来源：格隆汇APP 格隆汇8月6日｜刚刚公布业绩的诺和诺德(NVO.US)夜盘拉升涨超2%，报48.29美元。诺和诺德第二季度 营收768.6亿丹麦克朗，低于市场预估的769.9亿丹麦克朗；净利润265亿丹麦克朗，低于市场预期的 270.1亿丹麦克朗。包括Ozempic和Wegovy在内的GLP-1药物总销售额为383.7亿丹麦克朗，也未达到 394.5亿丹麦克朗的预估水平。不过，其中的明星减肥药Wegovy销售额达195.3亿丹麦克朗，超过市场预 期的192亿丹麦克朗。核心的糖尿病和肥胖症护理业务总销售额为719.4亿丹麦克朗，低于730.4亿丹麦克 朗的预期。 ...

Sales of its blockbuster Wegovy obesity drug rose 67% over the period to 19.53 billion Danish kroner, slightly below the 20 billion Danish kroner analysts had forecast. Quarterly net profit came in at 26.5 billion Danish kroner, versus 26.6 billion Danish kroner analysts expected. Boxes of Ozempic and Wegovy made by Novo Nordisk at a pharmacy in London on March 8, 2024. Sales of Novo Nordisk's blockbuster Wegovy weight loss drug surged in the second quarter, the company said in its latest report, days after ...

Financial Performance - Novo Nordisk's second-quarter earnings rose less than expected [1] Market Dynamics - The company is facing competition in the crucial US market for obesity drugs [1]

诺和诺德第二季度销售额768.6亿丹麦克朗，市场预估769.9亿丹麦克朗。第二季度净利润265.0亿丹麦克 朗，市场预期270.1亿丹麦克朗。第二季度Wegovy销售额达195.3亿丹麦克朗，市场预期192亿丹麦克 朗。诺和诺德表示，目前预计全年自由现金流将达到350亿至450亿丹麦克朗。诺和诺德预计，未来几年 资本支出占销售额的比例将维持在低双位数区间（即10%-15%左右）。诺和诺德仍预计按固定汇率计 算，全年销售额增长8%至14%。诺和诺德仍预计按固定汇率计算，全年营业利润增长10%至16%。 ...

格隆汇8月6日｜诺和诺德(NVO.US)：第二季度营收768.6亿丹麦克朗，上半年营收1549.44亿丹麦克朗； 上半年营业利润722.4亿丹麦克朗；上半年净利润555.37亿丹麦克朗。 来源：格隆汇APP ...

诺和诺德：预计将在2025年第三季度围绕我们的药物Wegovy的适应症做出监管决定。 ...

Wegovy销售额达195.3亿丹麦克朗，市场预期192亿丹麦克朗。 更多消息，持续更新中…… 风险提示及免责条款 8月6日，诺和诺德公布第二季度财务数据： 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 销售额768.6亿丹麦克朗，市场预估769.9亿丹麦克朗。 ...

Core Viewpoint - The competitive advantage of Novo Nordisk established by semaglutide has been significantly diminished due to the emergence of Eli Lilly's tirzepatide, leading to a major downward revision of its 2025 performance guidance and a substantial decline in its market value [1][10][12]. Group 1: Company Performance - Novo Nordisk lowered its 2025 sales growth forecast from 16%-24% to 8%-14%, and profit growth from 19%-27% to 10%-16% [13][14]. - Following the guidance revision, Novo Nordisk's stock price dropped over 30% within four trading days, resulting in a market capitalization loss exceeding $60 billion [1][12]. - The company's market value has decreased by nearly $400 billion over the past year [1]. Group 2: Market Dynamics - The era of unlimited growth for GLP-1 drugs is coming to an end, with the market entering a phase of intense competition [1][16]. - Eli Lilly's tirzepatide has gained significant traction, quickly becoming a preferred option due to its superior weight loss efficacy compared to semaglutide [18][19]. - In the last quarter of 2024, tirzepatide surpassed Wegovy in weekly prescriptions in the U.S., indicating a shift in market leadership [19][20]. Group 3: Strategic Missteps - Novo Nordisk's conservative strategy of limiting demand for its products, such as withholding low-dose starter packs, has backfired, leading to supply shortages and a loss of market share [14][15]. - The company has been slow to adapt its commercialization strategy, lagging behind Eli Lilly in direct-to-consumer initiatives [15][20]. - Novo Nordisk's diversified strategy across multiple markets has diluted its focus, resulting in slower growth in key markets like the U.S. [15][22]. Group 4: Future Outlook - Eli Lilly is actively exploring new drug candidates and expanding its production capabilities, positioning itself for continued growth in the GLP-1 market [20][22]. - Novo Nordisk's future product pipeline, including CagriSema and Amycretin, faces challenges in meeting market expectations and achieving competitive advantages [23][24]. - The competitive landscape is shifting, with Eli Lilly's aggressive strategies and innovative approaches threatening Novo Nordisk's market position [18][24].

Core Insights - The company reported a net sales increase of 16% in H1 2025 compared to H1 2024, reaching DKK 154.9 billion, with an operating profit growth of 25% to DKK 72.2 billion [2][4] - Despite strong sales growth, the company has lowered its full-year outlook due to reduced growth expectations for GLP-1 treatments in the second half of 2025 [3][4] - The company is focusing on enhancing commercial execution and ensuring cost efficiencies while continuing to invest in future growth opportunities [3][4] Financial Performance - Net sales for H1 2025 were DKK 154,944 million, up from DKK 133,409 million in H1 2024, representing a 16% increase [2] - Operating profit rose to DKK 72,240 million, a 25% increase from DKK 57,780 million in the previous year [2] - Net profit increased by 22% to DKK 55,537 million from DKK 45,457 million [2] Sales Breakdown - Sales in US Operations increased by 16% in Danish kroner, positively impacted by gross-to-net sales adjustments, including a DKK 3 billion adjustment in Q2 2025 [4] - Sales in International Operations also grew by 16% in Danish kroner [4] - Sales within Diabetes and Obesity care rose by 16% to DKK 145.4 billion, driven by a 56% increase in Obesity care sales to DKK 38.8 billion [4] Research and Development - The company plans to advance subcutaneous and oral amycretin into phase 3 development for weight management [4] - REDEFINE 11 has been initiated to further investigate the efficacy and safety of CagriSema, and a higher dose of semaglutide has been submitted to EU regulatory authorities [4] Outlook - The sales growth outlook for 2025 is now expected to be 8-14% at constant exchange rates, with operating profit growth expected at 10-16% [4] - The lowered outlook is attributed to slower-than-expected market expansion and competition in the GLP-1 treatment space [4] Leadership Changes - Maziar Mike Doustdar will succeed Lars Fruergaard Jørgensen as president and CEO, effective 7 August 2025 [4] - The company will consolidate its research and development areas under Martin Holst Lange's leadership [4]

Core Insights - The company reported a strong financial performance for H1 2025, with net sales increasing by 16% to DKK 154.9 billion and operating profit rising by 25% to DKK 72.2 billion, although it has lowered its full-year growth outlook due to anticipated slower growth in GLP-1 treatments in H2 2025 [2][4] Financial Performance - Net sales for H1 2025 reached DKK 154,944 million, up from DKK 133,409 million in H1 2024, reflecting a growth of 16% as reported and 18% at constant exchange rates (CER) [2] - Operating profit increased to DKK 72,240 million, a 25% rise from DKK 57,780 million in H1 2024, with a 29% increase at CER [2][4] - Net profit for H1 2025 was DKK 55,537 million, compared to DKK 45,457 million in H1 2024, marking a 22% increase [2] - Diluted earnings per share rose to DKK 12.49, up 23% from DKK 10.17 in H1 2024 [2] Sales Breakdown - Sales in US Operations grew by 16% in Danish kroner and 17% at CER, positively impacted by gross-to-net sales adjustments, including a DKK 3 billion adjustment related to the 340B provision in Q2 2025 [4] - International Operations also saw a 16% increase in sales in Danish kroner and 19% at CER [4] - Sales in Diabetes and Obesity care rose by 16% to DKK 145.4 billion, driven by a 56% increase in Obesity care sales to DKK 38.8 billion and an 8% increase in GLP-1 diabetes sales [4] Research and Development - The company plans to advance subcutaneous and oral amycretin into phase 3 development for weight management and has initiated REDEFINE 11 to investigate the efficacy and safety of CagriSema [4] - A higher dose of Wegovy® (semaglutide 7.2 mg) has been submitted to EU regulatory authorities [4] Outlook - The sales growth outlook for 2025 has been revised to 8-14% at CER, with operating profit growth expected to be 10-16% at CER, reflecting a decrease of 3 and 5 percentage points in reported growth in Danish kroner, respectively [4] - The lowered outlook is attributed to reduced growth expectations for Wegovy® and Ozempic® in the US and select international markets, as well as competition and slower market expansion [4] Leadership Changes - Maziar Mike Doustdar will succeed Lars Fruergaard Jørgensen as president and CEO, effective 7 August 2025, with Martin Holst Lange consolidating R&D areas and Emil Kongshøj Larsen succeeding Doustdar as executive vice president of International Operations [4]