Novo Nordisk's Buyback Nears Its Ceiling as FDA Orders Eye-Risk Labels Across GLP-1 Class

Novo Nordisk has spent roughly DKK 11.8 billion of the up-to-DKK 15 billion it earmarked for its share repurchase programme, the company disclosed, leaving only a modest slice of the envelope unspent. The update landed alongside a regulatory development that puts the safety profile of the Danish drugmaker's biggest products under fresh scrutiny.

Buyback arithmetic

Since 4 February, the company has bought back approximately 42.6 million B shares at an average price of DKK 277.16 apiece, according to its own figures. As of the reported date, Novo Nordisk held about 56.6 million B shares as treasury stock — equivalent to 1.3% of its share capital. The disclosure draws a line between purchases made under the current programme and the total treasury position.

Guidance raised, target lifted

On 4 November the group lifted its full-year 2026 forecast. Adjusted operating profit in the third quarter of 2026 climbed 27% at constant exchange rates, reaching DKK 31.7 billion — a figure that reflects currency-neutral growth.

BMO Capital weighed in on Thursday, raising its price target on Novo Nordisk from $40.00 to $44.00 while keeping a "Market Perform" rating. The higher target therefore came without any change in recommendation.

FDA mandates NAION warning

The US Food and Drug Administration ordered the change yesterday, requiring Novo Nordisk to add warnings about a possible increased risk of the eye condition NAION to the US product information for Ozempic and Wegovy. The requirement applies to the entire GLP-1 drug class. Per Reuters, the order also extends to Eli Lilly's Mounjaro and Zepbound. The FDA wants the language placed in the warnings and precautions section, meaning the regulatory action hits Novo Nordisk and its rival alike.

NAION can disrupt the blood supply to the optic nerve and cause sudden, painless vision loss. The damage may be permanent and typically affects one eye. No treatment is known to reverse the loss of sight. The FDA advises patients to seek immediate medical help if they experience sudden vision loss, blurred vision or blind spots, and to discuss their medication with a doctor if NAION is diagnosed. It warns against stopping treatment on one's own initiative.

Rare events, mixed study signals

The agency reviewed 126 clinical trials covering more than 134,000 patients and identified a total of 15 probable NAION cases. That gives the warning a broad evidence base while describing an event rare enough that its link to treatment remains under scientific investigation. The observed frequency among GLP-1 users was 6.4 cases per 100,000 patient-years, against 3.8 cases in comparator groups.

A supplementary FDA analysis in adults with type 2 diabetes produced results that varied with the comparison drug. Against DPP-4 inhibitors, an elevated risk emerged. Against SGLT-2 inhibitors, the difference was not statistically significant. The safety assessment therefore depends in part on which treatment groups are set side by side.

Analysts see limited fallout

BMO's analysts judge the risk to Novo Nordisk and Eli Lilly to be contained given how uncommon the condition is — a view that works in the company's favour should the low frequency hold up in further research. The stock rose 1.9% yesterday, holding firm on the day of the FDA order. What matters for the longer view is how the safety data evolve: additional findings on frequency and possible causes will determine how heavily the label warning weighs on Novo Nordisk, while the class-wide nature of the order keeps the entire drug group in the regulatory spotlight.

ObesityWeek lineup

Separately, Novo Nordisk plans to present data in 26 scientific abstracts at ObesityWeek 2026, running 14–17 November in Washington, D.C. Among the disclosures are results on CagriSema, still in development, and on Wegovy, as well as data on semaglutide in children aged six to under twelve. The company announced the planned presentations on 29 October.