Company Reports

Novo hosted its 2026 Capital Markets Day on Sept. 21, where it disclosed 2030 financial targets, including mid-single-digit top-line growth and roughly steady operating margins. Shares fell 8%.

A pioneer in diabetes care, Novo Nordisk has operated for over 85 years. It claims 30% of the $100 billion diabetes treatment market and roughly half of the more than $15 billion insulin market. Diabetes' prevalence is expected to soar in the coming decades as a result of an increasingly overweight and aging population, and we expect Novo to maintain its wide moat as it continues to innovate in both diabetes and obesity therapies.

Novo Nordisk saw 6% adjusted revenue growth and 8% adjusted operating profit growth in the second quarter. Management raised its 2026 guidance at constant exchange rates for sales and operating profit to between flat and a 6% decline. Copenhagen shares fell 4% on Aug. 5.

A pioneer in diabetes care, Novo Nordisk has been in the business for over 85 years. It claims 30% of the $100 billion diabetes treatment market and roughly half of the more than $15 billion insulin market. Diabetes' prevalence is expected to soar in the coming decades as a result of an increasingly overweight and aging population, and we expect Novo to maintain its wide moat as it continues to innovate in both diabetes and obesity therapies.

Phase 3 cardiovascular outcomes study Zeus, testing IL-6 antibody ziltivekimab in patients with cardiovascular and kidney disease, did not show a reduction in major adverse cardiovascular events relative to a placebo arm. Novo Nordisk shares in Copenhagen fell 7% on July 31.

A pioneer in diabetes care, Novo Nordisk has been in the business for over 85 years. It claims 30% of the $100 billion diabetes treatment market and roughly half of the more than $15 billion insulin market. Diabetes' prevalence is expected to soar in the coming decades as a result of an increasingly overweight and aging population, and we expect Novo to maintain its wide moat as it continues to innovate in both diabetes and obesity therapies.

Novo Nordisk received approval from the European Commission on July 15 to market the Wegovy pill as a treatment for obesity and overweight. Shares rose 3%.

Novo Nordisk's first-quarter adjusted sales fell 4% at constant currencies and adjusted operating profit fell 6%. Management raised its 2026 constant currency guidance range by 1 percentage point on both measures to an 8% decline at the midpoint. Shares rose 3% in trading on May 6.

Hims & Hers said it is reconvening its partnership with Novo Nordisk and will sell Novo's FDA-approved treatments for diabetes and obesity on the Hims platform. Novo's patent infringement lawsuit against Hims & Hers has been dismissed, and Hims shares are up 40% in March 9 trading.

Novo Nordisk announced that obesity drug candidate cagrisema led to 23% weight loss after 84 weeks in the phase 3 Redefine 4 study, which was not enough to show noninferiority to 25.5% weight loss with comparator tirzepatide (Eli Lilly's Zepbound). Shares fell 15% in intraday trading on Feb. 23.

A pioneer in diabetes care, Novo Nordisk has been in the business for over 85 years. It claims 30% of the $100 billion diabetes treatment market and roughly half of the more than $15 billion insulin market. Diabetes' prevalence is expected to soar in the coming decades as a result of an increasingly overweight and aging population, and we expect Novo to maintain its wide moat as it continues to innovate in both diabetes and obesity therapies.

Hims & Hers announced it will stop offering compounded oral semaglutide on Feb. 7, two days after the launch. The move follows Novo Nordisk's statement on its intent to take legal action and significant regulatory movement at the Department of Health and Human Services.

Hims & Hers announced the launch of oral semaglutide on Feb. 5. The new treatment plan starts at $49 per month and directly competes with Novo Nordisk's Wegovy pill, which launched in January 2026. Hims and Novo shares are down 6% and 8%, respectively.

Novo Nordisk reported 6% sales growth and 2% diluted EPS growth in 2025, and management guided to a 5%-13% decline in adjusted sales and operating profits (at constant currencies), after excluding a $4.2 billion sales rebate provision reversal (expected in the first quarter).

Novo Nordisk received Food and Drug Administration approval for its Wegovy pill as a treatment for obesity on Dec. 22. The company plans to launch the 25-milligram semaglutide pill in the US in early January. Novo shares were up roughly 9% in early Dec. 23 trading.

On Nov. 24, Novo Nordisk announced that two phase 3 trials testing semaglutide to slow the progression of Alzheimer's disease over two years have failed. Copenhagen shares were down 6% at market close.

On Nov. 6, Novo and Lilly announced a deal with the Trump administration to lower obesity drug prices in several channels in exchange for expanded Medicare access and a tariff grace period. Both received national priority vouchers. Lilly also disclosed phase 2 data for amylin drug eloralintide.

A pioneer in diabetes care, Novo Nordisk has been in the business for over 85 years. It claims 34% of the $80 billion-plus diabetes treatment market and roughly half of the more than $15 billion insulin market. Diabetes' prevalence is expected to soar in the coming decades as a result of an increasingly overweight and aging population, and we expect Novo to maintain its wide moat as it continues to dominate in diabetes and obesity therapy innovation.

Novo Nordisk generated DKK 75 billion in third-quarter revenue (1.6% below company-published consensus) and DKK 4.50 in diluted EPS (0.7% below consensus). Management narrowed its full-year guidance to focus on the lower end of its prior range for both sales and operating profit growth.

Novo Nordisk made an unsolicited bid on Oct. 30 to acquire obesity drug developer Metsera for a combination of $6.5 billion upfront if the deal is signed and contingent value rights at deal close that could be worth as much as $2.5 billion.