Novo Nordisk A/S

Q2 2026 adjusted sales increased 7% at constant exchange rates to DKK 78.5 billion. Adjusted operating profit increased 11% at constant exchange rates. Adjusted gross margin was 78.2% versus 82.7% in Q2 2025. Full-year 2026 guidance was raised to adjusted sales growth of 0% to -6% and adjusted operating profit growth of 0% to -6%, both at constant exchange rates. Management said the outlook reflects stronger GLP-1 sales, International Operations growth, U.S. decline expectations, semaglutide loss of exclusivity in certain markets, lower U.S. realized prices, reduced Medicaid coverage for obesity drugs, and ongoing investment in R&D and commercial activities.

Mike Doustdar said the company is focused on improving commercial competitiveness, progressing the pipeline, and making targeted investments while still delivering returns. He highlighted rapid expansion in obesity treatment, saying Novo now serves more than 46 million people and treats nearly 5 million people on obesity therapies, and said the Wegovy pill rollout is a testament to manufacturing and supply-chain execution. He also framed ZEUS as disappointing but not strategic-changing, and emphasized continued commitment to obesity, diabetes, cardiovascular disease, and the broader comorbidity pipeline.

Karsten Munk Knudsen said the quarter’s 7% sales growth was driven by GLP-1 volume growth and a favorable rebate adjustment related to prior periods, while gross margin pressure came from lower realized prices, about DKK 3 billion of one-time cost tied to right-sizing manufacturing capacity agreements, and negative currency, partly offset by productivity and mix. He said the company is ahead of plan on DKK 8 billion of transformation savings, which are being reinvested, and noted the workforce was about 66,700, down almost 12,000 year over year. On guidance, he pointed to stronger GLP-1 expectations, semaglutide patent expiry in some markets, U.S. pricing pressure, Medicaid coverage changes, and higher investment in growth opportunities.

Analysts focused on the second-half guidance bridge, U.S. Wegovy pricing and mix, the Bridge Medicare program, the REIMAGINE 4 diabetes data, and what ZEUS means for the inflammation strategy. Management said the second-half outlook reflects current run-rate growth, semaglutide loss of exclusivity in markets such as Canada and Brazil, and the comp from favorable gross-to-net effects in last year’s second half. On Bridge, management said activation and eligibility processing have gone well so far, but durability is too early to judge. On ZEUS, Martin Holst Lange said the result does not prove inflammation is irrelevant in cardiovascular disease, and the company will continue ARTEMIS and HERMES while advancing other inflammatory targets. On CagriSema and zenagamtide, management said REIMAGINE 4 still showed strong weight loss and glycemic control, and that learnings from CagriSema were incorporated into later titration design.