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Novo Nordisk
(NYSE:NVO)
Novo Nordisk (NVO) vs. SPDR S&P 500 ETF (SPY)
Novo Nordisk Business Overview & Revenue Model
Novo Nordisk Key Performance Indicators (KPIs)
Breaks down revenue across different regions, revealing where Novo Nordisk is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
The FlyNovo Nordisk Earnings Call Summary
Novo Nordisk Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 297.20B | 290.40B | 232.26B | 176.95B | 140.80B |
| Gross Profit | 238.77B | 245.88B | 196.50B | 148.51B | 117.14B |
| EBITDA | 143.94B | 137.38B | 114.63B | 76.80B | 65.39B |
| Net Income | 98.50B | 100.99B | 83.68B | 55.52B | 47.76B |
Balance Sheet | |||||
| Total Assets | 542.90B | 465.80B | 314.49B | 241.26B | 194.51B |
| Cash, Cash Equivalents and Short-Term Investments | 26.96B | 26.31B | 30.23B | 23.57B | 17.48B |
| Total Debt | 130.96B | 102.79B | 27.01B | 25.78B | 26.64B |
| Total Liabilities | 348.86B | 322.31B | 207.93B | 157.77B | 123.76B |
| Stockholders Equity | 194.05B | 143.49B | 106.56B | 83.49B | 70.75B |
Cash Flow | |||||
| Free Cash Flow | 28.99B | 69.66B | 70.01B | 64.13B | 47.62B |
| Operating Cash Flow | 119.10B | 120.97B | 108.91B | 78.89B | 55.00B |
| Investing Cash Flow | -79.16B | -128.90B | -43.89B | -24.92B | -31.61B |
| Financing Cash Flow | -28.41B | 8.73B | -63.16B | -51.80B | -25.49B |
Novo Nordisk Technical Analysis
Novo Nordisk Risk Analysis
Novo Nordisk Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $184.91B | 21.97 | 40.49% | 2.52% | 2.76% | 6407.19% | |
73 Outperform | $598.69B | 22.52 | 35.03% | 2.50% | 6.05% | ― | |
71 Outperform | $127.01B | 18.03 | 40.53% | 4.84% | 1.26% | ― | |
69 Neutral | $166.85B | 10.74 | 61.25% | 3.58% | 18.71% | 11.24% | |
69 Neutral | $117.40B | 20.23 | 6.76% | 4.58% | -9.32% | 120.62% | |
64 Neutral | $157.23B | 20.39 | 8.87% | 6.65% | 4.44% | 128.96% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
Novo Nordisk Corporate Events
On 4 February 2026, Novo Nordisk launched a 12‑month share repurchase programme of up to DKK 15 billion, structured under EU Safe Harbour rules to provide regulatory protection for its buyback activity. Under a specific sub‑programme running from 4 February to 4 May 2026, the company plans to buy back up to DKK 3.8 billion of its B shares, reinforcing capital return to shareholders and signaling confidence in its long‑term prospects.
Between 16 and 20 February 2026, Novo Nordisk repurchased an additional 1,000,000 B shares, bringing total buybacks since 4 February to 2,750,000 B shares at an average price of DKK 306.18 and a transaction value of about DKK 842 million. As of 20 February 2026, the company held 20,139,799 B shares as treasury stock, equal to 0.5% of its share capital, a move that slightly reduces free float and can support earnings per share over time while maintaining flexibility within its broader capital allocation strategy.
The most recent analyst rating on (NVO) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 23 February 2026, Novo Nordisk reported headline phase 3 data from its REDEFINE 4 obesity trial, showing that once-weekly CagriSema, a fixed-dose combination of cagrilintide and semaglutide, led to 23% weight loss at 84 weeks in people with obesity and comorbidities but failed to meet the primary endpoint of non-inferiority versus Eli Lilly’s rival drug tirzepatide, which achieved greater weight loss. CagriSema showed a safety and tolerability profile consistent with the GLP‑1 class, and despite the setback, Novo Nordisk is pressing ahead with its obesity franchise, pointing to an ongoing FDA review based on other pivotal trials, additional phase 3 studies such as REDEFINE 11, and a planned higher-dose programme, underscoring the company’s strategic push to defend and extend its leadership in the fast-growing obesity-treatment market.
The REDEFINE 4 results underline both the competitive pressure from tirzepatide and the potential of CagriSema as a first-in-class GLP‑1/amylin combination that may provide additive weight-loss benefits over GLP‑1 monotherapy if higher or optimised doses prove more effective. For patients and investors, the data suggest that while CagriSema’s initial dose may not match the strongest competitor on weight loss, Novo Nordisk still sees a path to meaningful clinical and commercial impact through label-seeking trials, cardiovascular outcomes studies and future dose escalations that could sustain its position in obesity care.
The most recent analyst rating on (NVO) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
Novo Nordisk has convened its Annual General Meeting for 26 March 2026 at 14:00 CET, to be held as a hybrid event allowing both physical attendance in Copenhagen and virtual participation via computer or mobile devices. Shareholders are encouraged to exercise their rights through advance proxies or postal voting, and a live webcast will also be available to broaden access to the proceedings.
All shareholder-elected board members will be up for election at the meeting, with the board proposing the re-election of Chair Lars Rebien Sørensen, Vice Chair Cees de Jong, and three other current members, alongside the nomination of Helena Saxon, Jan van de Winkel and Ramona Sequeira as new directors. The refresh of the board, combining continuity in leadership with new external expertise, signals ongoing attention to corporate governance and strategic oversight at a time when Novo Nordisk’s scale and influence in chronic disease treatment make board composition a key point of interest for investors and other stakeholders.
The most recent analyst rating on (NVO) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
Novo Nordisk has stepped up its capital return efforts with a new share repurchase initiative launched on 4 February 2026 under EU Safe Harbour rules. The programme, part of a broader plan to buy back up to DKK 15 billion of B shares over 12 months, aims to optimise the group’s capital structure and support shareholder value.
Between 9 and 13 February 2026, the company repurchased 1,000,000 B shares, lifting total buybacks since 4 February to 1,750,000 shares at an average price of DKK 305.03 and a value of DKK 533.8 million. After incentive-related share transfers and the latest buybacks, Novo Nordisk held 19,139,799 B shares as treasury stock, or about 0.4% of its share capital, underscoring ongoing balance-sheet flexibility and sustained confidence in its long-term earnings power.
The most recent analyst rating on (NVO) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 10 February 2026, Novo Nordisk’s Executive Vice President and Chief Financial Officer Karsten Munk Knudsen sold a total of 26,557 Novo Nordisk B shares in separate market transactions. The disposals, disclosed on 11 February 2026 under EU market abuse rules, were executed at prices around DKK 315.60–315.70 per share via trading venues in the Netherlands, with an aggregated value of roughly DKK 8.38 million, highlighting ongoing insider dealing transparency for investors.
The most recent analyst rating on (NVO) stock is a Buy with a $70.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 9 February 2026, Novo Nordisk Executive Vice President for R&D and Chief Scientific Officer Martin Holst Lange sold 22,000 Novo Nordisk B shares on Nasdaq Copenhagen at DKK 319.80 per share, for a total value of DKK 7,035,600. The sale was carried out to cover tax obligations related to shares transferred under the company’s long-term incentive programme and was disclosed on 10 February 2026 in line with European market abuse regulations, underscoring ongoing transparency around insider transactions for investors and regulators.
The transaction, reported as an initial notification under Article 19 of Regulation No. 596/2014, highlights Novo Nordisk’s adherence to governance standards on dealings by senior management and associated persons. While not signalling a change in corporate strategy, such routine incentive-related share disposals are closely watched by the market as they provide visibility into executive equity compensation practices and compliance with disclosure rules.
The most recent analyst rating on (NVO) stock is a Buy with a $70.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 4 February 2026, Novo Nordisk launched a new share repurchase programme under EU Safe Harbour rules as part of a broader plan to buy back up to DKK 15 billion of B shares over a 12‑month period. The company aims to repurchase up to DKK 3.8 billion worth of B shares between 4 February and 4 May 2026, signalling continued capital returns to shareholders and confidence in its long‑term prospects.
Between 4 and 6 February 2026, Novo Nordisk repurchased 750,000 B shares at an average price of DKK 296.40, for a total of DKK 222.3 million, while separate incentive‑programme transactions led to a net transfer of 3,841,954 B shares out of the company. As of 6 February 2026, Novo Nordisk held 18,283,326 B shares as treasury shares, equal to 0.4% of its share capital, underscoring active balance‑sheet management and a methodical execution of its buyback strategy.
The most recent analyst rating on (NVO) stock is a Hold with a $47.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 4 February 2026, Novo Nordisk A/S published its annual report for the 2025 financial year, making the document available to investors in digital and iXBRL formats via its website. The filing underscores the company’s continued transparency and regulatory compliance as a foreign private issuer in the United States, providing shareholders and analysts with a detailed basis for assessing Novo Nordisk’s recent performance and outlook in the global healthcare and chronic disease markets.
The most recent analyst rating on (NVO) stock is a Hold with a $52.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 4 February 2026, Novo Nordisk launched the execution of its 2026 share repurchase programme of up to DKK 15 billion, starting with a new buyback of up to DKK 3.8 billion to run from 4 February to 4 May 2026. The buyback, capped at 400 million B shares, is intended both to reduce the company’s share capital and to satisfy obligations under share-based incentive schemes, and is carried out under EU market abuse and safe harbour regulations with Nordea acting as lead manager; continuation of repurchases after 26 March 2026 will depend on renewed shareholder authorisation at the 2026 annual general meeting, underscoring the company’s ongoing capital-return strategy and its focus on shareholder value.
The most recent analyst rating on (NVO) stock is a Hold with a $52.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 4 February 2026, several senior figures at Novo Nordisk, including board member Liselotte Sofie Hyveled, President and CEO Maziar Mike Doustdar, Executive Vice President for US Operations David Moore and Executive Vice President for International Operations Emil Kongshøj Larsen, received transfers of Novo Nordisk B shares at no cost under the company’s long-term incentive programme, in line with EU market abuse regulations on reporting insider dealings. The transactions, some executed outside a trading venue and one sale on Nasdaq Copenhagen by David Moore to cover tax obligations on the incentive shares, underline the continued use of equity-based remuneration to align management with shareholder interests and reflect standard governance and transparency practices rather than a change in strategic direction or capital structure.
The most recent analyst rating on (NVO) stock is a Hold with a $52.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
Novo Nordisk has published its 2025 Remuneration Report, detailing board and executive pay in a year the company describes as one of “profound transformation,” marked by management changes and solid, though slower, financial performance. In 2025, the company served more than 45.6 million patients and delivered sales and operating profit growth of 10.3% and 6.0% at constant exchange rates, respectively, while continuing major investments that pushed CO2e emissions from operations and parts of its value chain 19% higher than in 2024. On the innovation front, the Wegovy pill gained US approval, semaglutide 7.2 mg and CagriSema were submitted for US and EU regulatory review, Novo Nordisk completed the acquisition of Akero and its phase 3 FGF21 analogue for MASH, and advanced multiple late-stage diabetes and rare disease programmes, including phase 2 and 3 trials for zenagamtide and CagriSema and regulatory filings for Denecimig (Mim8). Governance saw significant reshaping: an extraordinary general meeting in November 2025 elected a new, smaller board, with Lars Rebien Sørensen becoming chair and several new members, and the annual general meeting earlier in the year approved a 3% increase in board fees, bringing total board remuneration to DKK 23.8 million. Longtime CEO Lars Fruergaard Jørgensen stepped down on 6 August 2025 after 34 years at the company and was succeeded by Maziar Mike Doustdar, whose 2025 CEO pay totalled DKK 20.7 million with a modest short‑term incentive outcome, while Jørgensen received salary, notice-period pay, severance and non‑competition compensation in line with policy and retains rights to existing long‑term incentive plans. The remuneration committee concluded that the current pay framework continues to align executive rewards with performance and shareholder interests, and therefore plans no policy changes for the annual general meeting in March 2026, when the 2025 Remuneration Report will be put to an advisory vote.
The most recent analyst rating on (NVO) stock is a Hold with a $57.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
Novo Nordisk reported full-year 2025 results on 3 February 2026, with sales rising 6% in Danish kroner and 10% at constant exchange rates to DKK 309.1 billion, while operating profit slipped 1% in kroner but grew 6% at constant exchange after around DKK 8 billion in transformation costs. Growth was driven by obesity and diabetes care, where sales climbed 7% to DKK 289.5 billion, including a 26% surge in obesity care and modest GLP-1 diabetes gains, and by 10% higher international operations revenue; net profit increased 1% to DKK 102.4 billion and diluted EPS rose 2% to DKK 23.03. The company highlighted strong momentum in obesity with the US FDA’s 22 December 2025 approval of once-daily oral semaglutide 25 mg (Wegovy pill) and its 5 January 2026 US launch, which had already reached about 50,000 weekly prescriptions by 23 January, alongside positive R&D progress for next-generation assets such as zenagamtide and CagriSema and submissions of higher-dose semaglutide and CagriSema for obesity. Looking ahead to 2026, management guided for adjusted sales and operating profit to decline 5–13% at constant exchange rates, reflecting pricing pressure, US “Most Favoured Nations” impacts, patent expiries and intensifying competition, partly offset by expected volume growth in the expanding GLP-1 market; the board will propose a final 2025 dividend of DKK 7.95 per share, taking the year’s total to DKK 11.70, and has authorised a new share buyback of up to DKK 15 billion, underscoring continued cash returns after more than DKK 300 billion was returned to shareholders since 2020.
The most recent analyst rating on (NVO) stock is a Buy with a $73.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 3 February 2026, Novo Nordisk reported that in 2025 its sales rose 10% and operating profit increased 6% at constant exchange rates, landing within previously guided ranges and supported by favourable gross‑to‑net sales adjustments in the US. The company also unveiled its 2026 outlook and a new non‑IFRS reporting framework that will present “adjusted” sales and operating profit growth to strip out exceptional, largely non‑cash items, most notably a USD 4.2 billion reversal of sales rebate provisions tied to the US 340B Drug Pricing Program. For 2026, Novo Nordisk expects adjusted sales and adjusted operating profit to decline by 5% to 13% at constant exchange rates, reflecting anticipated US sales pressure from lower realised prices, the MFN pricing agreement, reduced Medicaid obesity coverage and the loss of exclusivity for semaglutide in some international markets, even as global GLP‑1 demand and obesity market expansion continue. The non‑adjusted mid‑point guidance, however, implies broadly flat sales and an 11% increase in operating profit at constant exchange rates, underscoring how legal and pricing one‑offs distort headline growth and highlighting management’s effort to provide investors with clearer visibility on underlying performance while it steps up investment in its GLP‑1 portfolio, obesity and diabetes franchises, and an enlarged R&D pipeline following the Akero Therapeutics acquisition.
The most recent analyst rating on (NVO) stock is a Buy with a $73.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 2 February 2026, Novo Nordisk reported headline phase 3 results from its REIMAGINE 2 trial showing that CagriSema, a once‑weekly fixed‑dose combination of the amylin receptor agonist cagrilintide and GLP‑1 agonist semaglutide, delivered superior blood glucose control and weight loss versus semaglutide alone in adults with inadequately controlled type 2 diabetes. Over 68 weeks, patients on the higher CagriSema dose achieved HbA1c reductions of up to 1.91 percentage points from a baseline of 8.2% and weight loss of 14.2% from a baseline 101 kg, with 43% achieving at least 15% weight loss and 24% achieving at least 20%, while safety and tolerability were in line with incretin and amylin-based therapies. The data reinforce Novo Nordisk’s obesity-trial findings for CagriSema, support its potential as the first amylin-based combination therapy in type 2 diabetes, and strengthen the company’s competitive positioning in metabolic disease as it engages regulators on a diabetes indication and pursues broader phase 3 programmes, including head-to-head comparisons with rival tirzepatide and ongoing cardiovascular outcomes studies.
The most recent analyst rating on (NVO) stock is a Buy with a $73.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 31 January 2026, Novo Nordisk announced a change in its board-level employee representation, as long-serving employee representative Thomas Rantzau, who has served on the Board of Directors since 2018 and worked at the company for 22 years, decided to leave to pursue opportunities outside the firm. As a result, his alternate, Tanja Villumsen, has joined the Board of Directors as an employee representative with immediate effect, marking a routine governance transition that maintains employee representation at board level without indicating any broader shift in the company’s strategy or operations.
The most recent analyst rating on (NVO) stock is a Buy with a $73.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.
On 22 December 2025, Novo Nordisk reported that the US Food and Drug Administration approved its once‑daily Wegovy pill (oral semaglutide 25 mg), the first oral GLP‑1 receptor agonist therapy cleared in the United States for weight management and for reducing the risk of major adverse cardiovascular events in adults with obesity or overweight and at least one weight‑related condition. The approval, backed by the phase 3 OASIS and SELECT trial programmes, showed mean weight loss of 16.6% in the OASIS 4 study—comparable to injectable Wegovy 2.4 mg—with one in three patients achieving at least 20% weight loss and a safety profile consistent with previous semaglutide data; Novo Nordisk plans a US launch in early January 2026 and has already filed for obesity indications with European and other regulators, reinforcing its leadership in the fast‑growing obesity and cardiometabolic market and expanding treatment options for patients who prefer an oral alternative to injections.
The most recent analyst rating on (NVO) stock is a Hold with a $46.00 price target. To see the full list of analyst forecasts on Novo Nordisk stock, see the NVO Stock Forecast page.