Novo Nordisk Reports 12% Sales Growth in DKK, 15% at CER, and R&D Advances in First Nine Months of 2025

Financial Performance

Novo Nordisk reported a 12% increase in sales in Danish kroner and 15% at constant exchange rates (CER) for the first nine months of 2025. Operating profit rose by 5% in Danish kroner and 10% at CER, reaching USD 14.3 billion, despite USD 1.3 billion in restructuring costs. Without these costs, operating profit would have increased by 15% in Danish kroner and 21% at CER.

Sales Breakdown

US Operations saw a 12% sales increase in Danish kroner (15% at CER), while International Operations grew by 13% in Danish kroner (16% at CER). Sales in Diabetes and Obesity care rose by 12% in Danish kroner to USD 32.2 billion (15% at CER), driven by a 37% increase in Obesity care sales to USD 9 billion (41% at CER) and a 7% rise in GLP-1 diabetes sales (10% at CER). Rare disease sales increased by 10% in Danish kroner (13% at CER).

R&D Developments

The US FDA approved Wegovy® for MASH treatment. Novo Nordisk plans to acquire Akero Therapeutics, Inc., including its phase 3 FGF21 analogue for MASH, and Omeros’ MASP-3 inhibitor zaltenibart for rare blood disorders. Additionally, Novo Nordisk submitted Mim8 for regulatory approval in the EU and US, and initiated phase 3 development of cagrilintide for weight management.

Outlook

For the full year 2025, sales growth is projected at 8-11% at CER, with operating profit growth expected at 4-7% at CER, considering a USD 1.2 billion negative impact from the transformation. Sales and operating profit growth in Danish kroner are expected to be 4 and 6 percentage points lower than at CER, respectively.