Q2 FY2026
Filed Aug 4, 2026Novo Nordisk reports adjusted operating profit of DKK 33,389 million for Q2 2026 and raises full-year outlook
Q2 adjusted sales increased by 7% at CER and adjusted operating profit increased by 11% at CER, led by GLP-1 volume growth and Wegovy pill uptake. Reported operating profit and net profit declined due to comparison against the Q2 2025 340B rebate provision reversal and DKK 6.3 billion of non-cash pipeline impairments.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| Adjusted sales growth at CER | -4% to -12% | Q2 2026 adjusted sales increased by 7% at CER | above |
| Adjusted operating profit growth at CER | -4% to -12% | Q2 2026 adjusted operating profit increased by 11% at CER | above |
| Free cash flow | Between 36 and 46 bDKK | DKK 55,297 million | n/a |
| Capital expenditure (PP&E) | Around 55 bDKK | DKK 23,986 million | n/a |
| Effective tax rate | 21% to 23% | 21.9% | in line |
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q2 2026 net salesother | DKK 78,488 million | – | 2% |
| Q2 2026 net sales growth at CERother | 3% | – | 3% |
| Q2 2026 adjusted net salesnon-GAAP | DKK 78,488 million | – | 6% |
| Q2 2026 adjusted net sales growth at CERnon-GAAP | 7% | – | 7% |
| Q2 2026 gross profitother | DKK 61,388 million | – | (4%) |
| Q2 2026 gross marginother | 78.2% | – | – |
| Q2 2026 adjusted gross profitnon-GAAP | DKK 61,388 million | – | 0% |
| Q2 2026 adjusted gross marginnon-GAAP | 78.2% | – | – |
| Q2 2026 operating profitother | DKK 27,061 million | – | (19%) |
| Q2 2026 operating profit growth at CERother | (16%) | – | (16%) |
| Q2 2026 operating marginother | 34.5% | – | – |
| Q2 2026 adjusted operating profitnon-GAAP | DKK 33,389 million | – | 8% |
| Q2 2026 adjusted operating profit growth at CERnon-GAAP | 11% | – | 11% |
| Q2 2026 adjusted operating marginnon-GAAP | 42.5% | – | – |
| Q2 2026 net profitother | DKK 20,989 million | – | (21%) |
| Q2 2026 adjusted net profitnon-GAAP | DKK 27,421 million | – | 5% |
| Q2 2026 diluted earnings per share / ADRother | DKK 4.75 | – | (20%) |
| Q2 2026 adjusted diluted earnings per share / ADRnon-GAAP | DKK 6.18 | – | 5% |
| Q2 2026 EBITDAnon-GAAP | DKK 37,365 million | – | (2%) |
| H1 2026 net salesother | DKK 175,311 million | – | 13% |
| H1 2026 operating profitother | DKK 86,679 million | – | 20% |
| H1 2026 net profitother | DKK 69,546 million | – | 25% |
| H1 2026 free cash flownon-GAAP | DKK 55,297 million | – | 44% |
| H1 2026 capital expenditure (PP&E)other | DKK 23,986 million | – | (15%) |
| H1 2026 net cash flows from operating activitiesother | DKK 79,283 million | – | – |
| Cash at bank at 30 June 2026other | DKK 44,482 million | – | – |
| Borrowings at 30 June 2026other | DKK 121,794 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Obesity and Diabetes careAdjusted sales increased by 7% at CER, with Obesity care up 16% at CER and Diabetes care up 3% at CER. | DKK 73,581 million | – | 3% |
| Rare diseaseReported sales were flat in Danish kroner and increased by 3% at CER. Adjusted sales increased by 6% at CER. | DKK 4,907 million | – | 3% |
| US OperationsAdjusted sales increased by 4% at CER, positively impacted by rebate adjustments and reflecting GLP-1 obesity volume growth. | DKK 40,869 million | – | (2%) at CER |
| International OperationsReported sales increased by 10% at CER, driven by higher volumes. Adjusted Obesity care sales increased by 37% at CER. | DKK 37,619 million | – | 10% at CER |
| Total Obesity careGrowth reflected volume growth, partly offset by lower realised prices. Wegovy pill sales were DKK 3,218 million. | DKK 23,152 million | – | 16% at CER |
| Total Diabetes careGrowth included 2% at CER growth in total GLP-1 diabetes sales and 6% at CER growth in total insulin sales. | DKK 50,429 million | – | 3% at CER |
Full-year 2026 outlook
- RevenueAdjusted sales growth at CER: 0% to -6%
- Tax rate21% to 23%
- NoteAdjusted operating profit growth at CER: 0% to -6%
- NoteAs reported in Danish kroner: Around 1 percentage points lower than at CER for adjusted sales growth
- NoteAs reported in Danish kroner: Around 2 percentage points lower than at CER for adjusted operating profit growth
- NoteFinancial items (net): Loss of around 1.1 bDKK
- NoteCapital expenditure (PP&E): Around 55 bDKK
- NoteFree cash flow: Between 45 and 55 bDKK
- NoteOn a non-adjusted basis, the mid-point of sales and operating profit growth guidance for 2026, both at CER, would be 5% and 12%, respectively
Capital returns
- Novo Nordisk returned DKK 41.2 billion to shareholders via share buybacks (DKK 5.9 billion) and dividends (DKK 35.3 billion) in the first six months of 2026.
- The Board of Directors decided to pay an interim dividend for 2026 of DKK 3.75 for each Novo Nordisk A and B share of DKK 0.10.
- As of 3 August 2026, Novo Nordisk had repurchased 27,064,179 B shares of DKK 0.10 for an amount of DKK 7,533,256,457 under the overall share repurchase programme of up to DKK 15 billion.
- Novo Nordisk continues execution of the DKK 11,200,000,010.45 share repurchase programme initiated on 6 May 2026 and ending on 1 February 2027.
What drove it
- Q2 adjusted sales increased by 7% at CER, driven by GLP-1 volume growth across geographies and favourable US rebate adjustments.
- Wegovy pill sales were DKK 3,218 million in Q2 2026, including DKK 3,141 million in US Operations.
- For the week ending 17 July 2026, total weekly prescriptions for Wegovy pill exceeded 265,000, while total prescriptions since launch exceeded 5 million.
- International Operations adjusted sales increased by 10% at CER, led by EUCAN growth of 17% at CER and Region China growth of 13% at CER.
- Sales and distribution costs decreased by 13% at CER, driven by savings across regions following the company-wide restructuring announced in Q3 2025 and quarter-to-quarter variability in spending.
- Adjusted operating profit increased by 11% at CER, driven by higher sales and lower costs.
Concerns
- Reported Q2 operating profit decreased by 16% at CER, affected by the DKK 2.6 billion 340B rebate provision reversal in Q2 2025 and DKK 6.3 billion of non-cash impairment charges in Q2 2026.
- Adjusted gross margin was 78.2%, compared with 82.7% in Q2 2025, affected by lower realised prices, one-time costs of around DKK 3 billion related to right-sizing manufacturing capacity agreements, and a negative currency impact.
- US Operations reported sales decreased by 2% at CER, while H1 2026 adjusted US Operations sales decreased by 4% at CER.
- Total GLP-1 diabetes adjusted sales increased by 2% at CER in Q2 2026, while H1 2026 adjusted GLP-1 diabetes sales decreased by 5% at CER.
- Novo Nordisk terminated the monlunabant development project due to portfolio considerations.
- The ZEUS phase 3 trial with ziltivekimab did not meet its primary endpoint, and the outcome may result in a non-cash impairment charge in Q3 2026.
- The 2026 outlook assumes lower realised prices, including effects from the MFN agreement in the US and loss of exclusivity for semaglutide in certain International Operations markets.
What to watch
- Continued uptake, channel mix, potential cannibalisation effects and prescription trends for Wegovy pill in the US.
- The launch and rollout of Wegovy 7.2 mg single-dose pen across EU markets in the second half of 2026.
- US obesity-market access, including the Bridge pilot programme implemented from 1 July 2026, Medicaid coverage and self-pay expansion through NovoCare Pharmacy and telehealth collaborations.
- The planned 2026 increases in R&D spend and promotional activities across key products during the second half of the year.
- Expected US FDA decision for Ozempic pill 25 mg during Q4 2026.
- Potential Q3 2026 non-cash impairment charge related to ziltivekimab following the ZEUS trial outcome.
- The expected impact on cash flow in 2027 from lower US list prices for Wegovy and Ozempic effective 1 January 2027.
Balance sheet and cash flow
- Free cash flow in the first six months of 2026 was DKK 55.3 billion compared to DKK 38.4 billion in 2025.
- Net cash flows from operating activities were DKK 79,283 million in H1 2026, compared with DKK 66,504 million in H1 2025.
- Purchase of property, plant and equipment was DKK 23,986 million in H1 2026, compared with DKK 28,083 million in H1 2025.
- Cash at bank was DKK 44,482 million at 30 June 2026, compared with DKK 26,464 million at 31 December 2025.
- Total equity was DKK 221,277 million at the end of June 2026, equivalent to 37.2% of total assets.
- Borrowings were DKK 121,794 million in non-current liabilities and DKK 18,333 million in current liabilities at 30 June 2026.
- On 21 May 2026, Novo Nordisk repaid the maturing EUR 1.30 billion bond.
- On 11 June 2026, Novo Nordisk issued a total of CHF 1.09 billion in bonds across four tranches.
- Novo Nordisk has EUR 15.00 billion and CHF 1.09 billion outstanding in bonds.
Analysis
Novo Nordisk reported Q2 2026 net sales of DKK 78,488 million, up 3% at CER, while adjusted sales increased by 7% at CER. The adjusted result removes the comparison effect from the DKK 2.6 billion US 340B rebate provision reversal recorded in Q2 2025. The underlying growth was driven by GLP-1 volume growth across geographies and favourable US rebate adjustments, partly offset by lower realised prices.
Obesity care remained the principal growth engine, with adjusted sales of DKK 23,152 million and growth of 16% at CER. Wegovy pill generated DKK 3,218 million of Q2 sales, including DKK 3,141 million in the US. Management reported more than 265,000 weekly Wegovy pill prescriptions for the week ending 17 July 2026 and more than 5 million total prescriptions since launch. International Operations provided the stronger geographic contribution, with adjusted sales growth of 10% at CER and Obesity care growth of 37% at CER. US adjusted sales grew 4% at CER, while reported US sales declined 2% at CER.
Reported profitability was materially affected by exceptional comparisons and impairments. Operating profit was DKK 27,061 million, down 16% at CER, and net profit was DKK 20,989 million, down 21%. Q2 reported operating profit included DKK 6.3 billion of non-cash impairment charges related to intangible pipeline assets, including DKK 4.0 billion for monlunabant, while Q2 2025 benefited from the 340B rebate provision reversal. On an adjusted basis, operating profit was DKK 33,389 million and increased by 11% at CER. Adjusted gross margin fell to 78.2% from 82.7% in Q2 2025, reflecting lower realised prices, one-time manufacturing-capacity right-sizing costs of around DKK 3 billion and currency effects.
Cash generation and shareholder distributions remained substantial during the first half. H1 free cash flow was DKK 55.3 billion, compared with DKK 38.4 billion in 2025, supported by expense and payment timing as well as lower capital expenditure. Novo Nordisk returned DKK 41.2 billion to shareholders in H1 through DKK 35.3 billion in dividends and DKK 5.9 billion in share repurchases. Cash at bank was DKK 44,482 million at 30 June 2026, while non-current borrowings were DKK 121,794 million.
The company raised its full-year outlook. Adjusted sales growth and adjusted operating profit growth are each now expected to be 0% to -6% at CER, compared with -4% to -12% previously. Free cash flow guidance increased to between 45 and 55 bDKK from between 36 and 46 bDKK. The guidance improvement reflects higher expected GLP-1 product sales, but the outlook continues to incorporate lower realised prices, the MFN agreement in the US, competitive intensity, reduced Medicaid obesity coverage and semaglutide loss of exclusivity in certain international markets.
Management, verbatim
The Wegovy ® product portfolio remains a key growth driver for Novo Nordisk in 2026, led by the continued rapid adoption of Wegovy ® pill in the US, which has reached more than 5 million prescriptions since its launch, alongside encouraging early uptake in markets outside the US and the rollout of Wegovy ® HD (7.2 mg). The increased US GLP-1 momentum, combined with continued growth and new launches in International Operations, has led us to further raise our 2026 guidance for both adjusted sales and adjusted operating profit.
Mike Doustdar, president and CEO of Novo Nordisk
Not in the filing
stated, not guessed- Q2 2026 operating cash flow
- Q2 2026 free cash flow comparative figure
- Q2 2026 cash balance
- Q2 2026 total debt figure on a single reported line
- Q2 2026 quarter-over-quarter changes for revenue, profit, margins, earnings per share and segment sales
- Full-year 2026 gross margin guidance
- Full-year 2026 operating expense guidance
- Full-year 2026 dividend guidance
- Prior-year figures for adjusted net sales, adjusted operating profit, adjusted net profit and adjusted diluted earnings per share as absolute amounts
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.