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Business philosophy12 Aug 2025
Maziar Mike Doustdar: Novo Nordisk's New CEO
A portrait of the pharmaceutical giant's new CEO, who assumes the position at a critical time for the company in its competition with Eli Lilly.
Novo Nordisk
Novo Nordisk (NOVO) investor relations material
Novo Nordisk Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 adjusted sales rose 4% at CER to DKK 79.195bn and adjusted operating profit rose 27% to DKK 31.7bn, led by GLP-1 growth, especially obesity.
47.8m people were on diabetes and obesity treatments; obesity sales grew 22% at CER.
2026 adjusted sales and operating profit growth guidance was raised to -2% to +2% at CER, supported by higher expected GLP-1 sales.
2030 ambition includes mid-single-digit compounded annual sales growth and attractive shareholder returns.
Financial highlights
Q3 adjusted sales were DKK 79.195bn, up 4% at CER; adjusted gross profit was DKK 65.019bn, up 10%.
Q3 adjusted operating profit was DKK 31.7bn, up 27%; adjusted results included DKK 3.5bn of one-time costs, while the comparison benefited from DKK 9bn of Q3 2025 transformation costs.
Q3 reported operating profit was DKK 23.0bn, down 9% at CER, including DKK 8.7bn of non-cash impairments; net profit was DKK 16.7bn, down 16%.
9M adjusted sales reached DKK 227.746bn, up 2% at CER; adjusted operating profit was DKK 97.967bn, up 8%.
9M reported sales rose 13% at CER to DKK 254.5bn, including a DKK 26.8bn non-cash 340B rebate provision reversal; free cash flow was DKK 83.8bn.
Outlook and guidance
2026 adjusted sales and adjusted operating profit growth guidance rose to -2% to +2% at CER, from -6% to 0% for each measure.
Guidance assumes growth in International Operations and declining US sales, with GLP-1 market expansion and volume gains partly offset by lower realized prices, competition and Medicaid coverage reductions.
2026 free cash flow guidance is DKK 60bn–70bn; capex is expected near DKK 50bn, effective tax rate at 21%–23% and net financial loss at DKK 1.6bn.
Wegovy and Ozempic US list prices are scheduled to fall to USD 675 from January 1, 2027, affecting 2027 cash flow.
No 2027 guidance was given; potential supports include Wegovy pill uptake and CagriSema and Frehemgo launches, with LOE, China headwinds and less favorable gross-to-net as offsets.
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Latest events from Novo Nordisk
- GLP-1-led growth lifted FY23 results as supply limits shaped the FY24 outlook.NOVO
Q4 2023 London conference call - AGM approved key governance and dividend resolutions as coronavirus shaped operations and outlook.NOVOAGM 2020
- A DKK 8.15 total 2018 dividend was approved as new Board and capital mandates took effect.NOVOAGM 2019
- AGM endorsed 2023 results, a DKK 9.40 dividend and board and capital resolutions.NOVOAGM 2024
- Diversified launches and 10x oral capacity support growth and a reach of over 60m patients by 2030.NOVOCMD 2026
- Strong 2025 results, a DKK 11.70 dividend and renewed Board and capital mandates.NOVOAGM 2026
- Four directors elected amid governance changes and a focus on transformation and succession.NOVOEGM 2025
- Strong growth faces tighter 2025 guidance amid GLP-1 competition and restructuring.NOVOQ3 2025
- 2024 growth, a DKK 11.40 dividend and capacity expansion; construction proposal rejected.NOVOAGM 2025
Next Novo Nordisk earnings date
Q4 20263 Feb, 2027
Novo Nordisk
Next Novo Nordisk earnings date
Q4 20263 Feb, 2027
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Frequently asked questions
Experts in treatment of chronic illnesses
Novo Nordisk is a Danish global healthcare company focused on treatment of serious chronic conditions. They specialize in developing and manufacturing innovative pharmaceutical products, including insulin, GLP-1 analogs, and other treatments. With a strong commitment to R&D within the field of medical science and through a focus on helping chronically ill patients, Novo Nordisk aims to improve the lives of people living with serious diseases.
Novo Nordisk, a Danish company founded in 1923, is one of the global leaders in healthcare dedicated to addressing diabetes and chronic diseases. Headquartered just outside of Copenhagen, Novo Nordisk operates around 80 offices in over 160 countries, serving patients and healthcare professionals with the help of over 50.000 staff. The company has a rich history of pioneering research and innovation in the field of diabetes care, providing a range of pharmaceutical products and treatment solutions. Novo Nordisk is one of the largest companies in Denmark, and acts as a key player in the Danish economy together with companies such as Carlsberg and Maersk.
Known for their work with diabetes
Novo Nordisk is renowned for its significant contributions in the field of diabetes treatment. With a strong focus on research and innovation, the company develops and provides a wide range of pharmaceutical products and therapies to help manage diabetes and improve patients' quality of life. Novo Nordisk's range of products for diabetes care includes insulin products, injectable and oral glucose-lowering medications, as well as devices for insulin administration. The company is committed to advancing diabetes care through ongoing research, development of new treatments, and educational initiatives for healthcare professionals and patients. Diabetes treatment is in huge demand worldwide, and other companies providing insulin for patients across the globe include companies like Eli Lilly and Sanofi.
A strong focus on medical innovation
Experts in chronic illness, Novo Nordisk is dedicated to addressing a range of health conditions beyond just diabetes. Their portfolio of products includes treatments for obesity, hemophilia, growth disorders, and rare diseases. By focusing on patient needs and utilizing their experience and scientific expertise, Novo Nordisk strives to provide the best possible solutions and care for patients who rely on medication in their day-to-day lives.