COPENHAGEN, August 5, 2026, 10:26 CEST — Novo Nordisk (CPH:NOVO-B; NYSE:NVO) saw its stock decline by 4% as the company’s profit, which surpassed estimates due to reduced costs, did not fully address ongoing uncertainties over its Wegovy product.
- Novo’s B shares traded at DKK 295.10–295.25, falling 4.03%. The Copenhagen exchange remained open.
- Second-quarter adjusted operating profit surpassed the company-compiled consensus by approximately 16%.
- Adjusted gross margin declined by 4.5 percentage points, while reduced operating expenses helped sustain profitability.
Novo Nordisk’s stock dropped around 4% on Wednesday, following a 6% decline in its ADRs the previous day. Investors were concerned about the quality of profits, even as the company lifted its outlook.
Based on an initial calculation using rounded company numbers, savings in sales and adjusted research expenses totaled DKK 2.68 billion. This amount was higher than the approximate DKK 2.47 billion increase reported in adjusted operating profit.
Gross profit remained unchanged in reported kroner. The adjusted gross margin declined to 78.2% from 82.7%. Management anticipates an increase in research and promotional costs in the second half, which will make achieving similar savings more difficult.
| Q2 earnings scorecard | Q2 2026 | Year-on-year change |
|---|---|---|
| Adjusted sales | DKK 78.49 billion | Increase of 6% in DKK; up 7% CER |
| Adjusted operating profit | DKK 33.39 billion | Up 8% in DKK; a rise of 11% CER |
| Adjusted gross margin | 78.2% | Decrease of 4.5 percentage points |
| Reported net profit | DKK 20.99 billion | Down 21% |
CER refers to constant exchange rates. Data cited are from Novo’s August 4 release.
Adjusted operating profit exceeded the analyst mean of DKK 28.74 billion by roughly 16%. According to Union Investment portfolio manager Markus Manns, oral Wegovy was “just in line with expectations.” Reuters
| Approximate Q2 profit bridge, DKK billion | 2026 | Estimated 2025 | Change |
|---|---|---|---|
| Gross profit | 61.39 | About 61.39 | Roughly unchanged |
| Sales and distribution costs | 15.00 | About 17.44 | -2.44 |
| Adjusted R&D costs | 11.46 | About 11.69 | -0.23 |
| Adjusted operating profit | 33.39 | About 30.92 | +2.47 |
Preliminary estimates for 2025 are based on rounded growth rates from reported data. Costs are indicated as positive values.
The bridge indicates that operating leverage was primarily driven by a reduction in expenses rather than improvement in product margin. Gross margin was also negatively affected by approximately DKK 3 billion in manufacturing right-sizing charges.
| Full-year 2026 outlook | August 4 | May 6 |
|---|---|---|
| Adjusted revenue growth at CER | -6% to 0% | -12% to -4% |
| Adjusted operating profit growth at CER | -6% to 0% | -12% to -4% |
| Free cash flow | DKK 45–55 billion | DKK 36–46 billion |
| Capital spending | Around DKK 55 billion | Around DKK 55 billion |
Novo increased its growth outlook for both ranges and lifted its cash-flow estimate.
The revision is based on an increase in projected GLP-1 sales. Novo maintains its outlook for falling U.S. revenue and ongoing growth outside the U.S. Price reductions and less Medicaid coverage continue to be limiting factors.
Wegovy pill sales totaled DKK 3.22 billion, below the anticipated DKK 3.3 billion. Novo reported that prescriptions for the product have now surpassed five million since debut.
| Obesity treatment, Q2 2026 | U.S. business | International business |
|---|---|---|
| Adjusted revenue | DKK 12.82 billion | DKK 10.33 billion |
| Sales increase at CER | +4% | +37% |
| Wegovy injection growth at CER | -22% | +46% |
| Wegovy tablet revenue | DKK 3.141 billion | DKK 0.077 billion |
Growth in international markets delivered the main volume boost against U.S. pricing challenges.
The division by region was pronounced. U.S. sales of injectable Wegovy declined 22%, but total sales from injectables and pills were up 4%. Overseas, obesity revenue climbed 37%.
Wegovy currently commands roughly 90% of the oral obesity market, Chief Executive Mike Doustdar said. Novo has rolled out the drug in the United States, Britain and the UAE, with Germany anticipated to follow.
Pipeline figures muddled the path to commercial advancement. Novo’s CagriSema achieved 15.2% weight loss, while Eli Lilly and Co NYSE:LLY reported a 15.8% result with Tirzepatide. CagriSema matched non-inferiority for weight loss, but not for HbA1c lowering.
Morten Gregersen of Formuepleje stated that Novo requires “a strong pipeline” ahead of the semaglutide patent expiration. Doustdar remarked that the company must accelerate research efforts and pursue more “shots at goal.” Reuters
Operating profit declined by 16% at CER following DKK 6.3 billion in pipeline impairments. Novo discontinued monlunabant development. The ziltivekimab ZEUS study did not reach its primary endpoint and could lead to an additional impairment in the third quarter.
Risks: Pressure on U.S. prices, reduced Medicaid coverage, patent expiration, and ongoing pipeline costs. Novo intends to reduce Wegovy’s U.S. list price by roughly 50% to $675 starting January 1, 2027.
The earnings call is scheduled for 13:00 CEST. Investors will assess if margins remain stable as expenditures increase in the second half.
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