Imagine a world where a leading healthcare company is not just growing, but actively reshaping itself to tackle some of the most pressing health challenges of our time. Well, that's precisely what's happening at Novo Nordisk. But here's where it gets interesting: While the company is celebrating significant sales increases, they're also facing some headwinds that are causing them to adjust their expectations. Let’s delve into the details of Novo Nordisk's financial report for the first nine months of 2025.
The Big Picture: Growth and Transformation
Novo Nordisk, a global healthcare giant with a rich history dating back to 1923, announced a robust 12% increase in sales (in Danish kroner) and an even more impressive 15% increase at Constant Exchange Rates (CER) for the period spanning January 1, 2025, to September 30, 2025. This demonstrates the company's continued strong performance in the global pharmaceutical market. CER is a crucial metric because it eliminates the impact of currency fluctuations, providing a clearer picture of the company's underlying business performance.
However, this growth story comes with a twist. The company is undergoing a significant, company-wide transformation aimed at streamlining operations and reinvesting for future growth. This restructuring, while strategically important, has resulted in one-off costs that impacted the bottom line.
Key Financial Highlights:
- Operating Profit: Operating profit saw a 5% increase in Danish kroner and a 10% increase at CER, reaching DKK 95.9 billion. But here's the catch: This figure was impacted by approximately DKK 9 billion in restructuring costs related to the company's transformation. Without these costs, operating profit would have surged by a remarkable 15% in Danish kroner and 21% at CER. This highlights the substantial potential for future profitability once the restructuring is complete. Think of it like renovating your house – it's disruptive and costly upfront, but you expect a much better living space afterward.
- Regional Performance: Sales in US Operations climbed by 12% in Danish kroner (15% at CER), boosted by gross-to-net sales adjustments. International Operations also performed strongly, with a 13% increase in Danish kroner (16% at CER).
- Therapeutic Areas: The Diabetes and Obesity care segment, a cornerstone of Novo Nordisk's business, witnessed a 12% increase in sales (DKK 215.7 billion) in Danish kroner (15% at CER). Obesity care was a major driver, experiencing a substantial 37% increase in Danish kroner (41% at CER). GLP-1 diabetes sales also contributed, growing by 7% in Danish kroner (10% at CER). Rare disease sales also showed a healthy increase of 10% in Danish kroner (13% at CER).
Innovation Pipeline: Expanding Treatment Horizons
Novo Nordisk isn't just focused on current sales; they're heavily investing in the future. The report highlights significant progress in their Research and Development (R&D) pipeline:
- Wegovy® for MASH: The US FDA approved Wegovy® for the treatment of MASH (Metabolic Dysfunction-Associated Steatohepatitis), previously known as NASH (Non-Alcoholic Steatohepatitis), a serious liver disease. This approval marks a significant milestone in addressing this growing health concern.
- Strategic Acquisitions: Novo Nordisk agreed to acquire Akero Therapeutics, Inc., gaining access to its phase 3 FGF21 analogue for MASH, and Omeros’ clinical-stage MASP-3 inhibitor zaltenibart within Rare blood disorders. These acquisitions demonstrate Novo Nordisk's commitment to expanding its portfolio through strategic partnerships and innovative therapies.
- Mim8 Submission: Within Rare diseases, Novo Nordisk submitted Mim8 for regulatory approval in both the EU and the US. This underscores the company's dedication to developing treatments for rare and underserved patient populations.
- Cagrilintide Phase 3: The development of cagrilintide, a potential first-in-class amylin monotherapy for weight management, entered phase 3. This could revolutionize weight management by offering a novel treatment option.
Revised Outlook: Navigating Market Dynamics
Despite the strong performance in many areas, Novo Nordisk has adjusted its full-year 2025 outlook. Sales growth is now projected to be 8-11% at CER, while operating profit growth is expected to be 4-7% at CER. This revised guidance includes an anticipated negative impact of around DKK 8 billion from the company-wide transformation. The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk's GLP-1 treatments within diabetes and obesity. This could be due to increased competition, pricing pressures, or other market factors. Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 6 percentage points lower than at CER, respectively.
Governance Update:
In October 2025, Novo Nordisk's Board of Directors announced an extraordinary general meeting to elect new board members, scheduled for November 14, 2025. This reflects the ongoing evolution of the company's leadership and governance structure.
CEO's Perspective:
Mike Doustdar, president and CEO, emphasized the operational efficiencies driven by the company-wide transformation and the renewed focus on serving millions more patients, particularly in obesity. He acknowledged the robust sales growth but also highlighted the narrowing of the guidance due to lower growth expectations for GLP-1 treatments. Doustdar underscored the strategic acquisitions and the initiation of the cagrilintide phase 3 program, emphasizing the company's commitment to accelerate innovation and compete effectively in dynamic markets.
Financial Summary:
| | 9M 2025 | 9M 2024 | Growth as reported | Growth at CER* |
| :---------------------------- | :-------- | :-------- | :------------------ | :------------- |
| Net sales (DKK million) | 229,920 | 204,720 | 12% | 15% |
| Operating profit (DKK million) | 95,922 | 91,602 | 5% | 10% |
| Net profit (DKK million) | 75,543 | 72,758 | 4% | N/A |
| Diluted earnings per share (in DKK) | 16.99 | 16.29 | 4% | N/A |
*CER: Constant exchange rates (average 2024).
Looking Ahead:
Novo Nordisk is clearly navigating a complex landscape. The company is investing heavily in its future while simultaneously managing the challenges of a rapidly evolving market. The focus on obesity care, strategic acquisitions, and innovative R&D programs positions Novo Nordisk for continued growth, but the revised outlook suggests that the path forward may not be without its bumps.
Earnings Call Information:
An earnings call was held on November 5, 2025, providing further insights into the company's performance and outlook. Investors could access the webcast via Novo Nordisk's website.
About Novo Nordisk:
As a leading global healthcare company, Novo Nordisk is dedicated to driving change to defeat serious chronic diseases, with a primary focus on diabetes. With a global presence and a commitment to scientific breakthroughs, the company aims to expand access to medicines and ultimately prevent and cure diseases.
Contact Information:
For further information, media and investors can reach out to the listed contacts at Novo Nordisk.
Company Announcement:
This information is based on Company announcement No 31 / 2025.
So, what are your thoughts on Novo Nordisk's strategy? Do you believe their investments in obesity care and strategic acquisitions will pay off in the long run? Or do you think the challenges in the GLP-1 market will continue to be a significant headwind? Share your opinions in the comments below! Also, is it ethical for pharmaceutical companies to focus so heavily on weight management when access to basic healthcare is still a challenge for many? Let's discuss!
