Novo Nordisk is pushing ahead with its massive share buyback program and has acquired B shares worth over half a billion Danish kroner in just a few trading days.
• Buyback of B shares initiated for up to 15 billion Danish kroner in 2026
• First tranche has a volume of 3.8 billion Danish kroner until May 2026
• Strategic capital measure takes place against the background of adjusted guidance targets
Progress of Novo Nordisk’s buyback program in detail
Novo Nordisk’s share buyback program, launched in February 2026, is gaining momentum. Between February 9 and 13, 2026, the company acquired a total of 1,000,000 of its own B shares on Nasdaq Copenhagen. The transactions were carried out at an average price of approximately 311.50 Danish kroner per share, which corresponds to a weekly transaction value of approximately 311.5 million Danish kroner (approximately 41.7 million euros). This brings the buybacks since the start of the current tranche on February 4, 2026 to a total of 1,750,000 B shares.
The total volume of the twelve-month program is up to 15 billion Danish kroner. The first partial tranche, which is currently underway, is expected to be completed by May 4, 2026 and has a volume of a maximum of 3.8 billion Danish kroner. According to official announcements from Novo Nordisk, the measure primarily serves to reduce the share capital and to operate share-based incentive programs for employees. Following the completion of the most recent transactions, the group now holds 19,139,799 treasury B shares, which corresponds to 0.4 percent of the total share capital.
Strategic context and operational challenges
The intensification of capital repatriation comes during a period of increased volatility for the Danish blue chip. Management recently surprised the markets with a cautious forecast for the current financial year. Novo Nordisk expects a decline in sales and operating profit of between 5 and 13 percent at constant exchange rates for 2026. The company cited the absence of one-off effects from the previous year as well as increased price competition in the US market for obesity and diabetes medications as the main reasons.
In particular, the price pressure on the blockbusters Wegovy and Ozempic is increasingly putting a strain on the margin structure. In the balance sheet conference on February 4th, management referred to agreements with the US government that provide for significantly reduced reimbursement rates for Medicare patients. While international business continues to show double-digit growth rates, regulatory interventions in the USA are dampening short-term profit expectations. The continuation of the buyback program beyond March 2026 is also subject to approval by the upcoming Annual General Meeting.
How Novo Nordisk shares react to the buyback
The news about the progress of the buybacks was received cautiously on the stock market. Novo Nordisk shares lost 0.95 percent to DKK 307.65 on the Danish stock exchange on Monday. A countermovement set in on Tuesday and the paper rose 0.99 percent to DKK 310.70 by the end of trading. Within the past four weeks, the stock had to cope with a significant sell-off of over 20 percent after the reduced growth targets were announced. Analysts see the buyback program as supporting the price, but point out that the operational turnaround in the USA is more crucial for the long-term valuation.
Despite the current price weakness, Novo Nordisk remains one of the most valuable companies in Europe with a market capitalization of 1.37 trillion DKK (around 183.39 billion euros). The group continues to focus heavily on research and development, particularly in oral dosage forms of its GLP-1 preparations. Investors are now watching eagerly to see whether the support from the massive buybacks will be enough to stabilize the price above technical support levels while global demand for obesity therapies remains high.
Novo Nordisk: Higher dose for Wegovy weight loss injection approved in the EU
Novo Nordisk has also received final approval from the European Commission for a higher dose of its Wegovy weight loss injection. The approval of the higher dose of 7.2 milligrams means that doctors in the EU can now prescribe three injections of 2.4 milligrams in one sitting once a week.
“This gives doctors another option to help adults who need more weight loss after the 2.4 milligram dose,” the Danish drugmaker said.
The decision announced Tuesday means adults with obesity in all 27 European countries will now receive the 2.4 milligram dose of Wegovy for at least four weeks and then increase to 7.2 milligrams if they need more weight loss, according to Novo Nordisk.
The EU decision follows approval of the higher dose by British authorities last month. Applications for approval from the US Food and Drug Administration (FDA) and several other countries are still pending.
Editorial staff at finanzen.net with material from Dow Jones Newswires
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