- Operating profit decreased by 1% in DKK, increased by 6% at CER to DKK 127.7 billion.
- US FDA approved oral semaglutide 25 mg for obesity, launched as Wegovy\u00ae pill on 5 January 2026.
- 2026 adjusted sales growth expected to be -5 to -13% at CER, impacted by pricing and competition.
- Board proposes final dividend of DKK 7.95 per share for 2025, with a new share repurchase program up to DKK 15 billion.
Financial Performance
Novo Nordisk's sales increased by 6% in Danish kroner and 10% at constant exchange rates (CER) to DKK 309.1 billion in 2025. Operating profit decreased by 1% in Danish kroner but rose 6% at CER to DKK 127.7 billion. The decrease was due to transformation costs of around DKK 8 billion. Without these costs, operating profit would have increased by 6% in Danish kroner and 13% at CER.
Regional Sales Insights
Sales in US Operations grew by 3% in Danish kroner and 8% at CER, aided by gross-to-net sales adjustments. International Operations saw a 10% increase in Danish kroner and 14% at CER. Obesity and Diabetes care sales rose by 7% in Danish kroner to DKK 289.5 billion, driven by a 26% growth in Obesity care and a 2% increase in GLP-1 diabetes sales. Rare disease sales increased by 5% in Danish kroner and 9% at CER.
Regulatory Approvals and R&D
On 22 December, the US FDA approved the first oral GLP-1 for obesity, semaglutide 25 mg, branded as Wegovy® pill, launched on 5 January 2026. Key R&D developments include 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 -5 to -13% at CER, impacted by pricing pressures and competition. The Board proposes a final dividend of DKK 7.95 per share for 2025 and a new share repurchase program up to DKK 15 billion.
