Published
{
"ticker": "NVO",
"cik": "0000353278",
"company": "Novo Nordisk A/S",
"business_type": "pharmaceutical",
"schema_template": "standard (industrial/pharma) with IFRS line names as Novo Nordisk presents them; net sales split into its two operating segments (Obesity and Diabetes care, Rare disease); a non-IFRS block carries the company's adjusted measures where the filing prints them",
"reporting_currency": "DKK",
"converted_to_usd": true,
"units": "actual US dollars (not millions), converted from Danish kroner; per-share figures in US dollars per B share, which equals one ADS (each ADR represents one B share); share counts in actual shares (A and B shares combined, excluding treasury shares, as the filing counts them for earnings per share)",
"units_notes_seen": {
"FY2025 Annual Report income statement (p. 83)": "'Income statement and Statement of comprehensive income for the year ended 31 December'; column heads 'DKK million | Note | 2025 | 2024 | 2023'; earnings per share rows labelled '(DKK)'",
"FY2025 Annual Report cash flow statement (p. 84)": "'Cash flow statement for the year ended 31 December'; column heads 'DKK million | Note | 2025 | 2024 | 2023'; outflows in brackets",
"FY2025 Annual Report balance sheet (p. 85)": "'Balance sheet at 31 December'; column heads 'DKK million | Note | 2025 | 2024'",
"FY2025 Annual Report note 4.1 Earnings per share": "net profit 'DKK million'; share counts 'in million shares'; earnings per share 'DKK'",
"FY2025 Annual Report note 4.2 Distribution to shareholders": "dividend amounts 'DKK million'; dividend per share table headed 'DKK per share'",
"FY2025 Annual Report note 2.2 Segment information": "'Operating segments - Key figures', column heads 'DKK million' over 2025 | 2024 | 2023 for each segment and the total",
"FY2025 Annual Report non-IFRS measures (free cash flow, net debt; pp. 116-117)": "column heads 'DKK million | 2025 | 2024 | 2023'",
"FY2025 Annual Report note 4.4 exchange rates": "'Average exchange rate applied (DKK per 100)' and 'Year-end exchange rate applied (DKK per 100)' for USD",
"H1 2026 6-K Appendix 1 condensed income statement and segment information": "column heads 'DKK million | Q2 2026 | Q2 2025 | H1 2026 | H1 2025'; earnings per share rows labelled '(DKK)'; the performance highlights table states '(Amounts are in DKK million, except for earnings per share)'",
"H1 2026 6-K Appendix 2 condensed cash flow statement": "column heads 'DKK million | H1 2026 | H1 2025'; outflows in brackets",
"H1 2026 6-K Appendix 3 condensed balance sheet": "column heads 'DKK million | 30 Jun 2026 | 31 Dec 2025'",
"H1 2026 6-K Appendix 7 non-IFRS measures (adjusted sales and operating profit, adjusted net profit and EPS, free cash flow, net debt)": "column heads 'DKK million' over Q2 2026 | Q2 2025 | H1 2026 | H1 2025 (net debt: 30 Jun 2026 | 31 Dec 2025); share count row labelled '(million)'"
},
"adjustments": {
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"splits_note": "Novo Nordisk split its B shares 2-for-1 in September 2023 (trading unit changed from DKK 0.20 to DKK 0.10 on 13 September 2023; the NYSE-listed ADRs were split on 20 September 2023, per note 4.1 of the Annual Report 2025). Every per-share figure in the filings used here is already on the post-split basis, so no adjustment was applied.",
"adr_ratio": 1,
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"fx": "Novo Nordisk reports in Danish kroner (DKK). Every money figure is converted to US dollars: income statement and cash flow figures and per-share amounts at the average rate for the period, balance sheet figures and the cash flow statement's cash and cash equivalents at the end of the period at the rate on the balance sheet date. For FY2025, FY2024 and FY2023 the rates are the ones the Annual Report 2025 states in note 4.4 ('Exchange rates applied for hedged currencies', USD): average DKK 662, 689 and 689 per USD 100, and year-end DKK 635 (2025), 714 (2024) and 674 (2023) per USD 100. The interim report prints only six-month average rates (DKK 640 per USD 100 for H1 2026 and 684 for H1 2025) and a 30 July 2026 spot rate, with no quarterly average and no 30 June rate, so Q2 2026, Q2 2025, the two six-month periods, 30 June 2026 and the trailing twelve months use the Federal Reserve's H.10 daily DKK per US dollar series (average of the daily rates over the period, or the rate on the balance sheet date). The H.10 six-month averages (DKK 6.41 and 6.83 per US dollar) agree with the interim report's own to within 0.2%. The rate applied is recorded with each period under 'conversion'. Because each period is converted at its own rate, US dollar figures for a quarter and a half-year do not add up exactly the way the DKK figures do.",
"sign_convention": "Income statement cost lines (cost of goods sold, sales and distribution, research and development, administrative, financial expenses, income taxes) are stored as positive amounts; 'other operating income and expenses' is net income (positive) or net expense (negative). Balance sheet liabilities, borrowings and net debt are stored as positive amounts. Cash flow lines keep the statement's sign (outflows negative)."
},
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},
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}
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"rare_disease": {
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"accounting_basis": "IFRS, IAS 34 condensed interim financial statements (unaudited)"
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"accounting_basis": "derived: FY2025 (audited) plus H1 2026 less H1 2025 (unaudited)",
"derivation": "Each figure is the FY2025 amount from the Annual Report 2025 plus the H1 2026 amount less the H1 2025 amount from the 6-K, computed in Danish kroner and then converted at the average rate for 1 July 2025 to 30 June 2026."
},
"notes": [
"Annual figures (FY2025, FY2024, FY2023) come from the consolidated financial statements in Novo Nordisk's Annual Report 2025 (Exhibit 15.1 to the FY2025 Form 20-F, accession 0000353278-26-000012); the Form 20-F incorporates those statements by reference. The income statement and cash flow statement print three years and the balance sheet two, so FY2023 carries no balance sheet.",
"Q2 2026, Q2 2025 and the six-month figures come from the financial report for 1 January to 30 June 2026 (Form 6-K furnished 4 August 2026, accession 0000353278-26-000023): the condensed income statement prints Q2 2026, Q2 2025, H1 2026 and H1 2025; the condensed cash flow statement prints only the two six-month periods; the condensed balance sheet prints 30 June 2026 and 31 December 2025. Its 31 December 2025 column agrees line for line with the FY2025 balance sheet in the Annual Report 2025. No 30 June 2025 balance sheet is printed, so Q2 2025 carries none.",
"Quarterly operating cash flow, purchase of property, plant and equipment, and free cash flow for Q2 2026 and Q2 2025 are taken from the free cash flow reconciliation in Appendix 7 of the same 6-K, the only place the filing prints three-month cash flow figures. Other three-month cash flow lines are not printed and are not included.",
"Reported net sales in H1 2026 include a one-off, non-cash DKK 26,760 million reversal in the first quarter of 2026 of a provision for US 340B Drug Pricing Program rebates (about USD 4.2 billion), and reported net sales in Q2 2025 (and therefore H1 2025) include a DKK 2,649 million reversal related to the same programme. Q2 2026 net sales include no such reversal. The company's adjusted net sales and adjusted operating profit exclude these reversals; they are recorded under non_ifrs as the company reports them.",
"Q2 2026 research and development costs include DKK 6,328 million of impairment charges on intangible pipeline assets (DKK 4.0 billion of it related to monlunabant), which the company excludes from adjusted operating profit ('major impairments').",
"From 1 January 2026 Novo Nordisk presents interest received within investing activities and interest paid within financing activities; previously both were part of operating cash flow. The 6-K re-presents the H1 2025 and Q2 2025 comparatives on the new basis. The FY2023-FY2025 operating cash flow figures are as printed in the Annual Report 2025 and still include interest (FY2025: interest received DKK 1,398 million, interest paid DKK 3,419 million), so annual and 2026 interim operating cash flow are not on exactly the same basis.",
"Free cash flow follows the company's definition from 2026: net cash from operating activities less purchase of property, plant and equipment. The quarterly and six-month figures are printed in the 6-K (comparatives restated by the company). The annual figures are derived on the same definition from the Annual Report 2025 cash flow statement (operating cash flow less purchase of property, plant and equipment). Under its 2025 definition, which also deducted purchases of intangible assets, business acquisitions, other financial assets and lease repayments, the company reported free cash flow of DKK 28,295 million for 2025, DKK (14,707) million for 2024 and DKK 68,326 million for 2023; those figures are kept separately as non_ifrs.free_cash_flow_2025_definition.",
"Capex is the cash flow line 'Purchase of property, plant and equipment'. Purchases of intangible assets (DKK 29,973 million in 2025, mainly related to the acquisition of Akero Therapeutics according to the annual report) are recorded separately.",
"Total debt is current plus non-current 'Borrowings' as printed on the balance sheet, which include lease liabilities. Net debt is the company's measure: borrowings excluding lease liabilities, less cash at bank and marketable securities; the filing prints it in brackets as a net liability and it is stored here as a positive amount.",
"Cash and cash equivalents on the balance sheet is the line the company calls 'Cash at bank'; the cash flow statement shows the same amount as cash and cash equivalents at the end of the period.",
"Effective 1 January 2025 the company presents goodwill and 'sales deductions and product returns' as separate balance sheet lines; the FY2024 balance sheet figures are the re-presented comparatives printed in the Annual Report 2025.",
"Diluted share counts are the company's 'average number of shares outstanding, including dilutive effect'. For interim periods the 6-K prints this count only in its adjusted EPS reconciliation (Appendix 7) and prints no basic share count, so interim periods carry diluted shares only.",
"Segment results are the company's two operating segments, Obesity and Diabetes care and Rare disease, which together make up the whole group; segment operating profit sums to group operating profit.",
"Dividend per share for the year is the interim plus final dividend the Annual Report 2025 attributes to each year (FY2025: DKK 3.75 interim plus DKK 7.95 final, the final dividend then pending approval at the March 2026 Annual General Meeting). Dividends paid in the cash flow statement are the amounts paid during the period, which include the prior year's final dividend.",
"Adjusted (non-IFRS) measures are the company's own. The company defines adjusted net profit as net profit excluding, together with their related tax effects, impairment losses and reversals on intangible assets, amortisation of intangible assets and major restructuring costs; from 2026 it also excludes the 340B provision reversals, major legal matters and major impairments on property, plant and equipment. In Q2 2026 the adjustment adds back DKK 6,519 million of impairment losses on intangible assets (which include the DKK 6,328 million of major impairments on intangible pipeline assets in research and development costs) and DKK 1,670 million of amortisation of intangible assets, less DKK 1,757 million of tax effects. The Q2 2025 and H1 2025 adjusted figures are the comparatives printed in the 6-K.",
"The trailing twelve months to 30 June 2026 is derived (FY2025 plus H1 2026 less H1 2025) for income statement lines only; it includes the full DKK 26,760 million 340B reversal recognised in Q1 2026 and excludes the DKK 2,649 million reversal from Q2 2025."
],
"uncertainties": [
"Q2 2026 diluted EPS is printed as DKK 4.75, above basic EPS of DKK 4.74, while Q2 2026 net profit of DKK 20,989 million divided by the 4,435.8 million diluted shares printed in the same filing gives about DKK 4.73. The figures published here are the filing's own; the small difference is not explained in the filing.",
"Annual free cash flow is derived (operating cash flow less purchase of property, plant and equipment) rather than printed, and annual operating cash flow still includes interest paid and received, so FY2025 free cash flow on the company's fully restated 2026 basis would differ somewhat from the figure here.",
"No trailing-twelve-month cash flow is given: the 2026 change in where interest is presented means FY2025 operating cash flow and the six-month figures are not on the same basis.",
"The exchange rates the Annual Report states are rounded to whole kroner per USD 100, so annual conversions carry roughly 0.1% rounding. Interim periods are converted at Federal Reserve H.10 rates because the interim report states none; the company's own average rates for those periods may differ slightly."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 12215487373,
"text": "$12.22 billion",
"exact": "$12,215,487,373",
"compact": "$12.22B",
"abs": "$12.22 billion",
"prior_value": 11678835001,
"prior": "$11.68 billion",
"priorabs": "$11.68 billion",
"yoy": "up 4.6%",
"source": {
"array": "quarterly",
"field": "income_statement.net_sales",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
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},
{
"label": "Net income",
"format": "usd",
"value": 3266625019,
"text": "$3.27 billion",
"exact": "$3,266,625,019",
"compact": "$3.27B",
"abs": "$3.27 billion",
"prior_value": 4027273560,
"prior": "$4.03 billion",
"priorabs": "$4.03 billion",
"yoy": "down 18.9%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
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"prior_index": 1,
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"prior_period_end": "2025-06-30",
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"prior_span_days": 90,
"prior_source_accession": "0000353278-26-000023",
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}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 0.7393,
"text": "$0.74",
"exact": "$0.74",
"compact": "$0.74",
"abs": "$0.74",
"prior_value": 0.9057,
"prior": "$0.91",
"priorabs": "$0.91",
"yoy": "down 18.4%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000353278-26-000023",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000353278-26-000023",
"gap_days": 365
}
},
{
"label": "Adjusted diluted EPS",
"format": "eps",
"value": 0.9618,
"text": "$0.96",
"exact": "$0.96",
"compact": "$0.96",
"abs": "$0.96",
"prior_value": 0.895,
"prior": "$0.90",
"priorabs": "$0.90",
"yoy": "up 7.5%",
"source": {
"array": "quarterly",
"field": "non_ifrs.adjusted_diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000353278-26-000023",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000353278-26-000023",
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],
"summary": "Novo Nordisk reported $12.22 billion in net sales for Q2 FY2026, the quarter ended June 30, 2026, up 4.6% from a year earlier in US dollar terms, against a year-ago quarter that included a one-off release of a US 340B rebate provision. Net income was $3.27 billion, down 18.9% in US dollar terms, and diluted earnings per share were $0.74, after non-cash impairments on intangible pipeline assets, including the terminated monlunabant programme, raised research and development costs. On the company's adjusted measure, which excludes impairment losses and amortisation of intangible assets as well as US 340B provision reversals, diluted earnings per share were $0.96, up 7.5% in US dollar terms.",
"qa": [
{
"q": "How much revenue did Novo Nordisk make in Q2 FY2026?",
"a": "Novo Nordisk reported $12.22 billion in net sales for Q2 FY2026, the quarter ended June 30, 2026, up 4.6% from $11.68 billion a year earlier in US dollar terms. The year-ago quarter included a one-off release of a US 340B rebate provision; the latest quarter included none."
},
{
"q": "Why did Novo Nordisk's net income fall in Q2 FY2026?",
"a": "Novo Nordisk's net income for Q2 FY2026 was $3.27 billion, down 18.9% from $4.03 billion a year earlier in US dollar terms. The quarter absorbed non-cash impairments on intangible pipeline assets, including the terminated monlunabant programme, booked in research and development costs, and the year-ago quarter's sales had been lifted by a one-off US 340B rebate provision release."
},
{
"q": "What were Novo Nordisk's earnings per share in Q2 FY2026?",
"a": "Novo Nordisk's diluted earnings per share for Q2 FY2026 were $0.74, down 18.4% from $0.91 a year earlier in US dollar terms. Each Novo Nordisk American depositary receipt represents one B share, so the figure is also per ADR."
},
{
"q": "What were Novo Nordisk's adjusted earnings per share in Q2 FY2026?",
"a": "Novo Nordisk's adjusted diluted earnings per share for Q2 FY2026 were $0.96, up 7.5% from $0.90 a year earlier in US dollar terms. The company's adjusted measure excludes impairment losses and amortisation of intangible assets as well as US 340B provision reversals."
}
]
},
"company_details": {
"Name": "Novo Nordisk A S",
"Ticker": "NVO",
"CIK": "0000353278",
"Exchange": "NYSE",
"State": "Denmark",
"Incorporation": "",
"SIC": "2834",
"Office": "Life Sciences",
"Industry": "Pharmaceutical Preparations"
},
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"operating_profit": "d1#f-87",
"financial_income": "d1#f-90",
"financial_expenses": "d1#f-93",
"profit_before_income_taxes": "d1#f-96",
"income_taxes": "d1#f-149",
"net_income": "d1#f-113",
"basic_eps": "d1#f-105",
"diluted_eps": "d1#f-109",
"basic_shares": "d1#f-2042",
"diluted_shares": "d1#f-2048"
},
"cash_flow": {
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"depreciation_amortisation_and_impairment_losses": "d1#f-598",
"interest_received": "d1#f-161",
"interest_paid": "d1#f-164",
"income_taxes_paid": "d1#f-167",
"capex": "d1#f-176",
"purchase_of_intangible_assets": "d1#f-173",
"investing_cash_flow": "d1#f-197",
"purchase_of_treasury_shares": "d1#f-361",
"dividends_paid": "d1#f-347",
"repayment_of_borrowings": "d1#f-209",
"financing_cash_flow": "d1#f-212",
"cash_and_cash_equivalents_end_of_period": "d1#f-217"
},
"dividends": {
"dividend_per_share_for_the_year": "d1#f-2090"
},
"segment_results": {
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"operating_profit": "d1#f-556"
},
"rare_disease": {
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}
}
}
]
}
}