Novo Nordisk: 2Q‘26 Consensus Comparison: JPMe in-line on Adj. Sales, 3% ahead on Adj. Operating Profit; expected guidance raise already anticipated by Consensus

Research evidence excerpt

Novo Nordisk: 2Q‘26 Consensus Comparison: JPMe in-line on Adj. Sales, 3% ahead on Adj. Operating Profit; expected guidance raise already anticipated by Consensus

J P M O R G A N Europe Equity Research

29 July 2026

Novo Nordisk

2Q’26 Consensus Comparison: JPMe in-line on Adj. Neutral

Sales, 3% ahead on Adj, Operating Profit; expected NOVOb.CO, NOVOB DC

guidance raise already anticipated by Consensus Price (28 Jul 26):Dkr335.40

Price Target (Jun-27):Dkr250.00

Ahead of Novo’s 2Q’26 results on August 5, at 6:30am BST (7:30am CET, 1:30am European Pharmaceuticals &

EDT), company consensus numbers have been released. Following our 2Q’26 Biotechnology

Preview (here), we now provide a comparison to our estimates (Table 1 and Table Richard Vosser AC

2). (44-20) 7742-6652

richard.vosser@jpmorgan.com

• 2Q’26 Adj. Group Sales is in line with Consensus: Our Adj. Group Sales J.P. Morgan Securities plc

estimate of DKr71,269m is in line with Consensus at DKr71,250m, with our Sophia Graeff Buhl Nielsen

Diabetes franchise coming in 1%/DKr547m below at DKr43,155m vs. (44-20) 7742-3918

Consensus at DKr43,702m, our Obesity franchise coming in 2%/DKr452m sophia.graeffbuhlnielsen@jpmorgan.com

J.P. Morgan Securities plc

ahead at DKr23,197m vs. Consensus at DKr22,745m, and our

Zain Ebrahim Biopharmaceuticals forecasts at DKr4,917m coming in 2% ahead of

(44-20) 3493-1163

Consensus at DKr4,803m. Within the Obesity franchise, our Oral Wegovy zain.ebrahim@jpmorgan.com

estimate of DKr3,561m is 9%/DKr294m ahead of Consensus at DKr3,267m. J.P. Morgan Securities plc

Our Wegovy estimate of DKr19,276m is 1%/DKr190m ahead of Consensus at Dhitee Goel

DKr 19,086m. Within the Diabetes franchise, our forecasts for GLP-1s are 1% (44-20) 7742-2591

behind at DKr31,415m (vs.