Bagsværd, Denmark, 6 August 2025 – Financial report for the period 1 January 2025 to 30 June 2025
- Operating profit increased by 25% in Danish kroner and 29% at constant exchange rates (CER) to DKK 72.2 billion.
- Sales in US Operations increased by 16% in Danish kroner (17% at CER). Sales in the US were positively impacted by gross-to-net sales adjustments related to prior years, including an adjustment related to the 340B provision of around DKK 3 billion in the second quarter of 2025. Sales in International Operations increased by 16% in Danish kroner (19% at CER).
- Sales within Diabetes and Obesity care increased by 16% in Danish kroner to DKK 145.4 billion (18% at CER), mainly driven by Obesity care growth of 56% in Danish kroner to DKK 38.8 billion (58% at CER) and GLP-1 diabetes sales growing 8% in Danish kroner (10% at CER). Rare disease sales increased by 14% measured in Danish kroner (15% at CER).
- Within R&D, Novo Nordisk will advance subcutaneous and oral amycretin into phase 3 development in weight management based on completed clinical studies during the first quarter of 2025. Further, within obesity, REDEFINE 11 has been initiated to investigate further the potential efficacy and safety of CagriSema, and semaglutide 7.2 mg (a higher dose of Wegovy®) has been submitted to the EU regulatory authorities.
- For the 2025 outlook, sales growth is now expected to be 8-14% at CER, and operating profit growth is now expected to be 10-16% at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 3 and 5 percentage points lower than at CER, respectively. The lowered sales outlook for 2025 is driven by lower growth expectations for the second half of 2025, reflecting the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition. The outlook is related to lower growth expectations for Wegovy® in the US obesity market, for Ozempic® in the US GLP-1 diabetes market as …