Novo 2026 Outlook

During its Q4 earnings call on 4 Feb 2026, Novo highlighted a forecasted decline of 5 %–13 % in sales and operating profit at constant exchange rates for 2026. The outlook cites lower realized prices, U.S. pricing effects under President Trump’s MFN policy and the IRA, mix and cash‑pay shifts, and the loss of semaglutide exclusivity in Brazil, Canada and China. Free‑cash‑flow is expected at DKK 35–45 bn for 2026, and the company reiterated a DKK 15 bn share‑repurchase program over the next 12 months. The share‑repurchase programme was formally launched on 4 Feb 2026, allowing the purchase of up to 400 m B‑shares at a maximum of DKK 3.8 bn within a four‑month window, as part of a 2026 total repurchase cap of DKK 15 bn. The initiative aims to reduce share capital and meet obligations from employee‑incentive programmes.