Novo Nordisk A/S (NVO) Earnings
Novo Nordisk A/S is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.83. NVO has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +16.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.87 | $1.04 | +19.5% | $11.0B | +1.5% |
| Feb 4, 2026 | $0.90 | $1.00 | +11.1% | $12.3B | +3.4% |
| Nov 5, 2025 | $0.77 | $1.02 | +32.5% | $11.8B | -4.8% |
| Aug 6, 2025 | $0.93 | $0.97 | +4.3% | $12.1B | -1.4% |
| May 7, 2025 | $0.92 | $0.92 | +0.0% | $11.5B | -3.8% |
| Feb 5, 2025 | $0.88 | $0.91 | +3.4% | $11.9B | +2.7% |
| May 2, 2024 | $0.74 | $0.82 | +10.5% | $9.4B | +3.4% |
| Jan 31, 2024 | $0.65 | $0.71 | +9.5% | $9.7B | +6.2% |
| Nov 2, 2023 | $0.71 | $0.71 | +0.0% | $8.3B | +1.4% |
| Aug 10, 2023 | $0.67 | $0.63 | -6.0% | $7.9B | -3.3% |
| May 4, 2023 | $0.63 | $0.63 | +0.0% | $7.8B | +1.6% |
| Feb 1, 2023 | $0.41 | $0.41 | +0.0% | $6.9B | +1.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Novo Nordisk is focused on driving competitiveness, progressing pipeline, and making focus investments. In 2026, it serves over 45 million people with obesity and diabetes, with over 4 million using obesity treatments. Launched Wigovi pill in U.S., which has seen strong uptake. Wigovi High Dose launched in U.S. Obesity Care sales in international operations grew by 44% in first quarter. In R&D, had six regulatory approvals and over 10 clinical trials initiations. Announced top-line results for etabopivac in sickle cell disease trial, which met co-primary endpoints. Also, updates on pipeline in obesity, diabetes, and rare disease areas.
Guidance
Novo Nordisk raised 2026 guidance. Adjusted sales growth is now expected to be between minus 4 and minus 12% at CER, mainly driven by increased expectations for GLP-1 product sales. Adjusted operating profit growth is now expected to be minus 4 to minus 12% at CER primarily reflecting the updated sales outlook. Key modeling considerations include growth trends, competition, market access, and channel mix.
Segment performance
In the first three months of 2026, adjusted sales decreased by 4% driven by lower realized prices, partly offset by GLP-1 volume growth and market expansion. U.S. operations decreased 11%, partially offset by international operations, which grew 6%. GLP-1 sales in diabetes decreased by 11% mainly driven by U.S. operations. Obesity care sales increased 22%, with international operations growing by 44% and U.S. operations growing by 9%. Adjusted sales growth for 2026 is now expected to be between minus 4 and minus 12% at CER, adjusted operating profit growth is now expected to be minus 4 to minus 12% at CER.
Analyst Q&A
Q: Two questions, one on oral govy titration and supply,
A: Titration is happening as expected, supply is being scaled with launches in first markets ex-US already this year.
Q: On SG&A and price,
A: SG&A has a one-off favorable legal provision impact, continued investment in Vigo repeal loans and resourcing, price is dynamic with volume uptake being a factor.
Q: On Oral Regovi price elasticity and R&D phasing,
A: Volume uptake suggests sweet spot in price, R&D ratio in quarter is low compared to full year with expected lean in on R&D investment.
Q: On next-gen GLP-1 and changes at Novo,
A: Next-gen GLP-1 has potential for differentiation in efficacy, safety, etc., and Jamie found a lot of opportunity with first quarter milestones.
Q: On Zempic price erosion and guidance,
A: Zempic performance in US continues with same commentary, guidance is parallel shifted with increased confidence.
Q: On Ziltevecimab trials and IP defense,
A: Ziltevecimab trials have high potential but high risk, intend to defend patents.
Q: On summer manufacturing and margins,
A: Confident in manufacturing process and scale, margin focus is on growth investment.
Q: On generic semaglutide in Canada and rare disease,
A: Generic impact on group level is low with savings card, rare disease is part of growth strategy.
Q: On Foundeo launch and AMAZE program,
A: Foundeo launch affirms Wagobe pill profile, AMAZE program has flexible dosing.
Q: On Vigobi pill inventory and Kagari Summer co-formulation,
A: Vigobi pill inventory is normal pipeline filling, Kagari Summer co-formulation terminated due to program front-loading.
Q: On GLK1 franchise reenergizing and triagonist visibility,
A: GLK1 franchise to be driven by innovation, triagonist products have potential and will be progressed.
Q: On ex-US oil Vigovi launch,
A: Excited to launch in selected key markets with halo effects on injectable franchise