Novo Nordisk A/S - share repurchase programme

Key takeaways

• Novo Nordisk is actively buying back its B shares, spending over DKK 11 billion so far and aiming to spend up to DKK 15 billion in the next 12 months, which should support earnings per share and signal confidence in…
• DKK 15 billion total buyback target
• DKK 11,200,000,010.45 allocated for 6 May 2026–1 Feb 2027
• 40,274,179 shares repurchased as of 23 Oct 2026

What happened

Novo Nordisk announced it has started a share repurchase programme that will buy back up to DKK 15 billion of its B shares over a 12‑month period beginning 4 February 2026. The programme began on 6 May 2026 and, as of 23 October 2026, the company has bought 40,274,179 B shares at an average price of DKK 277.78 per share, spending DKK 11,187,348,102. The total number of B shares owned as treasury stock is 54,314,876, representing 1.2 % of the company’s share capital.

Why it matters

The repurchase programme signals Novo Nordisk’s confidence in its long‑term value and provides a way to return excess cash to shareholders. By buying back shares, the company reduces the number of shares outstanding, which can lift earnings per share and potentially support the share price. The programme also…

Short-term and longer-term

Short-term. In the next few days, watch for any new share repurchase transactions that could push the average buyback price higher or lower.

Longer-term. Over the coming months, the buyback will reduce the share count and potentially lift earnings per share, which could support a higher valuation multiple.