CagriSema 2.4 mg/2.4 mg to China’s CDE for regulatory approval for the treatment of adults with overweight or obesity. •The submission is based on the REDEFINE clinical trial programme in adults with overweight or obesity as well as two regional phase 3a studies conducted in East Asia and China, respectively. •Novo expects the regulatory review to be completed during the first half of 2028.
Diabetes	Kyinsu®	Positive CHMP opinion for Kyinsu® label expansion in EU and approval in China •The CHMP adopted a positive opinion and China's CDE approved Kyinsu® to be indicated for the treatment of adults with insufficiently controlled type 2 diabetes mellitus as an adjunct to diet and exercise in addition to oral diabetes treatment. •The opinion was based on data from the COMBINE 4 trial comparing once-weekly IcoSema with once- daily insulin glargine U100.
		Submission for paediatric label update for Ozempic® in US •Regulatory submission was made to the US Food and Drug Administration (FDA) for a paediatric label update for Ozempic®, the submission was based on data from the PIONEER TEENS trial.
	Rybelsus® / Ozempic® pill	Submission for paediatric label update for Rybelsus® in EU and Ozempic® pill in US •Regulatory submissions were made to the EU European Medicines Agency (EMA) and to the US Food and Drug Administration (FDA) for a paediatric label update for Rybelsus® and Ozempic® pill, the submission was based on data from the PIONEER TEENS trial.
Blood & endocrine disorders	Sogroya®	Regulatory milestones for Sogroya® non-replacement indications in EU and China •Sogroya® was recommended by CHMP for approval in the EU for treatment of children with idiopathic short stature (ISS) and approved in China in children born small for gestational age, with Noonan syndrome and ISS. •Regulatory approval was based on data from REAL 8 and REAL 9. •For further information please find the press release https://www.novonordisk.com/content/nncorp/ global/en/news-and-media/news-and-ir-materials/news-details.html?id=916772 (The contents of the company's website do not form a part of this Form 6-K).
	Frehemgo® / denecimig	Positive CHMP opinion for Frehemgo® (denecimig) in EU •The CHMP adopted a positive opinion recommending EU marketing authorisation of Frehemgo® (denecimig) for the treatment of haemophilia A, with or without inhibitors, in adults and children. •The recommendation is based on the FRONTIER clinical trial programme. •Novo expects to launch Frehemgo® in the first European countries at the turn of the year followed by a broader EU launch starting in early 2027. •For further information please find the company announcement https://www.novonordisk.com/content/ nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916771 (The contents of the company's website do not form a part of this Form 6-K).
	Frehemgo® / denecimig	Regulatory update for denecimig in the US •In the US, the FDA review of the Biologics License Application (BLA) for denecimig remains ongoing. The extended review is related to ongoing manufacturing facility remediation activities. •The FDA has not identified deficiencies related to the clinical efficacy or safety data submitted in the BLA. Pending regulatory approval, Novo aims to launch denecimig in the US in the first half of 2027. •For further information please find the company announcement https://www.novonordisk.com/content/ nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=917287 (The contents of the company's website do not form a part of this Form 6-K).
Liver diseases	Wegovy®	Positive CHMP opinion for Wegovy® label update for the treatment of MASH in EU •The CHMP issued a positive opinion for an update of the Wegovy® label to include mode of action information and pharmacokinetics data from part 1 of the ESSENCE phase 3 trial in people living with MASH. •This is in addition to EMA's (CHMP) previous positive opinion for a separate conditional marketing authorisation for semaglutide 2.4 mg for the treatment of MASH under the brand name Kayshild®.


Financial report for the period 1 January 2026 to 30 September 2026	Page 17 of 35