Novo Nordisk A/S (NYSE:NVO) on Wednesday reported third-quarter 2025 sales of roughly $11.75 billion (74.98 billion Danish kroner), slightly below the consensus of $11.88 billion.
Sales increased by 5% in Danish kroner and 11% at constant currency. GLP-1 diabetes sales increased by 11% to 36.74 billion Danish kroner, and Obesity care sales increased by 18% to 21.11 billion Danish kroner.
Insulin sales increased by 1% to 11.99 billion Danish kroner, and Rare disease sales increased by 9% to 4.72 billion Danish kroner.
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Operating profit decreased by 30% to 23.68 billion Danish kroner and by 21% at constant exchange rate (CER), impacted by one-off restructuring costs of around 9 billion Danish kroner. Operating margin fell from 47.4% to 31.6%.
Had Novo Nordisk not incurred such restructuring costs, operating profit would have decreased by 2% in Danish kroner and increased by 7% at CER.
The weight loss drug maker reported earnings of $1.03 per share (4.50 Danish kroner), beating the consensus of 77 cents. Adjusted net profit increased by 5% to 29.18 billion Danish kroner.
Ozempic sales increased 9% to 30.74 billion Danish kroner, and Wegovy sales jumped 23% to 20.35 billion Danish kroner.
Outlook
For the full-year 2025 outlook, Novo Nordisk revised sales growth guidance to be 8-11% at CER, with operating profit growth now expected to be 4-7% also at CER, including a negative impact of around 8 billion Danish kroner from the company-wide transformation.
In the second quarter, the company reiterated the lowered guidance in July of sales growth of 8-14% at CER, and operating profit growth of 10-16% at CER.
Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 6 percentage points lower than at CER, respectively.
The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk’s GLP-1 treatments within diabetes and obesity.
“…the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance,” said Mike Doustdar, president and CEO.
“…We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets,” Doustdar added.
Novo Nordisk said it accepted the U.S. Inflation Reduction Act’s Maximum Fair Price (MFP) for Ozempic, Rybelsus, and Wegovy in Medicare Part D, effective as of January 2027. Price remains undisclosed
The company also said that if it applied starting in 2025, the estimated direct impact would have been a negative, low single-digit impact on 2025 sales growth.
Pipeline Update
The U.S. Food and Drug Administration rejected Novo Nordisk’s submission of Wegovy (semaglutide 2.4 mg) in the multi-dose PDS290 device. The FDA recommended the co-existence of the multi-dose pen with the single-dose pen already on the market.
In October 2025, Novo Nordisk submitted a variant application for semaglutide 7.2 mg (a higher dose of Wegovy) to the European Medicines Agency for the existing marketing authorisation for Wegovy in a single-dose pen.
Novo Nordisk still expects approval for the label extension application for semaglutide 7.2 mg in early 2026, as well as the approval of semaglutide 7.2 mg in a single-dose pen during the second half of 2026.
Wegovy is currently approved in the EU at doses up to 2.4 mg for obesity.
Oral semaglutide 25 mg (Wegovy pill) was submitted to the EU regulatory authorities in September.
In September and October, Novo Nordisk submitted Mim8, an investigational prophylaxis treatment for haemophilia A with or without inhibitors, for regulatory approval in the U.S. and in the EU.
Price Action: NVO stock was trading higher by 2.40% to $49.41 premarket at last check Wednesday.
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