Novo Nordisk starts a DKK 15 billion share buyback program

Novo Nordisk, the maker of Ozempic, Wegovy and Rybelsus, started a new share repurchase program of up to DKK 15 billion (about $2.4 billion) on Feb. 4, 2026, to run over the next 12 months ^[3]. The company also said it would buy back up to DKK 3.8 billion of stock in a first tranche running from Feb. 4 to May 4, 2026 ^[3]. The announcement came the same day Novo gave 2026 financial guidance far below what analysts expected, projecting adjusted sales and adjusted operating profit could both fall 5% to 13% at constant exchange rates this year ^[1][3][4]. Analysts had, on average, forecast only about a 2% decline ^[4].

The guidance shocked investors. Novo Nordisk's Copenhagen-listed shares fell 14.6% on the day, with declines reaching 16% intraday, and its European-listed shares dropped 18%; its New York-listed ADRs were briefly halted before falling more than 10% ^[3][4]. Reuters reported the selloff wiped out nearly $50 billion in market value ^[4]. CEO Mike Doustdar told reporters the 2026 outlook "reflects a year of unprecedented pricing pressure" and called the expected financial hit "painful" but said he hoped it would be "an investment for our future" ^[4].

For 2025, Novo reported sales of DKK 309,064 million, up 6% in Danish kroner and 10% at constant exchange rates, with obesity-care sales climbing 26% in kroner (31% at constant rates) to DKK 82,347 million ^[1]. Free cash flow swung to a positive DKK 28.3 billion in 2025 from a negative DKK 14.7 billion in 2024 ^[1]. It is not clear from available sources exactly how much the company spent on buybacks during 2025 itself. The board also proposed a final 2025 dividend of DKK 7.95 per share, bringing the total 2025 dividend to DKK 11.70 per share, to be voted on at the March 26, 2026 annual meeting ^[3].

Chief Financial Officer Karsten Munk Knudsen said U.S. sales are expected to fall in the "teens" this year, driven more by a shift toward self-paying patients and rising insurer rebate demands than by the Trump administration's "most favored nation" pricing policy, though that policy is also squeezing prices ^[4]. Novo also pointed to patent expirations for semaglutide in some non-U.S. markets and competition from Eli Lilly's tirzepatide products, Mounjaro and Zepbound ^[3][4]. Reuters also noted that as many as 1.5 million Americans are estimated to be using compounded, non-FDA-approved versions of GLP-1 drugs instead of branded ones ^[4].

Why it matters for patients

A buyback returns cash to shareholders rather than lowering prices for patients directly, but the pricing pressure behind Novo's 2026 warning is tied to changes patients may notice at the pharmacy counter. The company has been selling its once-daily Wegovy pill to self-pay U.S. patients starting at $149 a month, rising to $199 in April, and cash-pay injectable Wegovy at $349 a month ^[4]. Novo said weekly prescriptions for the Wegovy pill reached about 50,000 by Jan. 23, 2026, with company channels like NovoCare and telehealth partners driving much of that demand ^[3][4]. Continued competition from Lilly and pressure from copycat compounded products could keep influencing list prices and cash-pay options for both companies' obesity drugs ^[4].

What happens next

Shareholders are set to vote on the proposed 2025 dividend at Novo's annual meeting on March 26, 2026 ^[3]. By Aug. 4, 2026, the company reported stronger-than-expected momentum: weekly Wegovy pill prescriptions topped 265,000 by mid-July, with more than 5 million prescriptions filled since launch, and Novo raised its 2026 outlook to a range of 0% to -6% for both adjusted sales and adjusted operating profit growth at constant exchange rates ^[2]. In the first half of 2026, Novo returned DKK 41.2 billion to shareholders, including DKK 5.9 billion in share repurchases and DKK 35.3 billion in dividends ^[2].