NVO Stock — Novo Nordisk A/S: Cash, EV, Pipeline

What they do

The Company manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society. Headquartered in Denmark, Novo Nordisk employs more than 69,500 employees in around 80 countries, and markets its products in approximately 170 countries.

Source: 20-F FY2025 via SEC EDGAR

Share price

$40.61

Market cap

Not disclosed

Cash

$3,984.0M

Enterprise value

Not disclosed

Balance sheet

Cash	$3,984.0M
Debt	$19,715.2M
Net cash	-$15,731.1M
Enterprise value	Not disclosed
Basic shares	4,427.9M shares
Fully diluted shares	4,465.0M shares
Fully diluted market cap	$181,323.6M
Cash per share	$0.90

Cash figures as of 2025-12-31. Database snapshot: 2026-11-11.

Share structure

Common

4,465.0M

Pre-funded warrants

0.0M

Options

0.0M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

4,465.0M

Cap table as of 2025-12-31.

Price history

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Next catalyst

NNC0519-0130 · Now - Nov 24, 2026 Now · Phase 2 · Chronic Kidney Disease

Recently reported

Semaglutide Phase 3 Mixed · 2026-11-08

PRO-C3 · non-alcoholic steatohepatitis

Primary: Week 72 liver-related parameters in the BMI below 27 kg/m2 subgroup of the Phase 3 ESSENCE trial (markers of liver injury ALT/AST, disease activity FAST score, and fibrosis markers ELF, PRO-C3 and VCTE-LSM) — ALT ETR 0.61 (95% CI: 0.48, 0.79); AST ETR 0.67 (95% CI: 0.56, 0.80); FAST score ETD -0.13 (95% CI: -0.26, -0.01); ELF score ETD -0.45 (95% CI: -0.73, -0.17); PRO-C3 ETR 0.82 (95% CI: 0.71, 0.95); VCTE-LSM ETR 0.88 (95% CI: 0.73, 1.06) for semaglutide 2.4 mg vs placebo at week 72

· Subgroup of 106 adults with MASH and liver scarring (F2/F3) and BMI below 27 kg/m2, from the 800 randomized participants in the 72-week interim analysis of part 1 of ESSENCE

· Non-invasive fibrosis biomarkers ELF and PRO-C3 favored semaglutide 2.4 mg versus placebo

· VCTE-LSM 95% CI included 1.0 (ETR 0.88, 95% CI: 0.73, 1.06)

· Company states exploratory post hoc analyses are hypothesis generating

· Presented as an oral presentation at AASLD The Liver Meeting 2026, Abstract 0072, November 8, 2026

Safety: not disclosed

Source release →

ziltivekimab Phase 3 Discontinued · 2026-09-07

ATHENA · heart failure

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	NNC0519-0130	Phase 2	Chronic Kidney Disease	—
Now - Dec 5, 2026 Now	NNC0194-0499	Phase 1	Diabetes Mellitus, Type 1	—
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	CagriSema CagriSema FDA decision for weight management	Not disclosed	weight management	Q4 2026
Nov 12 - Dec 24 in 1d	Ziltivekimab	Phase 3	Heart Failure; Systemic Inflammation	—
Nov 12 - Dec 24 in 1d	Debio 1453P	Phase 1	Healthy Participants	—
Jan 24 - Mar 7 in 11 wks	Liraglutide	Phase 1	Obesity	—
Jan 25 - Mar 8 in 11 wks	NNC0662-0419	Phase 2	Overweight; Obesity	—
Feb 11 - Mar 25 in 13 wks	CDR132L (i.v.)	Phase 1	Healthy Volunteers; Heart Failure	—
Feb 11 - Mar 25 in 13 wks	Semaglutide Pen Injector [Ozempic]	Phase 2	Intestinal Mucositis; Inflammation; Chemotherapeutic Toxicity	—
Feb 25 - Apr 8 in 15 wks	UBT251	Phase 2	Overweight; Obesity	—
Feb 26 - Apr 9 in 15 wks	NNC0537-1482	Phase 1	Heart Failure	—
Mar 4 - Apr 15 in 16 wks	NNC6989-0001	Phase 1	Overweight; Obesity	—
Mar 8 - Apr 19 in 17 wks	Insulin icodec	Phase 3	Diabetes Mellitus, Type 1	—
Mar 9 - Apr 20 in 17 wks	Glucose-dependent Insulinotropic Polypeptide (GIP)	Phase 1	Overweight; Obese	—
Mar 12 - Apr 23 in 4 mo	Ziltivekimab	Phase 3	Cardiovascular Risk; Acute Myocardial Infarction (AMI)	—
Mar 14 - Apr 25 in 4 mo	NNC0113-5840	Phase 1	Obesity; Overweight	—
Mar 19 - Apr 30 in 4 mo	NNC0442-0344 A	Phase 1	Haemophilia A	—
Apr 11 - May 23 in 5 mo	Amicidin-β topical solution - 15 mL	Phase 1	Surgical Wound Infection; Traumatic Wound Infection	—
Apr 12 - May 24 in 5 mo	CagriSema (Cagrilintide B and Semaglutide I)	Phase 3	Obesity	1H 2027 Est. Apr 12, 2027 · PCD + 6 wks (Mar 29-Apr 26)
May 19 - Jun 30 in 6 mo	UBT251	Phase 1	Obesity; Overweight	—
May 20 - Jul 1 in 6 mo	NNC0662-0419	Phase 1	Overweight; Obesity	—
May 25 - Jul 6 in 6 mo	Cagrilintide	Phase 1	Overweight; Obesity	—
Jun 7 - Jul 19 in 7 mo	LTB-NG6	Phase 1	Neisseria Gonorrhea	—
Jun 8 - Jul 20 in 7 mo	UBT251	Phase 1	Overweight; Obesity	—
Jun 22 - Aug 3 in 7 mo	Cagrilintide	Phase 3	Obesity; Overweight	—
Jun 23 - Aug 4 in 7 mo	Cagrilintide	Phase 3	Overweight; Obesity; Type 2 Diabetes	—
Jun 25 - Aug 6 in 8 mo	NNC4005-001	Phase 1	Fatty Liver Disease	—
Jun 27 - Aug 8 in 8 mo	CDR132L	Phase 2	Heart Failure	—
Jun 29 - Aug 10 in 8 mo	Cagrilintide	Phase 3	Overweight; Obesity	—
Jul 9 - Aug 20 in 8 mo	Cagrilintide D	Phase 1	Obesity; Overweight	—
Jul 11 - Aug 22 in 8 mo	Coramitug	Phase 1	Transthyretin Amyloid Cardiomyopathy	—
Jul 21 - Sep 1 in 8 mo	CagriSema	Phase 3	Diabetes Mellitus, Type 2	—
Aug 17 - Sep 28 in 9 mo	NNC0537-1482	Phase 1	Chronic Kidney Disease	—
Aug 23 - Oct 4 in 10 mo	NNC0662-0419	Phase 2	Obesity	—
Sep 12 - Oct 24 in 10 mo	NNC0705-0002	Phase 1	Healthy Volunteers; Cardiometabolic Diseases	—
Sep 14 - Oct 26 in 10 mo	NNC6022-0004	Phase 1	Obesity; Elevated High-sensitivity C-reactive Protein (hsCRP)	—
Oct 8 - Nov 19 in 11 mo	Etavopivat	Phase 3	Sickle Cell Disease	—
Oct 13 - Nov 24 in 11 mo	Cagrilintide	Phase 3	Cardiovascular Disease	—
Oct 15 - Nov 26 in 11 mo	NNC0662-0419	Phase 2	Diabetes Mellitus, Type 2	—
Oct 27 - Dec 8 in 12 mo	INV-347	Phase 1	Obesity	—
Nov 4 - Dec 16 in 12 mo	NNC0721-8060	Phase 1	Overweight; Obesity	—
Nov 15 - Dec 27 in 12 mo	UBT251	Phase 2	Diabetes Mellitus, Type 2	—
Nov 22, 2027 - Jan 3, 2028 in 13 mo	NNC0638-0355	Phase 1	Obesity; Overweight	—
Nov 22, 2027 - Jan 3, 2028 in 13 mo	NNC0581-0001	Phase 1	Healthy Volunteers; Hepatic Steatosis	—
Nov 23, 2027 - Jan 4, 2028 in 13 mo	CagriSema (Cagrilintide B	Phase 1	Obesity	—
Dec 19, 2027 - Jan 30, 2028 in 13 mo	Semaglutide	Phase 3	Diabetes Mellitus, Type 2	—
Dec 23, 2027 - Feb 3, 2028 in 14 mo	NNC0487-0111	Phase 1	Diabetes Mellitus	—
Dec 28, 2027 - Feb 8, 2028 in 14 mo	CDR132L	Phase 2	Heart Failure	—
Dec 31, 2027 - Feb 11, 2028 in 14 mo	Cagrilintide	Phase 1	Obesity; Overweight	—
Jan 12 - Feb 23 in 14 mo	NNC0487-0111	Phase 1	Overweight; Obesity	—
Feb 12 - Mar 25 in 15 mo	Recombinant Activated Factor VII (rFVIIa)	Phase 3	Intracerebral Hemorrhage	—
Mar 1 - Apr 12 in 16 mo	NNC0487-0111	Phase 1	Obesity	—
Mar 31 - May 12 in 17 mo	NNC0497-0040	Phase 1	Type 1 Diabetes (T1D); Overweight; Obesity	—
Apr 4 - May 16 in 17 mo	Semaglutide	Phase 3	Overweight; Obesity	—
Apr 5 - May 17 in 17 mo	Cagrisema	Phase 3	Obesity; Type 2 Diabetes	1H 2027 Est. Jun 30, 2027 · PCD + 6 wks (Jun 30-Jun 30)
Apr 5 - May 17 in 17 mo	Etavopivat	Phase 2	Sickle Cell Disease	—
Apr 11 - May 23 in 17 mo	NNC6019-0001	Phase 2	Transthyretin Amyloid Cardiomyopathy (ATTR CM)	—
Apr 26 - Jun 7 in 18 mo	NNC9733-0001	Phase 1	Healthy Volunteer; Type 2 Diabetes	—
Jun 9 - Jul 21 in 19 mo	Cagrilintide	Phase 1	Obesity	—
Jun 14 - Jul 26 in 19 mo	Cagrilintide	Phase 1	Obesity	—
Jul 18 - Aug 29 in 20 mo	NNC0487-0111	Phase 3	Obesity	—
Jul 24 - Sep 4 in 21 mo	Zenagamtide injection	Phase 1	Overweight; Obesity	—
Aug 6 - Sep 17 in 21 mo	NNC1679-0001	Phase 1	Healthy Volunteers; Diabetes Mellitus, Type 2	—
Aug 7 - Sep 18 in 21 mo	NNC0487-0111	Phase 3	Obesity; Overweight; Obstructive Sleep Apnoea	—
Aug 8 - Sep 19 in 21 mo	zenagamtide	Phase 3	Overweight; Obesity	—
Aug 11 - Sep 22 in 21 mo	Mim8	Phase 3	Haemophilia A; Haemophilia A With Inhibitors	—
Aug 23 - Oct 4 in 22 mo	NNC0487-0111	Phase 3	Obesity; Overweight; Obstructive Sleep Apnoea	—
Sep 11 - Oct 23 in 22 mo	Zenagamtide	Phase 3	Type 2 Diabetes; Cardiovascular Risk	—
Sep 18 - Oct 30 in 23 mo	NNC0487-0111	Phase 3	Diabetes Mellitus; Overweight; Obesity	—
Sep 25 - Nov 6 in 23 mo	NNC0487-0111	Phase 3	Obesity; Knee Osteoarthritis (OA)	—
Sep 25 - Nov 6 in 23 mo	NNC0487-0111	Phase 3	Obesity; Overweight; Osteoarthritis, Knee	—
Oct 9 - Nov 20 in 23 mo	Cagrilintide	Phase 3	Obesity	1H 2027 Est. Jun 30, 2027 · PCD + 6 wks (Jun 30-Jun 30)
Oct 13 - Nov 24 in 23 mo	Ziltivekimab	Phase 3	Coronary Artery Disease; Acute Myocardial Infarction (AMI); Coronary Atherosclerosis of Native Coronary Artery	—
Oct 30 - Dec 11 in 24 mo	NNC0487-0111	Phase 1	Overweight; Obesity	—
Nov 21, 2028 - Jan 2, 2029 in 25 mo	Zenagamtide	Phase 3	Overweight; Obesity	—
Dec 26, 2028 - Feb 6, 2029 in 26 mo	Ziltivekimab	Phase 3	Myocardial Infarction	—
Jan 23 - Mar 6 in 27 mo	NNC0487-0111	Phase 3	Obesity; Overweight; Diabetes Mellitus, Type 2	—
Feb 12 - Mar 26 in 27 mo	Recombinant Factor VIIa	Phase 3	Intracerebral Hemorrhage	—
Feb 22 - Apr 5 in 28 mo	Zenagamtide	Phase 3	Obesity; Overweight	—
Aug 7 - Sep 18 in 33 mo	NNC0487-0111	Phase 3	Obesity	—
Aug 10 - Sep 21 in 33 mo	NNC6019-0001	Phase 3	Transthyretin Amyloid Cardiomyopathy (ATTR CM)	—
Sep 3 - Oct 15 in 34 mo	NNC0487-0111	Phase 3	Obesity; Heart Failure	—
Oct 19 - Nov 30 in 36 mo	CagriSema (Cagrilintide B and Semaglutide I)	Phase 3	Diabetes Mellitus, Type 2	—
May 1 - Jun 12 in 42 mo	Cagrilintide	Phase 3	Overweight; Obesity	1H 2027 Est. Jun 30, 2027 · PCD + 6 wks (Jun 30-Jun 30)
May 13 - Jun 24 in 43 mo	DCR-PHXC	Phase 3	Primary Hyperoxaluria Type 1 (PH1); Primary Hyperoxaluria Type 2 (PH2); Kidney Diseases	—
Feb 10 - Mar 24 in 52 mo	Etavopivat A	Phase 3	Sickle Cell Disease; Thalassemia	—
Feb 10 - Mar 23 in 64 mo	DCR-PHXC	Phase 2	Primary Hyperoxaluria Type 1; End Stage Renal Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Concizumab

Approved · Active

Aliases Alhemo

Target TFPI (tissue factor pathway inhibitor)

Indications

haemophilia A and B (with or without inhibitors) (Approved)

Status note Approved for some indications under brand Alhemo; regulatory submission ongoing for remaining indications.

Insulin icodec

Approved · Active

Aliases Awiqli

Target insulin

Indications

diabetes (once-weekly basal insulin) (Approved)

Catalysts

— 2025

Status note Once-weekly basal insulin analogue; approved by EU and others under brand Awiqli; US submission in 2025.

Semaglutide (oral 25 mg and 50 mg)

Approved · Active Modality: oral

Aliases Wegovy Pill

Target GLP-1 receptor

Indications

obesity (Approved)

Status note Approved in US as Wegovy Pill; regulatory submission to EU and others in 2025.

Semaglutide 7.2 mg

Phase 3 · Active

Target GLP-1 receptor

Indications

obesity (Phase 3)

Status note Regulatory submission in 2025.

Cagrisema (T2D)

Phase 3 · Active

Aliases NN9388

Indications

type 2 diabetes (Phase 3)

Status note Phase 3 initiated in 2023.

Cagrisema (obesity)

Phase 3 · Active

Aliases NN9838

Indications

obesity (Phase 3)

Status note Regulatory submission in 2025.

Cagrilintide

Phase 3 · Active

Target amylin receptor

Indications

obesity (Phase 3)

Status note Phase 3 initiated in 2025.

IcoSema

Phase 3 · Active

Aliases NN1535

Indications

diabetes (combination of semaglutide and insulin icodec) (Phase 3)

Status note Combination of GLP-1 semaglutide and insulin icodec; regulatory submission in 2024.

Etavopivat

Phase 3 · Active Modality: small molecule (oral, once-daily)

Aliases NN7535

Target PKR (pyruvate kinase)

Indications

sickle cell disease (Phase 3)

Status note Second-generation selective small-molecule PKR activator; Phase 3 initiated in 2022.

Mim8

Phase 3 · Active

Aliases NN7769

Target FVIIIa mimetic (bridges FIXa/FX)

Indications

not disclosed (Phase 3)

Status note Regulatory submission in 2025; no indication stated in these excerpts.

Efruxifermin

Phase 3 · Active

Target FGF-21

Indications

MASH (Phase 3)

Status note Phase 3 initiated in 2024.

Ziltivekimab

Phase 3 · Active

Aliases NN6018

Target IL-6 (interleukin-6)

Indications

cardiovascular disease (Phase 3)

Status note Phase 3 initiated in 2021.

Coramitug

Phase 3 · Active

Aliases NN6019

Target transthyretin

Partnerships Prothena: Novo Nordisk acquired full worldwide rights to Prothena's ATTR amyloidosis business incl. PRX004; up to $1.2B in milestones

Indications

transthyretin amyloidosis cardiomyopathy (Phase 3)

Status note Phase 3 initiated in 2025.

Per-asset detail extracted from the 20-F filed 2026-02-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06200207	Phase 3	Active, not recruiting	Sponsor	NVO	—	Heart Failure; Systemic Inflammation	—
NCT07076199	Phase 3	Active, not recruiting	Sponsor	NVO	—	Diabetes Mellitus, Type 1	—
NCT06118281	Phase 3	Active, not recruiting	Sponsor	NVO	—	Cardiovascular Risk; Acute Myocardial Infarction (AMI)	—
NCT07011667	Phase 3	Active, not recruiting	Sponsor	NVO	—	Obesity	1H 2027 Est. Apr 12, 2027 · PCD + 6 wks (Mar 29-Apr 26)
NCT07220642	Phase 3	Active, not recruiting	Sponsor	NVO	—	Obesity; Overweight	—
NCT07220759	Phase 3	Active, not recruiting	Sponsor	NVO	—	Overweight; Obesity; Type 2 Diabetes	—
NCT07745504	Phase 3	Recruiting	Sponsor	NVO	—	Overweight; Obesity	—
NCT07817251	Phase 3	Not yet recruiting	Sponsor	NVO	—	Diabetes Mellitus, Type 2	—
NCT06612268	Phase 3	Recruiting	Sponsor	NVO	—	Sickle Cell Disease	—
NCT05669755	Phase 3	Active, not recruiting	Sponsor	NVO	—	Cardiovascular Disease	—
NCT03811561	Phase 3	Active, not recruiting	Sponsor	NVO	—	Diabetes Mellitus, Type 2	—
NCT07770841	Phase 3	Recruiting	Sponsor	NVO	—	Overweight; Obesity	—

Sponsor-matched active trials from ClinicalTrials.gov (132 as sponsor, 63 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 195 active trials for Novo Nordisk A/S on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Sphera Biotech	120,677	no change	0.83%	2026-08-14
ADAR1 Capital Management	27,000	-6,000	0.06%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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NVO — Novo Nordisk A/S ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Active clinical trials

Specialist fund holders

Latest news

NVO — Novo Nordisk A/S