Novo Nordisk results: your shares are Danish, the options are American

Novo Nordisk options should be treated as instruments on the US-listed NVO ADR rather than as direct options on Copenhagen-listed Danish shares.

• Novo Nordisk is scheduled to publish its nine-month 2026 results on 4 November 2026 before Copenhagen opens, with investors focused on the 2026 outlook, which was raised in August but still implies lower sales than the previous year.
• Each NVO ADR represents one Novo Nordisk B share, but the ADR trades in US dollars on the New York Stock Exchange from 15:30 to 22:00 CET, while the B shares trade in Danish kroner in Copenhagen until 17:00 CET.
• A 20 November expiry priced around the nearest strikes implies an indicative move of about 8.5%, or roughly USD 35.02 to USD 41.56 from an ADR price of USD 38.29; on most of the last eight results days the ADR moved less than 6%, except for February 2026, when it fell about 15%.
• A cash-secured 35 put priced near USD 0.42 would require USD 3,500 in cash, offer a USD 34.58 break-even and expose the seller to losses below that level; a 42 covered call priced near USD 0.47 would generate USD 47 on 100 ADRs but cap gains above USD 42.
• Copenhagen shares cannot cover an NVO call: one contract covers 100 ADRs, and the ADR structure adds currency, trading-session and settlement differences; the options are American-style and can be assigned before expiry.

Takeaway: Investors should first match the option to the ADR holding and understand that neither the put nor the covered call protects against a sharp results-day decline, while waiting for the report is also a valid choice.