1) Strategic Milestones & Leadership Updates
- Novo Nordisk continues to enhance its commercial competitiveness and pipeline, treating over 46 million people with obesity and diabetes, a 70% increase YoY in obesity treatment.
- The successful global launch of the Wegovy pill has reached approximately 1.5 million users, reflecting strong manufacturing and operational efforts.
- The company remains committed to addressing comorbidities related to obesity and diabetes, despite setbacks in the ZEUS trial for ziltivekimab.
- Over DKK 26 billion was invested in R&D and commercial activities in Q2 2026, with a raised guidance for the year.

2) Financial & Segment Results
- Adjusted sales grew by 7% YoY, reaching DKK 78.5 billion, driven by GLP-1 volume growth, particularly in obesity care, which saw a 16% increase.
- U.S. operations grew by 4%, while International Operations grew by 10%, mainly due to strong performance in the EUCAN region.
- The adjusted gross margin decreased to 78.2% from 82.7% YoY, impacted by lower realized prices and one-time costs related to manufacturing adjustments.
- Adjusted operating profit increased by 11% YoY, aided by higher sales and cost reductions.

3) Market Challenges & Headwinds
- The company faces challenges including intensified competition, particularly in the U.S. market, and the impact of reduced Medicaid coverage for obesity medications.
- The loss of exclusivity for semaglutide in certain markets is expected to negatively impact sales in the second half of 2026.
- Pricing pressures are evident, with a negative price mix effect observed, particularly in the U.S. market for Wegovy injectable.

4) Operational & Product Plans
- Continued advancements in the pipeline include the initiation of multiple clinical trials across various therapy areas, including obesity and diabetes.
- The company plans to launch the Wegovy pill in additional markets, including Germany, and is optimistic about its uptake based on initial successes in the U.K. and U.A.E.
- Future regulatory milestones include expected decisions for CagriSema in obesity and other pipeline assets, which are anticipated to bolster growth.

5) Guidance & Outlook / Investor Angle
- Novo Nordisk has raised its guidance for 2026, now expecting adjusted sales growth to be between 0% to -6% at constant exchange rates, reflecting improved expectations for GLP-1 sales.
- The outlook considers ongoing growth trends in International Operations but anticipates declines in U.S. Operations due to competitive pressures and pricing dynamics.
- The company remains focused on expanding access to its products, particularly through initiatives like the Medicare Bridge program.

Bottom line: Novo Nordisk is navigating a complex landscape with strong growth in its obesity and diabetes segments, but faces significant headwinds from competition and pricing pressures. The raised guidance reflects confidence in its pipeline and market strategies, making it a potentially attractive investment for shareholders looking for growth in the healthcare sector.