- Sales increased by 10% at constant exchange rates to USD 46.7 billion in 2025.
- Operating profit rose 6% at CER to USD 19.3 billion, despite USD 1.2 billion transformation costs.
- US FDA approved oral semaglutide 25 mg, Wegovy\u00ae pill, launched on 5 January 2026.
- 2026 adjusted sales growth expected to be -5% to -13% at CER, impacted by pricing and competition.
Financial Performance
Novo Nordisk reported a 10% increase in sales at constant exchange rates (CER), reaching USD 46.7 billion in 2025. Operating profit rose by 6% at CER to USD 19.3 billion, despite incurring USD 1.2 billion in transformation costs. Net profit increased by 1% to USD 15.5 billion, with diluted earnings per share up by 2% to USD 3.48.
Regional Sales Insights
Sales in US Operations grew by 8% at CER, aided by gross-to-net sales adjustments. International Operations saw a 14% increase at CER. Obesity and Diabetes care sales rose by 10% at CER, driven by a 31% growth in Obesity care and a 6% increase in GLP-1 diabetes sales. Rare disease sales increased by 9% at CER.
Regulatory Approvals and R&D
The US FDA approved the first oral GLP-1 for obesity, Wegovy® pill, launched on 5 January 2026. Key R&D developments included a phase 2 trial with zenagamtide showing significant weight loss and HbA1c reduction in type 2 diabetes, and the successful completion of the phase 3 trial REIMAGINE 2 with CagriSema.
2026 Outlook
Adjusted sales growth for 2026 is expected to be between -5% and -13% at CER, impacted by pricing pressures and competition. The global GLP-1 market is anticipated to expand with new treatments like Wegovy® pill. A reversal of sales rebate provisions related to the 340B Drug Pricing Program in the US will positively impact sales and operating profit.
Shareholder Returns
The Board of Directors will propose a final dividend of USD 1.20 per share for 2025, with a total expected dividend of USD 1.77. A new share repurchase program of up to USD 2.3 billion has been initiated.
