Document

6-K 1 caq12026.htm 6-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 6-K

_________________________

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

May 6, 2026

_________________________

NOVO NORDISK A/S

(Exact name of Registrant as specified in its charter)

_________________________

Novo Allé

DK-2880 Bagsværd

Denmark

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-32(b):82-________

Financial report for the period 1 January 2026 to 31 March 2026

6 May 2026

Novo Nordisk's adjusted operating profit reached DKK 32,858 million in Q1 2026

Financial performance

•Q1 2026 reported sales increased by 32% at CER, positively impacted by a provision reversal related to the 340B Drug Pricing Program in the US.

•Q1 2026 adjusted sales, excluding the 340B provision reversal, decreased by 4% at CER, driven by lower realised prices, partly offset by GLP-1 volume growth across geographies. Q1 2026 adjusted Obesity care sales increased by 22% at CER.

•US Operations adjusted sales decreased by 11% at CER in Q1 2026, driven by lower realised prices, partly offset by volume growth across the Wegovy® product portfolio.

•International Operations sales increased by 6% at CER in Q1 2026, driven by higher volumes.

•Q1 2026 adjusted operating profit decreased by 6% at CER while reported operating profit increased by 65% at CER, driven by a provision reversal related to the 340B Drug Pricing Program in the US.

Commercial highlights

•Wegovy® pill was launched in the US on 5 January 2026, and for the week ending 17 April, total weekly prescriptions exceeded 200,000. Coupled with total prescriptions for Q1 2026 of around 1.3 million and now more than 2 million since launch, it marks the strongest-ever GLP-1 volume launch in the US. Q1 2026 sales for Wegovy® pill reached DKK 2,256 million, impacted by pre-launch pipeline fill with wholesalers and telehealth partners.

•Pending regulatory decisions, the first Wegovy® pill launches outside the US are expected during the second half of 2026.

Pipeline progress

•Within obesity, Wegovy® HD (injectable semaglutide 7.2 mg) was approved by the FDA in March and subsequently launched in the US on 7 April. In the STEP UP trial, Wegovy® HD provided 20.7% mean weight loss.

•Within obesity, the zenagamtide AMAZE phase 3 programme was initiated.

•Within diabetes, Awiqli®, the first-ever once-weekly basal insulin for type 2 diabetes, was approved by the FDA.

•In sickle cell disease, etavopivat successfully met both co-primary endpoints in the HIBISCUS phase 3 trial.

Outlook

•The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales.

•Adjusted sales growth for 2026, which excludes the 340B provision reversal, is now expected to be -4 to -12% at CER.

•Adjusted operating profit growth, also excluding the 340B provision reversal, is now expected to be -4 to -12% at CER.


PROFIT AND LOSS DKK million	Q1 2026	Growth in DKK		Growth at CER

Net sales	96,823	24	%	32	%
Operating profit	59,618	54	%	65	%
Adjusted net sales1	70,063	(10	%)	(4	%)
Adjusted operating profit1	32,858	(15	%)	(6	%)
CER: Constant exchange rates; 1Excl. USD 4.2 billion non-recurring impact from a provision reversal related to the 340B Drug Pricing Program in the US. Further details in Appendix 7

“Wegovy® is driving a strong start to 2026 for Novo Nordisk, led by the rapid adoption of Wegovy® pill - the most efficacious GLP-1 tablet now used by more than one million patients since its January launch. As the global momentum behind peptide-based therapies accelerates, Wegovy® pill is defining a novel category as the only oral peptide for the treatment of obesity, setting a new benchmark for what patients and physicians can expect. The strong Wegovy® performance, combined with continued growth in International Operations, has led us to raise our 2026 guidance for both adjusted sales and adjusted operating profit,” said Mike Doustdar, president and CEO of Novo Nordisk. “During the quarter, we also secured multiple approvals for Wegovy® HD, strengthening the Wegovy® portfolio, and enabling patients to achieve nearly 21% weight loss.”

On 6 May 2026 at 13.00 CEST, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under 'Investors' (the contents of the company's website do not form a part of this Form 6-K).


Novo Nordisk A/S Investor Relations	Novo Alle 1 2880 Bagsværd Denmark	Telephone: +45 4444 8888 www.novonordisk.com	CVR Number: 24 25 67 90
		Company announcement No 30 / 2026


Financial report for the period 1 January 2026 to 31 March 2026			Page 2 of 33

STRATEGIC MILESTONES

Novo Nordisk continues to report and track progress across below key dimensions of the Novo Nordisk business.

Performance highlights for the first three months of 2026:

HIGHLIGHTS

Commercial execution: drive competitiveness

–Medical treatment provided to:

–41.2 million people living with diabetes

–4.1 million people living with obesity

–Total Wegovy® scripts (TRx) in the US for the week ending 17 April of around 475,000

–including more than 200,000 weekly TRx for Wegovy® pill, with best-in-class GLP-1 volume launch and now more than 2 million TRx since launch.

–Adjusted Obesity care sales growth of 22% at CER

–Wegovy® HD approved and launched in the US

–Wegovy 7.2 mg approved in the UK in single-dose device

–Wegovy 7.2 mg approved in the EU with the single-dose device approval expected around summer

–Wegovy® launched in more than 55 countries

Financials: focus investments and deliver returns

–Adjusted sales growth of -4% at CER

–Adjusted operating profit growth of -6% at CER

–Strategic investments in key therapy areas via:

–DKK 10.3 billion in R&D

–DKK 12.1 billion in commercial investments

–DKK 37.7 billion returned to shareholders via:

–DKK 35.3 billion in dividends

–DKK 2.4 billion in share repurchases

Research & Development: progress early and late-stage pipeline

Obesity&:

–ACSL5i phase 1 trial initiated

–UBT251 phase 2 trial in China successfully completed

–Zenagamtide AMAZE phase 3 programme initiated

–Wegovy® HD (7.2 mg injectable) approved in the US, UK and EU

Diabetes&:

–UBT251 phase 2 trial in China successfully completed

–Awiqli® approved in the US

Rare Disease:

–Etavopivat HIBISCUS phase 3 trial completed, successfully meeting both co-primary endpoints

–Alhemo® paediatric US submission

Strategic milestones

Performance highlights

Commercial execution

Financials

Cash flow and capital allocation

Outlook

R&D pipeline progress

Sustainability

Corporate Governance

Legal matters

Financial information

Company announcement No 30 / 2026


Financial report for the period 1 January 2026 to 31 March 2026			Page 3 of 33

PERFORMANCE HIGHLIGHTS


FINANCIAL HIGHLIGHTS	Q1 2026	Growth in DKK	Growth at CER
(Amounts are in DKK million, except for earnings per share)

Net sales	96,823	24%	32	%
Adjusted net sales1	70,063	(10%)	(4	%)

Adjusted sales per therapy area
Total Obesity care	20,912	14%	22%
Total Diabetes care	44,936	(18%)	(12%)
Obesity and Diabetes care total	65,848	(10%)	(4%)
Rare disease total	4,215	(9%)	(2%)

Adjusted sales for key brands:
Wegovy® injectable	18,235	5%	12%
Wegovy® pill	2,256	N/A	N/A
Ozempic®	27,825	(15%)	(8%)
Rybelsus®	4,572	(20%)	(15%)


Gross profit	83,225	28%	36	%
Gross margin	85.9%
Operating profit (EBIT)	59,618	54%	65	%
Operating margin	61.6%
Adjusted gross profit1	56,465	(13%)	(6	%)
Adjusted gross margin	80.6%
Adjusted operating profit (EBIT)1	32,858	(15%)	(6	%)
Adjusted operating margin	46.9%


Net profit	48,557	67%	N/A
Adjusted net profit1	29,479	(3%)	N/A


OTHER KEY NUMBERS

Capital expenditure (PP&E)	11,311	(16%)	N/A
Free cash flow1,2	12,773	13%	N/A
EBITDA1	63,154	48%	59	%

Diluted earnings per share / ADR (in DKK)	10.91	67%	N/A
Adjusted diluted earnings per share/ADR (in DKK)1	6.63	(3%)	N/A

1) See appendix 7: Non-IFRS financial measures (additional information).
2) Effective Q1 2026, the definition of Free Cash Flow has been updated and comparative figures have been restated accordingly. See Appendix 7 Non‑IFRS financial measures (additional information) for the revised definition.

These unaudited condensed consolidated financial statements included in appendices 1 - 4 for the first three months of 2026 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2025 of Novo Nordisk, except from the changes in presentation described in note 1 to Appendix 2.

Strategic milestones

Performance highlights

Commercial execution

Financials

Cash flow and capital allocation

Outlook

R&D pipeline progress

Sustainability

Corporate Governance

Legal matters

Financial information

Company announcement No 30 / 2026


Financial report for the period 1 January 2026 to 31 March 2026			Page 4 of 33

COMMERCIAL EXECUTION

REPORTED SALES

Reported sales in Q1 2026 are positively impacted by reversal of a sales rebate provision of USD 4.2 billion (DKK 26.8 billion) related to the 340B Drug Pricing Program in the US. The reversal of the provision has no cash impact. More information can be found in Appendix 6 and Appendix 7.

Reported sales in Q1 2026 increased by 24% measured in Danish kroner and by 32% at CER, driven by the 340B provision reversal. US Operations reported sales in Q1 2026 increased by 40% measured in Danish kroner and by 51% at CER, also driven by the reversal of the 340B provision. International Operations reported sales in Q1 2026 increased by 3% measured in Danish kroner and by 6% at CER, driven by higher volumes.


Reported sales DKK million	Q1 2026	Growth in DKK		Growth at CER


Reported sales per geographical area
US Operations	62,145	40	%	51	%
International Operations	34,678	3	%	6	%

Total sales	96,823	24	%	32	%

Reported sales split per therapy
Obesity care	23,343	27	%	35	%
Diabetes care	68,019	24	%	31	%
Obesity and Diabetes care total	91,362	24	%	32	%
Rare disease	5,461	18	%	26	%

Total sales	96,823	24	%	32	%

ADJUSTED SALES

To enhance transparency and comparability of underlying sales performance, the sections under commercial execution exclude the exceptional and non-recurring reversal of the sales rebate provision of USD 4.2 billion related to the 340B Drug Pricing Program in the US, and growth rates are in CER, unless otherwise noted. No adjustments related to the reversal of the 340B provision reversal occurred in Q1 2025. Reconciliation to reported sales (IFRS) can be found in Appendix 6. Definition of CER can be found in Appendix 7.

Adjusted sales declined by 4% at CER to DKK 70,063 million in Q1 2026, primarily reflecting lower realised prices for the quarter, partly offset by volume growth. Total Obesity care sales increased by 22% at CER.

US OPERATIONS AND INTERNATIONAL OPERATIONS


Adjusted sales per geographical area DKK million	Q1 2026	Growth in DKK		Growth at CER


US Operations	35,385	(20	%)	(11	%)
International Operations	34,678	3	%	6	%
- EUCAN	17,918	21	%	23	%
- Emerging Markets	6,861	(22	%)	(18	%)
- APAC	5,125	12	%	22	%
- Region China	4,774	(15	%)	(10	%)

Total adjusted sales	70,063	(10	%)	(4	%)

US Operations

Adjusted sales development

Q1 2026 sales decreased by 11% at CER, reflecting lower realised prices, partly offset by volume growth, primarily driven by GLP-1 in obesity. The reduction in sales is mainly driven by GLP-1 diabetes declining by 16% at CER, driven by lower volumes and lower realised prices for Ozempic® and Rybelsus® as well as insulin. Obesity care sales increased by 9% at

Strategic milestones

Performance highlights

Commercial execution

Financials

Cash flow and capital allocation

Outlook

R&D pipeline progress

Sustainability

Corporate Governance

Legal matters

Financial information

Company announcement No 30 / 2026


Financial report for the period 1 January 2026 to 31 March 2026			Page 5 of 33

CER, driven by volume growth, partly offset by lower realised prices. Total GLP-1 sales decreased by 8% at CER. Insulin sales decreased by 36% at CER, impacted by lower realised prices and volumes in the quarter. Finally, Rare Disease sales decreased by 16% at CER, impacted by de-stocking in the quarter due to wholesaler buying patterns at the end of 2025.

Commercial update

In November 2025, Novo Nordisk agreed with the US Administration to expand access to GLP-1s and lower costs. Under the "Most Favoured Nations" (MFN) agreement, semaglutide medicines, including Wegovy® and Ozempic®, will have broader access and better affordability through Medicare Part D, Medicaid and direct-to-patient self-pay. Medicare Part D coverage for obesity medicines is planned through a pilot covering a majority of beneficiaries, with implementation expected to start 1 July 2026.

On 5 January, Novo Nordisk launched Wegovy® pill in the US, the first oral GLP-1 for weight loss. Wegovy® pill is available at over 70,000 pharmacies, including NovoCare® Pharmacy, and through nine telehealth organisations. For the week ending 17 April 2026, total weekly prescriptions exceeded 200,000, mainly driven by GLP-1-naïve patient uptake and the 1.5 mg and 4 mg doses in the self-pay channel. Total prescriptions for Wegovy® pill in Q1 2026 reached around 1.3 million, and total prescriptions since launch now exceed 2 million, making it the strongest-ever GLP-1 volume launch in the US. Self-pay prices range from USD 149–299 per month by dose. Commercial formulary access is progressing and external data providers are still expected to gradually improve their capture rate of prescriptions across channels during the coming quarters.

On 19 March, FDA approved Wegovy® HD (semaglutide 7.2 mg injection) in the US for adults living with obesity. According to clinical trial data, Wegovy® HD provides 20.7% mean weight loss, if taken as intended – the highest efficacy demonstrated for Wegovy® to date. This marks the latest approval for Wegovy®, further expanding its already robust data package. The approval of Wegovy® HD was secured with expedited speed under the Commissioner’s National Priority Voucher pilot programme, for products addressing critical US national health priorities. Novo Nordisk launched Wegovy® HD nationwide in the US on 7 April across all channels, including more than 70,000 pharmacies, telehealth providers, NovoCare® Pharmacy and others. The three largest Pharmacy Benefit Managers (PBMs) have added Wegovy® HD to respective standard formularies as a line extension.

Total weekly prescriptions for injectable Wegovy® in the US amounted to around 270,000 for the week ending 17 April 2026, of which around 100,000 were filled in the self-pay channel via retail and NovoCare® Pharmacy (including telehealth organisations). Novo Nordisk continues to invest in expanding direct-to-patient initiatives such as NovoCare® Pharmacy and further collaborations with telehealth providers initiated during the fourth quarter of 2025 and the first quarter of 2026. Available 31 March, through Ro, WeightWatchers and LifeMD, with Hims & Hers, Sesame and other telehealth providers expected to come online soon, a new subscription-based option has been introduced to help eligible self-pay patients start and stay on Wegovy® with predictable pricing. This first and only subscription programme for FDA-approved Wegovy® provides the option for patients to achieve significant cost savings on Wegovy® and Wegovy® pill via either 3, 6 or 12-month subscription plans.

Within the insured channel, Novo Nordisk continues to work on expanding and improving access to Wegovy® in the US, such as reducing utilisation management criteria to enhance the access for patients and healthcare providers.

During the quarter, Novo Nordisk announced that, effective 1 January, 2027, the company will lower the list price, or wholesale acquisition cost (WAC), of Wegovy® (semaglutide) injection 2.4 mg, injection 7.2 mg and tablets up to 25 mg, Ozempic® (semaglutide) injection 0.5 mg, 1 mg, and 2 mg, and Ozempic pill® (semaglutide) tablets 7 mg or 14 mg to USD 675, representing reductions from the current list price of approximately 50% and 35% for Wegovy® and Ozempic®, respectively. This decision applies to all doses of these medicines and reflects Novo Nordisk’s commitment to enhancing affordability for patients and both public and private payers dealing with the complexities of the evolving US healthcare system. The change in list prices is expected to impact Novo Nordisk's cash flow in 2027.

Lastly, on 4 May, Novo Nordisk made Ozempic® pill, the only FDA-approved oral peptide GLP-1 medication for adults with type 2 diabetes, available nationwide in the US.

Strategic milestones

Performance highlights

Commercial execution

Financials

Cash flow and capital allocation

Outlook

R&D pipeline progress

Sustainability

Corporate Governance

Legal matters

Financial information

Company announcement No 30 / 2026


Financial report for the period 1 January 2026 to 31 March 2026			Page 6 of 33

International Operations

Sales development

Q1 2026 sales increased by 6% at CER, driven by Region EUCAN (+23% at CER) and APAC (+22% at CER), partly offset by declines in Region Emerging Markets (-18% at CER) and China (-10% at CER). Obesity care sales increased by 44% at CER, reflecting volume growth, partly offset by lower realised prices across regions, particularly in China. GLP-1 diabetes sales decreased by 1% at CER with negative performance seen for Rybelsus® and Victoza®, offset by positive sales performance for Ozempic®. Total GLP-1 sales increased by 13% at CER. Insulin sales declined by 8% at CER while Rare disease sales increased by 9% at CER.

Commercial update

For 2026, Novo Nordisk is progressing the broad roll-out of Ozempic® 2.0 mg for type 2 diabetes, Wegovy® 2.4 mg for obesity and Wegovy® HD (Wegovy® 7.2 mg SDD in EU) for obesity across International Operations. Throughout 2026, more than 20 launches of Ozempic® 2.0 mg are planned. For Wegovy® HD, the approval of the single-dose device was obtained in the UK on 14 April, and a decision is still expected in the EU around summer with the launches expected to follow shortly thereafter in more than 20 markets across International Operations.

For Wegovy® pill, pending regulatory decisions, Novo Nordisk expects to launch in the first markets outside the US during the second half of 2026.

On 9 April, the European Medicines Agency (EMA) approved an update to the product information of Wegovy® injection, allowing it to be delivered to patients at controlled temperatures of up to 30°C for up to 48 hours. Previously, the distribution and delivery of Wegovy® were fully subject to cold chain, meaning the medicine had to be kept cold from where it is made to where it is used. With the EMA approval, there is now added flexibility for the final stage, making Wegovy® the first GLP-1 for weight management in Europe with this flexibility. This could simplify and lower delivery costs for pharmacies and online partners, while also improving supply chain efficiency.

Novo Nordisk still expects to experience an adverse impact on sales in 2026 from loss of exclusivity for the semaglutide molecule in certain markets in International Operations. During Q1, semaglutide generics were launched in India by competing companies. In Canada and Brazil, no generics to semaglutide have yet been launched in the market, but the first semaglutide generics in Canada have been approved.

In China, Kyinsu® a fixed-dose combination of once-weekly insulin icodec and once-weekly semaglutide was approved in March 2026 for the treatment of type 2 diabetes, and the commercial launch is planned for the second half of 2026.

Strategic milestones

Performance highlights

Commercial execution

Financials

Cash flow and capital allocation

Outlook

R&D pipeline progress

Sustainability

Corporate Governance

Legal matters

Financial information

Company announcement No 30 / 2026


Financial report for the period 1 January 2026 to 31 March 2026			Page 7 of 33

ADJUSTED SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS



Adjusted sales split per therapy1		Q1 2026	Growth in DKK		Growth at CER
Obesity and Diabetes care segment


Wegovy® injectable		18,235	5	%	12	%
Wegovy® pill		2,256	N/A		N/A
Saxenda®		421	(60	%)	(60	%)

Total Obesity care		20,912	14	%	22	%

Injectable GLP-1 diabetes		28,159	(17	%)	(10	%)
	- Ozempic®	27,825	(15	%)	(8	%)
	- Victoza®	334	(71	%)	(70	%)
Rybelsus®		4,572	(20	%)	(15	%)

Total GLP-1 diabetes		32,731	(17	%)	(11	%)

SEC Form 6-K filed by Novo Nordisk A/S