Novo Nordisk Reports Strong Operating Profit and Sales Growth, Updates 2025 Outlook
Novo Nordisk announced a 22% increase in operating profit in Danish kroner, or 20% growth at constant exchange rates (CER), reaching DKK 38.8 billion.
Sales in the US operations rose by 20% in Danish kroner (17% at CER), while international operations saw an 18% increase in Danish kroner (19% at CER).
Within the Diabetes and Obesity care segment, sales climbed 21% in Danish kroner to DKK 73.5 billion (19% at CER), primarily driven by remarkable growth in obesity care, which surged 67% in Danish kroner (65% at CER) to DKK 18.4 billion. Sales of GLP-1 diabetes treatments grew 13% in Danish kroner (11% at CER). Meanwhile, sales in the Rare Disease segment increased by 5% in Danish kroner (3% at CER).
On the R&D front, Novo Nordisk successfully completed the REDEFINE 2 trial, where CagriSema showed superior weight loss of 15.7% in adults with obesity or overweight and type 2 diabetes. The company still plans to file for the first regulatory approval of CagriSema in the first quarter of 2026.
Additionally, Novo Nordisk submitted oral semaglutide 25 mg for obesity for regulatory review by the US FDA. Once-weekly semaglutide 2.4 mg for MASH (metabolic dysfunction-associated steatohepatitis) has also been submitted for approval in both the EU and US, receiving priority review status in the US.
Looking ahead to 2025, Novo Nordisk now expects sales growth of 13–21% at CER and operating profit growth of 16–24% at CER. However, reported growth in Danish kroner is expected to be 3 and 5 percentage points lower, respectively, due to currency effects. The revised sales outlook reflects slower-than-anticipated uptake of branded GLP-1 treatments in the US, impacted by compounded GLP-1 products. Novo Nordisk is actively working to curb unlawful compounding practices and expand access to its therapies in the US.
With approximately 1 billion people worldwide living with obesity but only a few million receiving treatment, Novo Nordisk remains committed to the global expansion of Wegovy®.
| PROFIT AND LOSS | Q1 2025 | Q1 2024 | Growth as reported | Growth at CER* |
| DKK million | ||||
| Net sales | 78,087 | 65,349 | 19% | 18% |
| Operating profit | 38,791 | 31,846 | 22% | 20% |
| Net profit | 29,034 | 25,407 | 14% | N/A |
| Diluted earnings per share (in DKK) | 6.53 | 5.68 | 15% | N/A |
| * CER: Constant exchange rates (average 2024). |
Lars Fruergaard Jørgensen, President and CEO, commented:
“In the first quarter of 2025, we achieved strong sales growth of 18% and continued to expand the reach of our innovative GLP-1 treatments. Despite this momentum, we have revised our full-year outlook downward due to lower-than-expected branded GLP-1 penetration, primarily driven by the rapid rise of compounding activities in the U.S. We remain actively focused on addressing unlawful and unsafe compounding practices while working to enhance patient access to our GLP-1 therapies.
On the R&D front, we are pleased to have completed the final pivotal trial for our next-generation obesity treatment, CagriSema. Additionally, we have filed for U.S. approval of oral semaglutide 25 mg, which has the potential to become the first oral GLP-1 treatment for obesity.”
About Novo Nordisk
Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk’s B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO).
