Filing Flows › Novo Nordisk A S (NVO) › Q2 2026 › vs Q1 2026
Novo Nordisk A S (NVO) Q2 2026 vs Q1 2026 (quarter over quarter)
Novo Nordisk A S's revenue fell $18.3B (-19%) from $96.8B in Q1 2026 to $78.5B in Q2 2026. The biggest changes: Obesity and Diabetes care −$17.8B (-19%); Rare disease −$554M (-10%). Gross margin 78.2% against 86.0% (-7.7 pts).
Novo Nordisk A S, Q2 2026: revenue $78.5B (+2% year over year), operating margin 34.5%, net earnings $21.0B, operating cash flow $55.2B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 78.2% | 86.0% | -7.7 pts |
| Operating margin | 34.5% | 61.6% | -27.1 pts |
| Net margin | 26.7% | 50.2% | -23.4 pts |
| Free cash flow margin | 54.2% | 13.2% | +41.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Obesity and Diabetes care | $73.6B | $91.4B | −$17.8B | -19% |
| Rare disease | $4.9B | $5.5B | −$554M | -10% |
| Revenue | $78.5B | $96.8B | −$18.3B | -19% |
| Gross profit | $61.4B | $83.2B | −$21.8B | -26% |
| Cost of revenue | $17.1B | $13.6B | $3.5B | +26% |
| Operating profit | $27.1B | $59.6B | −$32.6B | -55% |
| Operating expenses | $34.3B | $23.6B | $10.7B | +45% |
| Pre-tax earnings | $26.9B | $62.2B | −$35.3B | -57% |
| Research & development | $17.8B | $10.3B | $7.5B | +73% |
| Sales & marketing | $15.0B | $12.1B | $2.9B | +24% |
| General & admin | $1.3B | $1.1B | $169M | +15% |
| Other operating costs | $234M | $106M | $128M | +121% |
| Net earnings | $21.0B | $48.6B | −$27.6B | -57% |
| Income tax | $5.9B | $13.6B | −$7.7B | -57% |
| Working capital & other | $34.2B | −$24.5B | $58.7B | — |
| Operating cash flow | $55.2B | $24.1B | $31.1B | +129% |
| Free cash flow (OCF − capex) | $42.5B | $12.8B | $29.8B | +233% |
| Capital expenditures | $12.7B | $11.3B | $1.4B | +12% |
Questions
How much did Novo Nordisk A S's revenue grow quarter over quarter in Q2 2026?
Novo Nordisk A S's revenue fell $18.3B (-19%) from $96.8B in Q1 2026 to $78.5B in Q2 2026.
What drove Novo Nordisk A S's revenue change in Q2 2026?
Obesity and Diabetes care −$17.8B (-19%); Rare disease −$554M (-10%).