Novo Nordisk (NOVO) AGM 2026 summary

Opening remarks and agenda

• The chair described 2025 as a year of profound transformation and said the year ahead will test capabilities.

• The meeting was lawfully convened with an agenda covering financials, board elections, remuneration and shareholder proposals; hybrid participation and real-time translation were provided.

• More than 900 admission cards were requested; 57% of share capital and 86% of votes were represented.

Financial performance review

• 2025 sales grew 10% and operating profit 6% at constant exchange rates; net profit reached DKK 102,434 million, up 1% from 2024.

• Free cash flow was DKK 29 billion; DKK 52 billion was returned to shareholders via dividends.

• Obesity care sales rose 31% at CER and exceeded DKK 75 billion; rare disease sales increased 9% at CER.

• R&D costs rose 10%, and total assets increased DKK 77 billion to DKK 542 billion, driven by acquisitions and CapEx.

• 2026 guidance projects adjusted sales and operating profit growth of -5% to -13% at CER.

Board and executive committee updates

• Mike Doustdar was appointed President and CEO.

• Lars Rebien Sørensen and Cees de Jong were re-elected chair and vice chair; Britt Meelby Jensen, Kasim Kutay and Stephan Engels were re-elected directors.

• Helena Saxon, Jan van de Winkel and Ramona Sequeira were elected to the Board; committee roles were appointed after the AGM.

• Employee-elected members are Elisabeth Dahl Christensen, Mette Bøjer Jensen, Semsi Kilic Madsen and Désirée Jantzen Asgreen, serving four-year terms.

• Poul Weihrauch was appointed Board observer for 2026/2027, with the intention of nominating him for election at the 2027 AGM.