Novo Nordisk: Expect a solid 2Q‘26 with another strong oral Wegovy beat, and a guidance raise although the latter seems already anticipated by BBG Consensus

Research evidence excerpt

Novo Nordisk: Expect a solid 2Q‘26 with another strong oral Wegovy beat, and a guidance raise although the latter seems already anticipated by BBG Consensus

J P M O R G A N Europe Equity Research

29 June 2026

Novo Nordisk

Expect a solid 2Q’26 with another strong oral Wegovy Neutral

beat, and a guidance raise although the latter seems NOVOb.CO, NOVOB DC

already anticipated by BBG Consensus Price (26 Jun 26):Dkr317.95

European Pharmaceuticals &

Novo will announce its 2Q’26 results on Wednesday, August 5, 2026 at 6:30am BST Biotechnology

(7:30 am CEST, 1:30am EDT) followed by a conference call details yet to be Richard Vosser AC

provided. On the 2Q’26 results, we forecast a 2% Adj. Sales decline at CER (from (44-20) 7742-6652

an Adj. Sales base in 2Q’25 of DKr74,208), which, together with a 2% FX headwind, richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

leads us to forecast Adj. Sales of DKr71.3bn that is c. 0.5% below latest BBG

Sophia Graeff Buhl Nielsen

Consensus of DKr71.6bn). This includes Wegovy sales of DKr19.3bn, 3% ahead of

(44-20) 7742-3918

BBG Cons. at DKr18.7bn (as we reflect the pick up in growth from the 7.2mg dose sophia.graeffbuhlnielsen@jpmorgan.com

in the US), Oral Wegovy sales of DKr3.6bn, 22% ahead of BBG Cons. at DKr2.9bn J.P. Morgan Securities plc

(as Consensus has yet to reflect latest TRx in the US), and Ozempic sales of Zain Ebrahim

DKr26.4bn, 2% behind BBG Cons. at DKr26.9bn. However, for Adj. Operating (44-20) 3493-1163

Profit, we forecast DKr29.5bn which is 2% ahead of BBG Cons. at DKr29.0bn, due zain.ebrahim@jpmorgan.com

to lower S&D and R&D costs. On Adj. EPS, this leads us to forecast DKr5.56, but the J.P. Morgan Securities plc

focus for BBG Cons. and Novo’s reporting will be on Reported EPS (which includes Dhitee Goel