In Q1'26, Novo Nordisk's (NVO) total operating expenses reached $23.5B USD, comprising $10.3B USD in R&D expenses and $13.2B USD in SG&A expenses, reflecting a decline from the prior quarter's $32.1B USD total. From Q2'23 to Q1'26, R&D expenses exhibited volatile growth, surging from $7.1B USD to a peak of $16.2B USD in Q2'24 before stabilizing around $10-15B USD, while SG&A expenses showed steady increases from $15.4B USD to highs near $20B USD in Q4'24 and Q2'25, with overall operating expenses trending upward by approximately 50% over the period amid fluctuating quarterly patterns.