NVO changes
Pick any two versions below to diff them.
- Balance sheet
- Novo Nordisk had almost no net debt until 2024. Then it borrowed to buy three fill-finish plants from its controlling shareholder Novo Holdings, which came with the Catalent deal. Later it borrowed to buy Akero Therapeutics. At June 30, 2026, borrowings excluding leases were DKK 131.5 billion, with DKK 18.3 billion due within one year. Most of this is fixed-rate Eurobonds under a EUR 30 billion EMTN programme. There are also some Swiss franc bonds, bank loans and commercial paper. After cash of DKK 44.5 billion, net debt was DKK 86.5 billion. This is about half of the DKK 169 billion of EBITDA over the 12 months to June 2026. Interest paid of DKK 2.8 billion in the first half of 2026 was small next to operating profit of DKK 86.7 billion. S&P Global rates Novo AA and Moody's rates it Aa3, both with a stable outlook. An undrawn EUR 3.3 billion committed credit facility, which matures in 2030, adds liquidity. In the first half of 2026, free cash flow was DKK 55.3 billion. It paid for DKK 35.3 billion of dividends and DKK 5.9 billion of share buybacks. The buybacks are part of a DKK 15 billion programme that runs to February 2027. The debt does not limit Novo's choices. Falling profits would cut buybacks and acquisitions before they put the high credit ratings at risk. As of 2026-06-30.
- Checkpoints
- Nov 4, 2026: Q3 2026 results: Wegovy pill growth and guidance. Pending. Watch: Wegovy pill sales that grow faster than injectable semaglutide shrinks and guidance held or raised pass; a guidance cut or a stall in pill growth fails. Q4 2026 (estimate): FDA decision on CagriSema for obesity. Pending. Watch: An approval with a clean label in Q4 2026 passes; a rejection, a complete response letter or a delay into 2027 fails. Feb 2027 (estimate): Full-year 2026 results and 2027 outlook. Pending. Watch: A 2027 outlook for sales and operating profit growth at constant exchange rates passes; a second year of falling sales or profit fails.