Who Owns Novo Nordisk?
Novo Nordisk A/S is a publicly traded Danish multinational pharmaceutical company listed on the Copenhagen Stock Exchange (NOVO-B) and as an ADR on the New York Stock Exchange (NVO). Novo Holdings A/S, a Danish foundation-owned holding company, controls approximately 28% of Novo Nordisk's share capital and approximately 77% of voting rights. Founded in 1923, Novo Nordisk is the world's leading manufacturer of insulin and GLP-1 receptor agonists, including Ozempic (semaglutide) for type 2 diabetes and Wegovy (semaglutide) for obesity treatment.
Parent Company
Novo Nordisk
Founded
1923
Status
Publicly Traded
Headquarters
Bagsvaerd, Copenhagen, Denmark
Who Owns Novo Nordisk?
- Parent Company: Novo Nordisk
- Ownership Type: Public
- Company Type: Publicly Traded
- Stock Ticker: NASDAQ: NVO
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Novo Nordisk | Novo Nordisk | Public |
History of Novo Nordisk
- Founded: 1923
- Founders: August Krogh, Marie Krogh, Harald Pedersen, Thorvald Pedersen
The history of Novo Nordisk begins with the discovery of insulin in 1921 by Frederick Banting and Charles Best at the University of Toronto. Insulin was quickly shown to be life-saving for people with type 1 diabetes, and pharmaceutical manufacturers globally raced to produce it.
In Denmark, physiologist August Krogh and his wife Marie Krogh, a physician, visited Toronto in 1922 and obtained a license to produce insulin in Scandinavia. August Krogh had won the Nobel Prize in Physiology or Medicine in 1920 for his work on capillary physiology. With support from Danish pharmacist Harald Pedersen, a company called Nordisk Insulinlaboratorium was established in 1923 to produce insulin in Copenhagen.
Separately, Harald Pedersen's brother Thorvald Pedersen left Nordisk to found a competing company called Novo Terapeutisk Laboratorium in 1925, also focused on insulin production. The two companies operated as separate Danish insulin manufacturers for most of the 20th century, competing internationally.
Nordisk developed NPH insulin in 1946, an intermediate-acting insulin formulation that became the global standard. Novo developed a series of innovations in insulin delivery devices, including the NovoPen insulin injection device in 1985, which transformed how insulin-dependent diabetics administered their medication.
Novo and Nordisk merged in 1989 to form Novo Nordisk A/S, creating a single dominant Danish pharmaceutical company. The merger was driven by the recognition that competing separately in a globalizing pharmaceutical market was inefficient. The combined company retained Novo's device expertise and Nordisk's research programs.
Novo Nordisk expanded its portfolio beyond insulin to include treatments for hemophilia (NovoSeven, an injectable clotting factor) and later growth hormone disorders. The company's research into glucagon-like peptide 1 (GLP-1) receptor agonists, beginning in the 1990s, led to the development of liraglutide, which was approved for type 2 diabetes (Victoza) in 2010 and for obesity (Saxenda) in 2014.
The next generation GLP-1 drug, semaglutide, was approved as Ozempic for weekly injection for type 2 diabetes in 2017 in the US and 2018 in Europe. Approval as Wegovy, at a higher dose, for chronic weight management followed in 2021 in the US and 2022 in Europe.
The commercial success of Ozempic and Wegovy transformed Novo Nordisk into one of the world's most valuable pharmaceutical companies. By 2023, Novo Nordisk briefly became Europe's most valuable publicly traded company by market capitalization, surpassing luxury conglomerate LVMH. This occurred primarily because Wegovy and Ozempic demand was significantly outpacing production capacity.
About Novo Nordisk
Novo Nordisk is a Danish multinational pharmaceutical company founded in 1923 by Harald Pedersen, headquartered in Copenhagen, Denmark. Under CEO Mike Doustdar, Novo Nordisk trades on NASDAQ (NVO) and is a global leader in diabetes care and obesity treatment. The company reported 2025 sales growth of 10% to DKK 309 billion with operating profit growth of 6%, forecasting 2026 adjusted sales growth of -5% to -13% due to pricing pressures and competition in the GLP-1 market.
- Founded: 1923
- Headquarters: Copenhagen, Denmark
- Company Type: Publicly Traded
- Stock: NASDAQ: NVO
- Revenue: DKK 309 billion (FY2025)
- Employees: Approximately 71,000
Where Is Novo Nordisk Made / Based?
- Headquarters: Bagsvaerd, Copenhagen, Denmark
- Manufacturing / Operations: Denmark, United States, France, Brazil, China, India, Algeria
Novo Nordisk Sustainability & Ethics
Novo Nordisk publishes an annual sustainability report and is a signatory to the Science Based Targets initiative. The company has set targets to achieve net zero across its operations by 2045 and carbon neutral operations by 2030. It has invested in renewable energy through long-term power purchase agreements and biogas for its Danish manufacturing operations.
Novo Nordisk has historically been recognized for access-to-medicine programs, including pricing its insulin at or near cost in the least developed countries under a differential pricing policy. The company maintains a policy of selling insulin for no more than 2 US dollars per vial in the 49 least developed countries recognized by the UN.
No Leaping Bunny, PETA, or Vegan Society certification applies to pharmaceutical manufacturers in the conventional sense. B Corp certification has not been granted to Novo Nordisk as of June 2026.
Awards & Recognition
Novo Nordisk has received recognition from ESG rating agencies including MSCI, Sustainalytics, and the CDP. The company has been included in the Dow Jones Sustainability Index for multiple consecutive years and has been named one of Denmark's most respected companies in independent surveys.
The development of semaglutide has received scientific recognition. The New England Journal of Medicine published the PIONEER 6, SUSTAIN 6, STEP 1, and SELECT trial results, which are among the most cited pharmaceutical clinical trials of the 2020s. The SELECT trial result was named among the top scientific advances of 2023 by multiple scientific publications.
Novo Nordisk Recalls & Controversies
Ozempic Off-Label Use and Shortage: The widespread off-label use of Ozempic for weight loss created a supply shortage that affected patients with type 2 diabetes who relied on the medication. The FDA placed Ozempic on its drug shortage list in 2022. Novo Nordisk was criticized for insufficient manufacturing investment and for the commercial practices that contributed to shortfall. The company has since invested heavily in capacity expansion.
Compounded Semaglutide Litigation: The supply shortage enabled compounding pharmacies in the United States to legally produce compounded semaglutide. As the shortage was resolved, Novo Nordisk sought to end compounding. In 2025, the FDA declared the semaglutide shortage resolved, but legal disputes between Novo Nordisk, compounding pharmacies, and their trade associations continued over the rights of compounders to continue production.
Pricing Controversy: Wegovy's list price in the United States is approximately 1,350 US dollars per month before insurance. This pricing has drawn criticism from patient advocates, insurers, and some members of Congress. Novo Nordisk has defended the pricing by citing the cost of clinical development and the health economic value of the drug in reducing cardiovascular events and improving quality of life.
Insulin Pricing in the United States: Novo Nordisk, along with Sanofi and Eli Lilly, reached settlements with US states over historical insulin pricing practices. Novo Nordisk agreed in 2023 to cap out-of-pocket insulin costs at 35 US dollars per month for most commercially insured patients in the US, and at 35 dollars for Medicare beneficiaries under the Inflation Reduction Act provisions.
Clinical Trial Transparency: Some researchers and advocacy groups have raised concerns about data transparency in pharmaceutical clinical trials generally, including Novo Nordisk's trials. The company publishes trial results on ClinicalTrials.gov and in peer-reviewed journals.
Brands Owned by Novo Nordisk
Novo Nordisk Ownership: Pros & Cons
Advantages
- +Foundation ownership with approximately 77% voting control protects the company from hostile takeovers and provides strategic independence
- +World leader in insulin with approximately 35% global market share, providing durable revenue base
- +Semaglutide platform (Ozempic, Wegovy) is the leading GLP-1 product commercially and has significant additional indication opportunities including cardiovascular, liver disease, and Alzheimer's research
- +Manufacturing investments in capacity expansion should progressively resolve supply constraints
- +Differential pricing policy for least developed countries supports strong ESG positioning
Considerations
- -Competition from Eli Lilly's tirzepatide products is intense; tirzepatide has demonstrated comparable or superior efficacy in some trials
- -Semaglutide patent expiration will eventually allow generic and biosimilar competition, though patents are protected through the early 2030s in most major markets
- -Supply capacity constraints have damaged customer and insurer relationships and created opportunities for competitors
- -US pricing criticism and potential regulatory interventions in drug pricing represent ongoing political risk
- -Foundation ownership limits the use of equity-based financing and the ability of external shareholders to influence strategy
Frequently Asked Questions About Novo Nordisk
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