Novo Nordisk has reported strong financial results for the first nine months of 2025, with sales rising by 12% and operating profit increasing by 5% year-on-year.
Sales across the company’s international operations grew by 13% in Danish kroner and by 13% at constant exchange rates (CER), while sales in the US rose by 12% in kroner (15% at CER).
Global operating profit climbed by 5% in kroner (10% at CER) to DKK95.9bn. Novo Nordisk noted that this figure was affected by a one-off restructuring charge of approximately DKK9bn, aimed at streamlining operations to support reinvestment and future growth. Excluding this cost, operating profit would have increased by 15% in kroner and 21% at CER.
The company cautioned, however, that full-year growth in sales and operating profit reported in kroner is now expected to be 4% and 6% lower, respectively, than at CER. The revised guidance reflects an anticipated slowdown in the growth of GLP-1 treatments, particularly in the diabetes and obesity segments.
Sales across Novo Nordisk’s obesity, diabetes and rare diseases therapy areas all increased during the period. Diabetes and obesity care sales rose by 12% to DKK215.7bn (15% at CER), driven by obesity care treatments, which grew by 37% in kroner to DKK59.9bn (41% at CER). GLP-1 treatments for diabetes grew by 7% in kroner (10% at CER), while rare disease sales also increased by 10% in kroner (13% at CER).
In R&D, Novo Nordisk reported significant pipeline progress. The US Food and Drug Administration (FDA) approved Wegovy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), while regulatory submissions for the haemophilia therapy Mim8 were made in both the EU and US.
The company also expanded its pipeline through acquisitions, including Akero Therapeutics and its phase 3 FGF21 analogue for MASH, and Omeros’ MASP-3 inhibitor zaltenibart, which is in clinical development for rare blood disorders. Novo Nordisk’s first-in-class amylin monotherapy for weight management, cagrilintide, entered phase 3 development during the period.
Mike Doustdar, president and CEO, said: “Our company-wide transformation has already driven operational efficiencies, and we have a renewed focus that can deliver a range of potential treatment options that will serve millions more patients, mainly in obesity.
“While we delivered robust sales growth in the first nine months of 2025, the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance. We agreed to acquire Akero Therapeutics, adding a potential first-and-best-in-class asset within F4 in MASH, and initiated our phase 3 programme with cagrilintide for weight management.
Novo Nordisk also announced in October that the Board of Directors will hold an extraordinary general meeting in November to elect new members.