Novo Nordisk (NOVA) Earnings Dates, Call Summary & Reports

Q: What is the P/E ratio of Novo Nordisk stock?

The P/E ratio of {name} is N/A.

Compare

149 Followers

Earnings Data

Report Date

May 06, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.69

Last Year’s EPS

0.84

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 8 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 04, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mixed picture: strong commercial momentum in obesity and GLP-1 franchises (notably the successful Wegovy pill launch, robust GLP-1 volume share, and meaningful R&D readouts such as CagriSema and zenagamtide) alongside solid cash generation and shareholder returns. Offsetting these positives are substantial near-term headwinds driven by pricing pressure, policy impacts (MFN/MFP), loss of exclusivity risk, margin compression and a conservative 2026 outlook (adjusted sales and operating profit guidance of -5% to -13% CER). Management is bullish on long-term market expansion and pipeline potential but explicit near-term guidance and exceptional costs temper the tone. Overall, positives (product launches, R&D wins, market leadership and cash generation) are significant, but the company has signaled a pronounced near-term earnings challenge driven by pricing and policy — producing a balanced, watchful outlook.

Company Guidance

Novo Nordisk guided 2026 adjusted sales growth of minus 5% to minus 13% at constant exchange rates and adjusted operating profit growth of minus 5% to minus 13% at constant exchange rates (noting reported DKK sales growth is expected to be ~3 percentage points lower and reported operating profit growth ~5 percentage points lower given current FX), with the outlook reflecting assumed continued global GLP‑1 market expansion offset by lower realized prices (including MFN impacts) and loss‑of‑exclusivity in some markets and a sales decline in the U.S. management described as being driven largely by price declines and channel mix; the company will exclude a non‑cash USD 4.2 billion 340B provision reversal from adjusted metrics, expects free cash flow (operating cash less PP&E) of DKK 35–45 billion, capital expenditure of ~DKK 55 billion, total cash returns to shareholders of over DKK 60 billion in 2026 and a new share buyback program of up to DKK 15 billion.

Top-line growth and profit performance (2025)

Sales grew 10% in 2025 and operating profit increased ~6% at constant exchange rates (reported operating profit was down 1% in DKK but +6% CER excluding currency effects). Net profit was DKK 102 billion and cash from operations was close to DKK 120 billion.

Obesity franchise expansion and Wegovy momentum

Obesity care sales increased 31% in 2025. Wegovy sales reached DKK 28 billion in 2025 (up 134% year-over-year). The Wegovy pill received FDA approval (Dec 22) and launched in the U.S. on Jan 5, with early uptake: ~50,000 prescriptions in the week ending Jan 23 (≈45,000 self-pay) and management reported >170,000 people on the Wegovy pill by a later weekly update. Combined injectable + pill Wegovy NBRx exceed ~75,000 weekly; Wegovy injectable holiday week TRx ~230,000.

GLP-1 market leadership and international growth

The global GLP-1 market grew >30% in 2025. Novo Nordisk total sales: U.S. +8%, International Operations +14%. GLP-1 volume growth in International Operations was 44%, with Novo Nordisk holding ~62% volume market share in GLP-1s in IO.

Strong commercial traction in self-pay and direct channels

Self-pay and direct channels expanded rapidly: self-pay represents ~30% of injectable Wegovy prescriptions; NovoCare Pharmacy launched March 2025; combined self-pay TRx reached close to 120,000 current weekly TRxs across Wegovy and Ozempic. Early Wegovy pill access coverage includes CVS, Prime, Optum and Anthem.

R&D and pipeline progress – CagriSema (REIMAGINE 2) and zenagamtide

REIMAGINE 2: CagriSema 2.4 mg demonstrated superior A1c reduction vs semaglutide 2.4 mg (1.91 vs 1.76 percentage points from baseline ~8.2%) and superior weight loss (14.2% mean). >40% of treated participants achieved >15% weight loss; ~25% achieved >20%. Zenagamtide (Phase II): once-weekly A1c reductions up to 1.8 percentage points (baseline 7.8%); oral zenagamtide A1c reductions up to 1.5 percentage points, with high proportions achieving HbA1c <7% (up to 89.1% weekly; ~78% oral).

Pipeline breadth and upcoming catalysts

Multiple upcoming readouts and regulatory milestones: REIMAGINE 1 readout expected Q1 2026; REDEFINE 4 (weight loss vs tirzepatide) result expected Q1 2026; etavopivat HIBISCUS Phase III readout for sickle cell expected Q2 2026; regulatory decisions for denecimig and other semaglutide filings anticipated in H2 2026; AMBITION and AMAZE Phase III programs planned for zenagamtide in 2026.

Capital allocation and shareholder returns

Deployment of capital in 2025 included ~DKK 60 billion to manufacturing expansion and ~DKK 30 billion to R&D/business development. Returned ~DKK 52 billion to shareholders in 2025; final dividend proposal brings total 2025 dividend to DKK 11.70 (a 2.6% increase). New share repurchase program up to DKK 15 billion announced.

Balance sheet and cashflow visibility

Management provided updated definitions and guidance: free cash flow expected DKK 35–45 billion for 2026; capital expenditure guidance ~DKK 55 billion for 2026 with expected decline in subsequent years as projects finalize.

Manufacturing / supply confidence

Management reaffirmed confidence in Wegovy pill supply for the U.S. market despite strong early demand and noted API facilities and capacity expansions are on track with major API facilities expected online during the year.

Novo Nordisk (DE:NOVA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

DE:NOVA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 06, 2026	2026 (Q1)	0.69 / -	0.841	―	―	―
Feb 04, 2026	2025 (Q4)	0.78 / 0.81	0.749	7.67% (+0.06)
Nov 05, 2025	2025 (Q3)	0.65 / 0.59	0.745	-21.45% (-0.16)
Aug 06, 2025	2025 (Q2)	0.78 / 0.79	0.556	41.19% (+0.23)
May 07, 2025	2025 (Q1)	0.77 / 0.84	0.688	22.24% (+0.15)
Feb 05, 2025	2024 (Q4)	0.70 / 0.75	0.605	23.74% (+0.14)
Nov 06, 2024	2024 (Q3)	0.74 / 0.74	0.601	23.91% (+0.14)
Aug 07, 2024	2024 (Q2)	0.60 / 0.56	0.539	3.13% (+0.02)
May 02, 2024	2024 (Q1)	0.64 / 0.69	0.548	25.62% (+0.14)	―
Jan 31, 2024	2023 (Q4)	0.57 / 0.61	0.365	65.74% (+0.24)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:NOVA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 04, 2026	€42.55	€39.95	-6.11%
Nov 05, 2025	€42.00	€41.85	-0.36%
Aug 06, 2025	€40.18	€38.39	-4.44%
May 07, 2025	€57.54	€58.53	+1.72%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.