COPENHAGEN, July 5, 2026, 00:04 (CEST)
- Novo finished up 2.8% last week, but the OMX Copenhagen 25 climbed 5.5%.
- Shares dropped 1.5% Friday, with volume at 45% of Novo’s 65-day average.
- The NYSE ADR didn’t catch the Danish move on Friday, since U.S. markets were closed for Independence Day.
- Next up: July haemophilia data, then H1 earnings on Aug. 5.
Novo Nordisk A/S CPH:NOVO-B finished the week with a smaller rally than the rest of the Danish market. B shares closed Friday at DKK 326.90, dropping 1.54% on the day but still up 2.8% for the week. The OMX Copenhagen 25 gained 5.5% in the same period, so the stock lagged the benchmark by about 2.6 percentage points. Novo’s Friday volume hit 2.58 million shares, or 45% of its 65-day average, according to MarketWatch. For the week, turnover was 19.23 million shares, down from 25.66 million a week earlier. Investing.com reported the OMXC25 at 1,899.12 on Friday, up from 1,800.88 the previous week.
| Measure | Novo Nordisk B | OMX Copenhagen 25 | Gap |
|---|---|---|---|
| Friday close | DKK 326.90 | 1,899.12 | — |
| Friday move | -1.5% | +0.2% | -1.7 pts |
| Week move | +2.8% | +5.5% | -2.6 pts |
| Week volume | 19.23 mln shares | — | 25% lower than the week before |
This matters since Novo got a real bounce, but volume stayed light. Buyers pushed the stock up into July, though there was no new GLP-1 update from the company during the last part of the trading week. A thinner tape can take shares higher, but it doesn’t show big long-only funds are coming back in ahead of August’s results.
Novo Nordisk’s last newsroom update came June 26, announcing new haemophilia results to be shown at the ISTH Congress in Paris from July 11-15. The data include findings from the FRONTIER4 study of investigational denecimig, and explorer10 results for concizumab in pediatric haemophilia A or B patients with inhibitors. “We have a deep responsibility to meet the real-world needs” of haemophilia patients, said Martin Holst Lange, chief scientific officer. Novo Nordisk
The main stock question is still the GLP-1 profit bridge. Novo in May lifted its 2026 outlook for adjusted sales and operating profit, now guiding for a 4% to 12% drop at constant exchange rates, less severe than its previous range. For the first quarter, adjusted net sales dropped 4% at constant exchange rates to DKK 70.06 billion and adjusted operating profit slipped 6% to DKK 32.86 billion.
| Investor check | Latest company data | Why it matters |
|---|---|---|
| 2026 adjusted sales forecast | -4% to -12% at CER | Investors are watching if the bottom end weakens |
| Q1 adjusted EBIT | DKK 32.86 bln | Margin squeeze is still the top stock concern |
| Q1 adjusted obesity drug sales | +22% at CER | Wegovy demand covers some pricing headwinds |
| Wegovy pill U.S. weekly scripts, week to April 17 | over 200,000 | Bull case relies on oral use |
Novo Nordisk CEO Mike Doustdar said in the May report that “Wegovy is driving a strong start to 2026,” pointing to uptake of the Wegovy pill. According to Novo’s financial calendar, results for the first half are set for Aug. 5 at 07:30 CEST. Novo Nordisk
The warning signs go back to February. Novo said then that adjusted sales and adjusted operating profit could drop 5% to 13% this year, citing U.S. price cuts, more competition, and expiring semaglutide patents outside the U.S. Doustdar called the pricing pressure “unprecedented.” Markus Manns, portfolio manager at Union Investment, said, “Nobody had a double-digit profit decline on the agenda.” CFO Karsten Munk Knudsen called the compounding market unpredictable: “Predicting if and when the tide turns is really hard.” Reuters
Novo ADRs NYSE:NVO closed at $50.43 in New York on July 2. The stock didn’t reflect the Copenhagen drop in Friday trading since the NYSE was shut July 3 for Independence Day.
On Monday, the focus is if the ADR slips to match Copenhagen or if U.S. healthcare flows keep its rebound going. Nasdaq posts Copenhagen’s regular equity hours as 09:00 to 17:00 local time, so the first full read comes before New York trading starts.
