Novonesis A/S (NVZMY) Stock Price & How to Invest
Last updated July 2026
Short answer
NVZMY is the US over-the-counter ADR for Novonesis, the Danish biosolutions group formed when Novozymes combined with Chr. Hansen in January 2024, with one ADR equal to one Copenhagen-listed B share. It is a steady, high-margin compounder (7% to 8% organic growth guided for 2026, ~38% adjusted EBITDA margin), and its controlling shareholder is the Novo Nordisk Foundation.
NVZMY stock price
As of 2026-10-09, Novonesis A/S (NVZMY) last closed at $65.26, up 5.2% over the past year. Over the past 52 weeks it has traded between $52.81 and $71.89.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Novonesis A/S's investor relations page. Walnut is informational, not investment advice.
What does Novonesis A/S (NVZMY) do?
Novonesis (legally Novozymes A/S) makes enzymes, microbial cultures, probiotics, yeast and other biological ingredients that customers use to make products work better or with less chemistry, energy or waste. It reports two divisions. Food & Health Biosolutions (~45% of H1 2026 sales) covers Food & Beverages, such as dairy cultures, baking and brewing enzymes and plant-based solutions (EUR 748 million in H1 2026), and Human Health, including probiotics, human milk oligosaccharides (HMOs) for infant formula and protein solutions (EUR 251 million). Planetary Health Biosolutions (~55%) covers Household Care, mainly detergent enzymes (EUR 425 million), and Agriculture, Energy & Tech (EUR 811 million), which spans biofuel enzymes and yeast, feed additives, crop biologicals and industrial processing aids. Group sales were EUR 4.16 billion in 2025 and EUR 2.24 billion in the first half of 2026.
Novozymes grew out of the enzyme business of Novo Nordisk and has been a separate Copenhagen-listed company since 2000. Chr. Hansen, founded in 1874, was the leading supplier of dairy cultures and probiotics. The two combined on January 29, 2024 and took the Novonesis name, with the listed B shares now trading as NSIS B on Nasdaq Copenhagen. In June 2025 Novonesis bought dsm-firmenich's share of the Feed Enzyme Alliance, the animal-feed enzymes partnership the two had run for years, financed by a EUR 1.47 billion bridge loan that was refinanced with EUR 1.7 billion of bonds in March 2026. In 2026 it also bought Plumino Precision Fermentation in Thailand and agreed to buy the 77% of Australian yeast developer MicroBioGen it did not already own.
Novo Holdings, the investment arm of the Novo Nordisk Foundation, owns all 53.7 million A shares (20 votes each) plus ~15.8% of the B shares (2 votes each). That adds up to ~25.5% of the capital and ~63.4% of the votes at the end of 2025, so the foundation controls the company. Ester Baiget is President and CEO, and the company has more than 11,000 employees. About 70% of B shares were held outside Denmark at the end of 2025, and about 20% were held in North America.
The investment picture is about consistency. Organic growth was 8% in 2024 on a pro forma basis, 7% in 2025 and 8% in H1 2026, and the adjusted EBITDA margin has risen to 37.7%. Management raised 2026 guidance in August to 7% to 8% organic growth with the margin at the higher end of 37% to 38%, and its 2030 GROW strategy targets 6% to 9% annual organic growth and a ~39% margin. Capital spending is stepping up to 12% to 14% of sales for capacity expansion, and an inaugural EUR 1 billion buyback runs from the second half of 2026 to the end of 2029. The ADR, NVZMY, is an unsponsored Citibank program traded over the counter, so its dollar price reflects both the Copenhagen share price and the krone-dollar rate.
What's driving Novonesis A/S (NVZMY)?
1. Food & Beverages momentum
Food & Beverages is the largest single sales area and the fastest grower right now, with 11% organic growth in both H1 and Q2 2026 even after a ~4 point drag from exiting certain countries (Russia and Belarus). Novonesis credits demand for healthier food, cleaner labels and high-protein dairy, plus wider use in baking, beverages and meat. Revenue synergies from combining Novozymes' enzymes with Chr. Hansen's cultures also help, since one customer visit can now sell both. The division is guided to grow around the higher end of the group's 7% to 8% range in 2026, with a ~2 point drag from the country exits.
2. Biofuels and the Energy business
Energy, inside Agriculture, Energy & Tech, posted double-digit growth in H1 2026. Demand came from new ethanol capacity in Latin America and Asia Pacific, rising US ethanol exports, enzymes for biodiesel and customer ramp-ups of second-generation biomass ethanol. Energy demand is tied to fuel-blending policy and to how much ethanol producers run their plants, which makes it more cyclical than food. Management expects Energy to lead the sales area's growth in 2026.
3. Animal nutrition after the Feed Enzyme Alliance deal
Buying dsm-firmenich's sales and distribution of the Feed Enzyme Alliance in June 2025 gave Novonesis direct control over a feed-enzyme business it previously shared. The deal added ~3 points of reported sales growth in H1 2026 (about 7 points in Agriculture, Energy & Tech) and is expected to add ~0.25 points to the 2026 adjusted EBITDA margin. Animal had a customer inventory build in Q1 2026 that flattered growth, which management says will be neutral over the full year. Special items for 2026, including integration costs, are guided at ~EUR 50 million.
4. Human Health and HMOs
Human Health grew 10% in 2025 but only 4% in H1 2026, and management now expects only slight growth for the year. Advanced Health & Nutrition, led by HMOs for infant formula and Advanced Protein Solutions, is growing, while probiotic dietary supplements are held back by a soft North American market. HMOs carry lower gross margins than the group average, so faster HMO growth can weigh on mix even as it adds revenue.
5. Capacity investment and margins
The adjusted gross margin rose to 59.7% in H1 2026 from 58.7%, helped by pricing, productivity and scale, and the adjusted EBITDA margin rose 30 basis points to 37.7% despite currency headwinds. Cost synergies from the Chr. Hansen merger hit a 100% run rate a year early. The next phase is heavier spending: capex was 9.7% of sales in H1 and is guided at 12% to 14% for 2026 to build fermentation capacity for the 2030 plan. The 2030 targets also include doubling adjusted return on invested capital, excluding goodwill, to ~16% from the 2024 pro forma base.
6. Cash returns and the balance sheet
Novonesis paid DKK 6.50 per share for 2025 (DKK 2.25 interim and DKK 4.25 final), a payout of 58.4% of adjusted net profit, and declared a DKK 2.35 interim for H1 2026, paid August 27, 2026. The EUR 1 billion buyback starting in the second half of 2026 will mostly cancel shares, and Novo Holdings intends to sell into it to keep its ~25.5% stake. Net interest-bearing debt was EUR 2.74 billion at June 30, 2026, or 1.8 times EBITDA, and is guided at ~1.8 times at year end. S&P rates the company A- with a stable outlook.
What are the risks to Novonesis A/S (NVZMY)?
The first risk is valuation and expectations: Novonesis was worth about DKK 191 billion (~EUR 25.6 billion) at the end of 2025 against EUR 1.54 billion of 2025 adjusted EBITDA, so a slowdown from the 7% to 8% growth now guided could hurt the shares more than the business. Currency is a large swing factor, since more than a third of sales are in US dollars and a 5% move in the dollar against the euro shifts adjusted EBITDA by ~EUR 40 to 45 million a year; the 2026 outlook already includes a dollar headwind, and NVZMY holders face a second layer of translation into dollars. Several end markets are cyclical or policy-driven: ethanol demand depends on blending mandates and plant economics, crop biologicals have suffered from weak US farm incomes, and the Tech business is exposed to biopharma order timing and soft grain processing. Human Health has slowed to 4% growth on a weaker US supplements market. Integration still carries cost, with ~EUR 50 million of special items guided for 2026 tied to the Chr. Hansen merger, a new ERP system and the Feed Enzyme Alliance, and the step-up in capex to 12% to 14% of sales will weigh on free cash flow for a few years. Tariffs are a live issue: second-half 2026 growth includes a minor hit from reimbursing US tariffs to customers. Governance is concentrated, since Novo Holdings controls ~63% of votes through the A shares, so outside shareholders cannot force change. Finally, NVZMY is an unsponsored OTC ADR with thin trading, and Danish withholding tax is deducted from dividends before they reach US holders.
Is NVZMY a buy or a sell?
We give no verdict on Novonesis A/S. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Food & Beverages momentum. Food & Beverages is the largest single sales area and the fastest grower right now, with 11% organic growth in both H1 and Q2 2026 even after a ~4 point drag from exiting certain countries (Russia and Belarus).
The case against. The first risk is valuation and expectations: Novonesis was worth about DKK 191 billion (~EUR 25.6 billion) at the end of 2025 against EUR 1.54 billion of 2025 adjusted EBITDA, so a slowdown from the 7% to 8% growth now guided could hurt the shares more than the business.
Read the full bull and bear case on NVZMY, including what would have to change to break either one. Walnut is not an investment adviser.
How is Novonesis A/S (NVZMY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Novonesis A/S's investor relations page or your broker.
- Net sales (TTM to June 2026): ~EUR 4.30B
- Adjusted EBITDA (TTM): ~EUR 1.60B (37.7% H1 2026 margin)
- Net profit (TTM): ~EUR 632M
- 2026 guidance: 7% to 8% organic growth, margin at high end of 37% to 38%
- Net interest-bearing debt (June 2026): ~EUR 2.74B (1.8x EBITDA)
- Dividend (2025 total): DKK 6.50 per share
The trailing figures come from adding H1 2026 to full-year 2025 and removing H1 2025. Reported net profit is held down by purchase-price amortization from the Chr. Hansen merger and Feed Enzyme Alliance deal: adjusted net profit excluding that amortization was EUR 929 million in 2025 and EUR 507 million in H1 2026, against reported net profit of EUR 584 million and EUR 371 million. That is why diluted EPS was EUR 0.80 in H1 2026 while adjusted EPS excluding amortization was EUR 1.09. Free cash flow before acquisitions was EUR 770 million in 2025, about 19% of sales, but should be lower relative to sales while capex runs at 12% to 14%.
Who competes with Novonesis A/S (NVZMY)?
Enzyme and ingredient majors
IFF (which absorbed DuPont's Genencor enzyme business), dsm-firmenich, Kerry and AB Enzymes (part of Associated British Foods) compete in food, household care, feed and industrial enzymes. Novonesis itself benchmarks against IFF, DSM, Symrise and Givaudan as its special-ingredient peer group.
Cultures, probiotics and HMOs
In dairy cultures and probiotics the main rivals are IFF, dsm-firmenich, Sacco and Lallemand, plus a range of Chinese producers. In human milk oligosaccharides Novonesis competes with dsm-firmenich and other fermentation-based producers serving infant-formula makers.
Biofuel enzymes and yeast
In ethanol and biodiesel Novonesis competes with IFF, AB Enzymes, Lallemand and BASF, and with yeast and enzyme suppliers such as Leaf by Lesaffre. Ethanol producers can also switch between suppliers on price and yield trials.
Agricultural biologicals
Crop biologicals bring in agrochemical and seed groups with their own biological lines, including Bayer, Corteva, Syngenta and BASF, as well as specialists such as Koppert and Biotalys.
What stocks are similar to Novonesis A/S (NVZMY)?
Other names that sit close to NVZMY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Novonesis A/S (NVZMY)
There are three common ways to get NVZMY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so NVZMY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where NVZMY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Novonesis A/S (NVZMY)
NVZMY offers US investors a dollar-quoted stake in a pure-play biosolutions group built on enzymes and microbial cultures, a business whose appeal rests on consistent mid-to-high single-digit growth, wide margins and a new buyback, set against a premium valuation, currency exposure and an OTC ADR wrapper.
More on Novonesis A/S (NVZMY)
Whether NVZMY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NVZMY a buy or a sell?, and where the stock could go from here in the NVZMY stock forecast.
For income investors, whether NVZMY pays a dividend and how the payout looks is covered in does NVZMY pay a dividend? And to weigh NVZMY against a peer, read the full side-by-side comparisons: NVZMY vs IFF and NVZMY vs AB.
Wondering how NVZMY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Novonesis A/S with AI
Connect the broker you already use and ask Walnut's AI how NVZMY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is NVZMY?
+
NVZMY is the ticker for American depositary receipts of Novonesis, trading over the counter in the US. Citibank, the depositary, lists the ratio as one ADR per B share and the program as unsponsored. The underlying B shares trade on Nasdaq Copenhagen as NSIS B. The ADR kept the Novozymes-era ticker after the 2024 name change.
Is Novonesis the same as Novozymes?
+
Yes. Novozymes A/S combined with Chr. Hansen on January 29, 2024 and the merged group took the name Novonesis. The legal entity is still Novozymes A/S, which is why filings and ADR documents use that name, and the business is now run as Novonesis Group.
How do I buy Novonesis stock in the US?
+
In the US, Novonesis trades as the NVZMY ADR on the over-the-counter market, which most large brokers offer, sometimes with OTC fees or restrictions. Some brokers also allow direct trading of the Copenhagen B shares. OTC volume is usually much lower than in Copenhagen, so spreads can be wider than for an exchange-listed stock.
Does Novonesis pay a dividend?
+
Yes, twice a year. For 2025 it paid DKK 6.50 per share, made up of a DKK 2.25 interim dividend in August 2025 and a DKK 4.25 final dividend in March 2026. For the first half of 2026 it paid a DKK 2.35 interim on August 27, 2026. NVZMY holders receive dollars after currency conversion, depositary fees and Danish withholding tax.
Who owns Novonesis?
+
Novo Holdings A/S, owned by the Novo Nordisk Foundation, held ~25.5% of the share capital and ~63.4% of the votes at the end of 2025, through all of the A shares and ~15.8% of the B shares. The company had more than 100,000 shareholders, and fifty institutional investors, including Novo Holdings, held about 65% of the B shares.
When does Novonesis report earnings?
+
Novonesis reports its nine-month 2026 results on November 5, 2026. It published first-half results on August 19, 2026 and full-year 2025 results on February 25, 2026. From 2027, the company says shorter sales trading updates will replace full interim reports for the first and third quarters.
What does Novonesis make?
+
It makes enzymes, microbial cultures, probiotics, yeast and related biological ingredients. Customers use them in dairy, baking and brewing, infant formula and supplements, laundry and dishwasher detergents, ethanol and biodiesel production, animal feed, crop treatments and industrial processing. It calls these products biosolutions and reports them in Food & Health and Planetary Health divisions.
What are Novonesis's 2030 targets?
+
Under the GROW strategy launched in August 2025, Novonesis targets 6% to 9% annual organic sales growth through 2030, an adjusted EBITDA margin of ~39%, and a doubling of adjusted return on invested capital, excluding goodwill, to ~16% from a 2024 pro forma base. Higher capex for fermentation capacity is part of the plan.
Are NVZMY dividends taxed in Denmark?
+
Generally yes. Denmark withholds tax on dividends paid to foreign shareholders, and the US-Denmark tax treaty provides a lower rate for eligible US investors, sometimes only through a refund claim. How an unsponsored ADR handles this depends on the depositary's process. US holders can often claim a foreign tax credit, and a tax adviser can confirm the details.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Novonesis A/S's investor relations page or your broker before making investment decisions.