Novo Nordisk Results Q2 2026: Revenue, Profit and Margins
In Q2 2026, Novo Nordisk’s revenue was DKK 78,488.0 million, up 2.1% from Q2 2025. Operating profit was DKK 27,061.0 million, an operating margin of 34.5% (Q2 2025: 43.5%). Net income for the period was DKK 20,989.0 million and earnings per share DKK 4.74.
Novo Nordisk income statement Q2 2026: where the revenue went
Of every DKK 100 of revenue in Q2 2026, DKK 34.5 was left as operating profit and DKK 26.7 as net income.
Key figures for Q2 2026
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Revenue, DKKM | 78,488.0 | 76,857.0 | +2.1% |
| Gross profit, DKKM | 61,388.0 | 64,011.0 | −4.1% |
| Gross margin | 78.2% | 83.3% | −5.1 pp |
| Operating profit, DKKM | 27,061.0 | 33,449.0 | −19.1% |
| Operating margin | 34.5% | 43.5% | −9.0 pp |
| Net income, DKKM | 20,989.0 | 26,503.0 | −20.8% |
| Net margin | 26.7% | 34.5% | −7.7 pp |
| Earnings per share | DKK 4.74 | DKK 5.96 | −20.5% |
Novo Nordisk in charts
Novo Nordisk from revenue to net income, Q2 2026
Net income was DKK 20,989.0 million on revenue of DKK 78,488.0 million, a net margin of 26.7%.
What drove Novo Nordisk’s operating profit
Operating profit fell from DKK 33,449.0 million in Q2 2025 to DKK 27,061.0 million in Q2 2026. The chart shows which lines of the income statement made up the change.
Novo Nordisk revenue by segment
In Q2 2026, the largest segment was Diabetes and Obesity care with 93.7% of revenue, followed by Rare disease (6.3% of revenue).
Novo Nordisk profitability: profit margins by quarter
In Q2 2026, Novo Nordisk’s gross margin was 78.2% (Q2 2025: 83.3%), operating margin 34.5% (Q2 2025: 43.5%) and net margin 26.7% (Q2 2025: 34.5%). From Q1 2023 to Q2 2026, the operating margin ranged from 31.6% (Q3 2025) to 61.6% (Q1 2026).
Novo Nordisk revenue growth by quarter
Revenue was DKK 78,488.0 million in Q2 2026, up 2.1% from Q2 2025. The highest quarter from Q1 2023 to Q2 2026 was Q1 2026, with DKK 96,823.0 million.
Novo Nordisk operating profit by quarter
Operating profit was DKK 27,061.0 million in Q2 2026 (Q2 2025: DKK 33,449.0 million).
Novo Nordisk revenue and earnings, last twelve months
In the twelve months to the end of Q2 2026, revenue was DKK 329,431.0 million (+5.6% on a year earlier) and net income DKK 116,443.0 million.
Novo Nordisk earnings per share (EPS)
Earnings per share were DKK 4.74 in Q2 2026 (Q2 2025: DKK 5.96).
Quarterly results
| Quarter | Revenue | Change y/y | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|---|
| Q2 2026 | 78,488.0 | +2.1% | 27,061.0 | 34.5% | 20,989.0 | DKK 4.74 |
| Q1 2026 | 96,823.0 | +24.0% | 59,618.0 | 61.6% | 48,557.0 | DKK 10.93 |
| Q4 2025 | 79,144.0 | −7.6% | 31,736.0 | 40.1% | 26,891.0 | DKK 6.06 |
| Q3 2025 | 74,976.0 | +5.1% | 23,682.0 | 31.6% | 20,006.0 | DKK 4.50 |
| Q2 2025 | 76,857.0 | +12.9% | 33,449.0 | 43.5% | 26,503.0 | DKK 5.96 |
| Q1 2025 | 78,087.0 | +19.5% | 38,791.0 | 49.7% | 29,034.0 | DKK 6.54 |
| Q4 2024 | 85,683.0 | +30.1% | 36,737.0 | 42.9% | 28,230.0 | DKK 6.34 |
| Q3 2024 | 71,311.0 | +21.4% | 33,822.0 | 47.4% | 27,301.0 | DKK 6.13 |
Annual results
| Year | Revenue | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|
| 2025 | 309,064.0 | 127,658.0 | 41.3% | 102,434.0 | DKK 23.06 |
| 2024 | 290,403.0 | 128,339.0 | 44.2% | 100,988.0 | DKK 22.67 |
| 2023 | 232,261.0 | 102,574.0 | 44.2% | 83,683.0 | DKK 18.67 |
Revenue by therapy area
| Therapy area | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Rare disease | 4,907.0 | 4,919.0 | −0.2% |
| Diabetes and Obesity care | 73,581.0 | 71,938.0 | +2.3% |
Dividends
| Financial year | Dividend per share | EPS | Payout ratio | Status | Source |
|---|---|---|---|---|---|
| 2025 | DKK 11.70 | DKK 23.03 | 50.8% | Board proposal | Release |
| 2024 | DKK 11.40 | — | — | Decided by the AGM | Release |
“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio); N/M means not meaningful (loss).
Guidance vs. actual
What Novo Nordisk told investors to expect in each report, and what it then reported for the year.
| Metric | Latest guidance (report) | Actual | Outcome |
|---|---|---|---|
| Adjusted revenue growth (constant currency), 2026 | −6%–0% (H1 '26) | — | Year in progress |
| Adjusted operating profit growth (constant currency), 2026 | −6%–0% (H1 '26) | — | Year in progress |
| Free cash flow, 2026 | DKK 45,000M–DKK 55,000M (H1 '26) | — | Year in progress |
| Capital expenditure, 2026 | About DKK 55,000M (H1 '26) | — | Year in progress |
| Revenue growth (constant currency), 2025 | 8%–11% (9M '25) | 10% | Within guidance |
| Operating profit growth (constant currency), 2025 | 4%–7% (9M '25) | 6% | Within guidance |
| Free cash flow, 2025 | DKK 20,000M–DKK 30,000M (9M '25) | — | Year in progress |
| Capital expenditure, 2025 | About DKK 60,000M (9M '25) | DKK 60,000M | Within guidance |
Guidance and actuals are as the company reported them, on the same basis (for example adjusted, or growth at constant currency). “Within guidance” means the actual is inside the latest range or meets the stated minimum or maximum; an “about” figure allows ±5% (±0.5 percentage points for percentages). For a direction such as “flat”, a change of less than 2% (0.5 points for margins) counts as flat. Guidance changed in a separate release between reports is shown from the next report onwards.
Calculate it yourself
- Operating margin calculatorNovo Nordisk in Q2 2026: 34.5%
- Net margin calculatorNovo Nordisk in Q2 2026: 26.7%
- Gross margin calculatorNovo Nordisk in Q2 2026: 78.2%
- Earnings per share calculatorNovo Nordisk in Q2 2026: DKK 4.74
About Novo Nordisk
Novo Nordisk is a Danish pharmaceutical company best known for its diabetes and obesity medicines, such as Ozempic and Wegovy, and also treats rare blood and endocrine diseases.
- Novo Nordisk half-year report Jan–Jun 2026, published Aug 4, 2026
- Novo Nordisk interim report Jan–Mar 2026, published May 6, 2026
- Novo Nordisk financial statements release 2025, published Feb 3, 2026
- Novo Nordisk interim report Jan–Sep 2025, published Nov 5, 2025
- Novo Nordisk half-year report Jan–Jun 2025, published Aug 6, 2025
- Novo Nordisk interim report Jan–Mar 2025, published May 7, 2025
- Novo Nordisk financial statements release 2024, published Feb 5, 2025
- Novo Nordisk interim report Jan–Sep 2024, published Nov 6, 2024
- Novo Nordisk half-year report Jan–Jun 2024, published Aug 7, 2024
About these figures. All figures come from Novo Nordisk’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.