Novo Nordisk reported first-half 2026 revenue of DKK 175.311 billion (USD 27.392 billion), up 18% in constant exchange rates, with the US market contributing DKK 103.014 billion (USD 16.096 billion, +25%) and China flat at DKK 9.744 billion (USD 1.523 billion).

The semaglutide franchise generated DKK 112.193 billion (USD 17.530 billion), 75.5% of adjusted sales, split across Wegovy injectable (DKK 37.719 billion, +7%), Wegovy oral tablets (DKK 5.474 billion, launched in the US in January 2026 with over 5 million cumulative prescriptions, and 265,000 weekly by mid-July), Ozempic injectable (DKK 59.200 billion, -2%), and Rybelsus oral (DKK 9.800 billion, -9%). Obesity care grew 19% to DKK 44.064 billion whilst diabetes declined 5%.

Pipeline updates were mixed: CagriSema met superiority versus placebo in low-dose REDEFINE 9 Phase III for weight loss, but missed HbA1c non-inferiority versus tirzepatide 15 mg in the REIMAGINE 4 type 2 diabetes (T2D) study, while ziltivekimab failed the ZEUS cardiovascular outcomes primary endpoint.

Novo lifted its 2026 adjusted sales growth guidance from minus 12% to minus 4% up to minus 6% to 0%, reflecting oral Wegovy traction partially offsetting injectable semaglutide normalisation and CagriSema's diluted expectations.