The April 27 purchase covered more than 13 million shares and forms part of a wider DKK 15bn programme as the Danish drugmaker seeks to reassure investors.
The move comes as Novo Nordisk forecasts 2026 revenue falling 5% to 13%, with pressure from US health-programme pricing and restructuring costs helping leave the stock down about 21% this year.
It also faces new generic semaglutide competition in Canada after Dr Reddy's won approval, though its oral Wegovy pill has built an early US prescription lead over Eli Lilly's rival.
With Canadian generics and US price cuts crushing profits, can Novo Nordisk's new pill fend off rival Eli Lilly to win the weight-loss war?
As US policies make weight-loss drugs cheaper, will insurers finally expand coverage, or will millions of patients still be left behind?
Novo Nordisk’s DKK 15 Billion Buyback Amid 5-13% 2026 Profit Decline: Strategic Confidence or Risky Gamble?
Overview
Novo Nordisk launched a DKK 15 billion share buyback program in February 2026, repurchasing over 13 million B shares by April and holding nearly 31 million treasury shares. This move boosts earnings per share and signals management's confidence in the company's long-term value, supported by strong uptake of new treatments and promising pipeline results. However, the buyback contrasts with a challenging 2026 outlook, marked by a projected 5-13% decline in sales and profit due to severe U.S. pricing pressures, increased competition, and loss of drug exclusivity. While the program returns capital to shareholders, it raises concerns about diverting funds from critical reinvestment amid these headwinds.