Novo Nordisk A-s Stock Earnings Reports

Key points for investors: Novo Nordisk reported 15% sales growth and 10% operating profit growth (first 9 months of 2025, at constant exchange rates) but narrowed full‑year guidance because of weaker-than-expected GLP‑1 growth in diabetes and obesity. Management announced a company-wide transformation expected to reduce ~9,000 positions and deliver ~DKK 8 billion in annual savings by end‑2026 to redeploy into diabetes, obesity and related R&D/commercial priorities. Commercially, GLP‑1 diabetes sales grew while obesity care grew strongly (Wegovy +41% overall, +25% U.S.), but Novo is losing share in a rapidly intensifying competitive market and sees continued pressure from compounding in the U.S. (estimated >1m patients on compounded GLP‑1). Key R&D and BD progress: Rybelsus received CV indication (SOUL); Mim8 submitted for hemophilia A; Akero (efruxifermin) and Omeros (zaltenibart) deals announced to bolster NASH and rare disease pipelines; an updated proposal for Metsera was submitted to broaden obesity pipeline (monthly GLP‑1 and amylin assets). Important near‑term milestones include potential FDA decision on a Wegovy oral pill (expected later this year), several Phase II/III readouts (CagriSema REIMAGINE/RENEW programs, REDEFINE follow‑ups), and other late‑stage readouts into 2026. Financial details and pressures: DKK 9 billion restructuring expense booked in Q3; gross margin fell to 81.0% (from 84.6%) influenced by one‑offs and impairments; operating profit adjusted for restructuring rose strongly but reported operating profit growth was moderated. Full‑year 2025 outlook: sales growth 8–11% CER, operating profit growth 4–7% CER (guidance narrowed reflecting GLP‑1 headwinds, restructuring costs and BD activity). Risks highlighted: intensifying competition, semaglutide compound LOE in certain markets (low single‑digit negative impact expected in 2026), Medicaid/Medicare coverage and IRA/MFP impacts in the U.S., and continuing compounding activity.