Novo Nordisk (NOVO) investor relations material

Executive summary

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

• Net profit reached DKK 21.0 billion in Q2 2026, with free cash flow of DKK 42.5 billion, and adjusted operating profit up 11% at CER.

• The WegovyⓇ pill captured 90% of the US oral obesity medication market and achieved over 5 million prescriptions globally.

• R&D pipeline advanced with over 10 regulatory approvals, new clinical trials, and key data readouts, including the ZEUS cardiovascular trial.

• 2026 guidance was raised, reflecting better-than-expected first-half results and ongoing transformation savings reinvested into growth.

Financial highlights

• Q2 2026 adjusted sales reached DKK 78.5 billion, up 7% at CER; adjusted operating profit rose 11% at CER to DKK 33,389 million.

• 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 2026 was DKK 42.5 billion; H1 2026 free cash flow was DKK 55.3 billion.

• Net profit for Q2 2026 was DKK 20,989 million, down 21% year-over-year due to non-cash impairment charges.

Outlook and guidance

• 2026 adjusted sales and operating profit growth now expected at 0% to -6% at CER, reflecting improved GLP-1 expectations but offset by US headwinds and patent expiries.

• Free cash flow guidance for 2026 is DKK 45-55 billion; CAPEX expected 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, pricing, and reduced Medicaid coverage.

• Ongoing expansion of WegovyⓇ pill and injectable portfolio in new markets, with Germany launch planned for September.