Novo Nordisk announced a share repurchase programme for its B shares that will total DKK 15 billion over a 12‑month period beginning 4 February 2026. The programme is structured with an initial tranche of up to DKK 3.8 billion to be executed between 4 February and 4 May 2026, and is intended to reduce share capital and meet obligations arising from share‑based incentive plans.
As of 13 February 2026, the company had repurchased DKK 533 796 640 worth of B shares, corresponding to 1 750 000 shares at an average price of DKK 305.03 per share. The buyback is part of Novo Nordisk’s broader capital‑allocation strategy, which also includes dividend payments and other share‑repurchase initiatives aimed at returning value to shareholders while preserving flexibility for future investments in its diabetes and obesity portfolio.
The programme is being pursued in a context of weaker 2026 guidance that projects adjusted sales and operating‑profit growth declines of 5 % to 13 % at constant exchange rates. Investors have focused on these guidance figures, which temper enthusiasm for the buyback announcement. The share repurchase is therefore seen as a tool to support shareholder value amid a challenging outlook, rather than a signal of immediate growth prospects.
CEO Mike Doustdar has emphasized that the company is not in crisis and is concentrating on affordability for patients, viewing the current headwinds as short‑term. He has also highlighted confidence in the company’s ability to fund operations, investments, and shareholder returns through strong free cash flow.
The programme is expected to reduce the number of shares outstanding, potentially supporting earnings per share, but the company’s guidance indicates modest growth for 2026. The buyback, coupled with dividend payments, reflects Novo Nordisk’s commitment to a disciplined capital‑allocation framework while navigating a competitive and pricing‑pressured market.
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