FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333-82318 NOVO NORDISK A/S (Exact name of Reg ...

Core Insights - The global GLP-1 market experienced over 30% growth in 2025, with Novo Nordisk's U.S. operations growing by 8% and international operations by 14% [1] - Novo Nordisk's obesity care sales surged from DKK 6 billion in 2019 to DKK 82 billion in 2025, expanding its reach to an additional 16 million people since 2019 [3] - The company reported a 10% sales growth and a 6% operating profit growth in 2025 at constant exchange rates, marking the end of strategic aspirations set in 2019 [4] Sales and Market Performance - International operations saw a 44% volume growth in GLP-1 products in 2025, maintaining a 62% volume market share [6] - U.S. GLP-1 diabetes care sales increased by 5% in 2025, driven by Ozempic uptake, with weekly prescriptions around 610,000 [7] - The Wegovy pill, launched in the U.S. on January 5, 2025, was characterized as a first-in-class oral GLP-1 for weight management, with early prescription levels reaching about 50,000 in the week ending January 23 [8][9] Product Launches and Pipeline - The Wegovy pill is available at over 70,000 retail pharmacies and through telehealth partners, with commercial coverage progressing through major insurers [9] - Injectable Wegovy sales in the U.S. increased by 16% in 2025, with approximately 230,000 weekly prescriptions noted [10] - The company is advancing its pipeline, with a Phase 3 readout for CagriSema showing superior A1c reduction and weight loss compared to semaglutide [12][13] Financial Outlook - The gross margin for 2025 fell to 81% from 84.7% in 2024, impacted by restructuring costs and amortization related to acquisitions [15] - For 2026, adjusted sales growth is expected to decline by 5% to 13%, attributed to lower realized prices and loss of exclusivity for semaglutide in certain markets [16] - Novo Nordisk anticipates free cash flow of DKK 35-45 billion in 2026 and plans a total dividend of DKK 11.70 for 2025, marking a 2.6% increase [17]

Novo Nordisk shares tumbled 16% on Wednesday, wiping off around $50 billion from the Wegovy maker's market capitalization after it warned on Tuesday its sales and profits would fall in 2026. ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a 10% sales growth and a 6% operating profit growth, with obesity care sales increasing from DKK 6 billion in 2019 to DKK 82 billion in 2025 [4][10] - The gross margin decreased to 81% from 84.7% in 2024, influenced by amortizations and restructuring costs [34] - Operating profit decreased by 1% in DKK but increased by 6% at constant exchange rates, reflecting higher sales and distribution costs [34] Business Line Data and Key Metrics Changes - GLP-1 sales in diabetes increased by 6%, with U.S. operations growing by 5% and international operations by 7% [10] - Obesity care sales surged by 31%, driven by both U.S. operations (15% growth) and international operations (73% growth) [10] - Rare disease sales increased by 9%, primarily due to the uptake of rare endocrine disorder products [11] Market Data and Key Metrics Changes - The global GLP-1 market grew over 30% in 2025, with Novo Nordisk maintaining a 62% volume market share in GLP-1 products [10][12] - In China, GLP-1 diabetes sales decreased by 5%, negatively impacted by wholesaler inventory movements [12] - Wegovy sales reached DKK 28 billion in 2025, growing 134% after being launched in 35 new countries [13] Company Strategy and Development Direction - The company is focusing on core therapeutic areas of obesity and diabetes, with plans to expand obesity and diabetes markets through new online channels and partnerships [4][10] - The company aims to introduce new strategic aspirations in September 2026, following the conclusion of the 2025 strategic aspirations [43][44] - The company is investing in expanding manufacturing capacity and R&D pipeline, with around DKK 60 billion allocated for manufacturing and DKK 30 billion for R&D [35][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant challenges in 2025 but emphasized resilience and commitment to meet unmet needs in diabetes, obesity, and rare diseases [43] - The company anticipates pricing headwinds in 2026 but aims to pursue volume opportunities in obesity and diabetes [6][39] - The outlook for 2026 includes expected sales growth of -5% to -13% at constant exchange rates, influenced by competitive dynamics and pricing strategies [39][40] Other Important Information - The company returned over DKK 300 billion to shareholders since 2019, with a proposed final dividend of DKK 7.95 for 2025 [4][37] - Changes in the executive management team were announced, with new appointments expected to enhance leadership capabilities [6][9] Q&A Session Summary Question: Guidance breakdown between volumes and price - The company indicated that the U.S. sales decline is driven by price reductions and investments in market access, with expectations for mid-single-digit growth in international operations [47][50] Question: Medicare unlock speed - Management expects a gradual ramp-up in Medicare Part D coverage for Wegovy, with limited benefits anticipated in 2026 and a larger impact expected in 2027 [52] Question: Supply risk for Wegovy pill - The company is monitoring supply capabilities to meet demand for the Wegovy pill, with current capacity expected to service demand through the year [83] Question: CagriSema and REDEFINE 4 trial - Management clarified that REDEFINE 4 is designed to compare CagriSema and tirzepatide, with flexible dosing similar to previous trials [77]

Financial Data and Key Metrics Changes - In 2025, Novo Nordisk achieved a 10% sales growth and a 6% operating profit growth, with obesity care sales increasing from DKK 6 billion in 2019 to DKK 82 billion in 2025 [4][10] - The gross margin decreased to 81% from 84.7% in 2024, influenced by amortizations and restructuring costs [34] - Operating profit decreased by 1% in DKK but increased by 6% at constant exchange rates, reflecting higher sales and distribution costs [34][35] Business Line Data and Key Metrics Changes - GLP-1 sales in diabetes increased by 6%, with U.S. operations growing by 5% and international operations by 7% [10] - Obesity care sales surged by 31%, with U.S. operations growing by 15% and international operations by 73%, primarily driven by Wegovy [10][11] - Rare disease sales increased by 9%, with U.S. operations growing by 7% and international operations by 10%, mainly due to the uptake of Sogroya [11] Market Data and Key Metrics Changes - The global GLP-1 market grew over 30% in 2025, with Novo Nordisk maintaining a 62% volume market share in GLP-1 products [10][12] - Wegovy sales reached DKK 28 billion in 2025, growing 134%, and was launched in 35 new countries [13] - In China, GLP-1 diabetes sales decreased by 5%, negatively impacted by wholesaler inventory movements [12] Company Strategy and Development Direction - Novo Nordisk is focusing on core therapeutic areas of obesity and diabetes, with plans to expand the obesity and diabetes markets through new online channels and partnerships [4][10] - The company aims to introduce new strategic aspirations at the Capital Markets Day in September 2026 [43][44] - The company is investing in expanding manufacturing capacity and R&D pipeline, with around DKK 60 billion allocated for manufacturing and DKK 30 billion for R&D [35][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant challenges in 2025 but emphasized resilience and commitment to meet unmet needs in diabetes, obesity, and rare diseases [43] - The 2026 guidance reflects expectations of pricing headwinds and a potential sales decline in U.S. operations, while anticipating continued growth in international operations [39][40] - The company expects to benefit from the Medicare Part D coverage for Wegovy starting mid-2026, but anticipates a gradual ramp-up in uptake [51][52] Other Important Information - Changes in the executive management team were announced, with new appointments for U.S. Operations and Product and Portfolio Strategy [6][9] - The company returned around DKK 52 billion to shareholders in dividends, marking the thirtieth consecutive year of increasing dividends per share [36][37] Q&A Session Summary Question: Guidance breakdown between volumes and price - Management explained that the U.S. sales decline is driven by price reductions and investments in market access, with expectations for volume growth despite lower prices [50][51] Question: Speed of Medicare unlock - Management anticipates a gradual ramp-up in Medicare Part D coverage for Wegovy, with limited benefits expected in 2026 and a larger impact in 2027 [52] Question: Changes in guidance from previous quarters - Management clarified that the guidance reflects the latest market trends and insights, including the encouraging early uptake of the Wegovy pill [58][59] Question: Supply risk for Wegovy pill - Management confirmed that they are monitoring supply levels closely to meet demand, especially given the strong launch of the Wegovy pill [83] Question: CagriSema and REDEFINE 4 trial insights - Management reiterated that REDEFINE 4 will provide insights into CagriSema's weight loss potential, with further data expected from REDEFINE 11 [78]

Financial Data and Key Metrics Changes - In 2025, Novo Nordisk achieved a 10% sales growth and a 6% operating profit growth, with obesity care sales increasing from DKK 6 billion in 2019 to DKK 82 billion in 2025 [4][11] - The gross margin decreased to 81% from 84.7% in 2024, impacted by amortizations and restructuring costs [35][36] - Operating profit decreased by 1% in DKK but increased by 6% at constant exchange rates, reflecting higher sales and distribution costs [35][36] Business Line Data and Key Metrics Changes - GLP-1 sales in diabetes increased by 6%, with U.S. operations growing by 5% and international operations by 7% [11] - Obesity care sales surged by 31%, driven by both U.S. operations (15% growth) and international operations (73% growth) [11] - Rare disease sales increased by 9%, primarily due to the uptake of Sogroya [12] Market Data and Key Metrics Changes - The global GLP-1 market grew over 30% in 2025, with Novo Nordisk maintaining a 62% volume market share in GLP-1 products [11][12] - Wegovy sales reached DKK 28 billion in 2025, growing 134% after being launched in 35 new countries [13] - In China, GLP-1 diabetes sales decreased by 5%, negatively impacted by wholesaler inventory movements [12] Company Strategy and Development Direction - Novo Nordisk is focusing on core therapeutic areas of obesity and diabetes, with plans to expand into new online channels and partnerships [4][13] - The company aims to introduce new strategic aspirations at the Capital Markets Day in September 2026 [44] - The company is committed to innovation and expanding access to therapies, treating nearly 46 million people with its medicines [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledged pricing headwinds for 2026 but emphasized pursuing volume opportunities in obesity and diabetes [6] - The company expects adjusted sales growth for 2026 to be between -5% to -13% at constant exchange rates, reflecting competitive pressures and pricing dynamics [40][41] - Management remains optimistic about the potential of the Wegovy pill and its early uptake, indicating a positive market response [18][19] Other Important Information - Novo Nordisk returned over DKK 300 billion to shareholders since 2019 and plans to continue delivering returns in 2026 [4][36] - The company announced changes to its executive management team, with new appointments expected to enhance leadership [9][10] Q&A Session Summary Question: Guidance breakdown between volumes and price - Management explained that the U.S. decline is primarily driven by price reductions, with expectations for volume growth in response to lower prices [51][53] Question: Medicare unlock speed - Management anticipates a gradual ramp-up in Medicare coverage for Wegovy, with limited benefits expected in 2026 and a larger impact in 2027 [54] Question: Changes in guidance from previous quarters - Management clarified that the guidance reflects updated market trends and the encouraging early uptake of the Wegovy pill [61][62] Question: Formulary access for Wegovy - Management noted stable access for injectables and positive progress in securing coverage for the Wegovy pill, with ongoing efforts to increase access [71] Question: Supply risk for Wegovy pill - Management expressed confidence in the supply chain for the Wegovy pill, stating that they are prepared to meet demand [89]

Group 1: Disney - Disney has appointed Josh D'Amaro as the new CEO, effective March 18, succeeding Bob Iger. D'Amaro has nearly three decades of experience at Disney and previously chaired the experiences division, which recently achieved $10 billion in quarterly revenue for the first time [2][5] - Disney's stock has declined over 40% in the past five years, contrasting with the S&P 500's increase of over 80% during the same period [5] Group 2: Chipotle - Chipotle's shares fell more than 5% after reporting a decline in traffic for the fourth consecutive quarter, with same-store sales down 1.7% in 2025, marking its first annual drop since 2016. The company anticipates flat same-store sales in 2026 [3][4] - Over the last 12 months, Chipotle's shares have decreased nearly 33%, prompting the company to introduce "protein cups" and slow down price increases to attract customers [4] Group 3: Novo Nordisk - Novo Nordisk expects a decline in sales and profit growth this year, leading to a drop of over 14% in U.S.-listed shares, marking the worst day in about six months. The forecast is impacted by a deal with the Trump administration to cut prices and loss of exclusivity for its drugs [10][11] - CEO Mike Doustdar indicated that the company's situation may worsen before it improves, contributing to the negative outlook [11] Group 4: Eli Lilly - Eli Lilly's shares rose more than 8% in premarket trading after exceeding analyst expectations in the fourth quarter. The company also provided a stronger-than-anticipated full-year revenue outlook, driven by high demand for its drugs Zepbound and Mounjaro [12]

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Novo Nordisk A/S shares plunged after the company shocked investors by forecasting a steep decline in sales, evidence of an intensifying price war in obesity drugs.Sales will fall by as much as 13% this year, the company said Tuesday. Pressure from lower prices for its blockbuster weight-loss drugs, in part due to the US government's push to cut prices, will contribute to the decline. The shares fell as much as 20% in early Copenhagen trading, the biggest intraday decline since July, more than wiping out t ...

Investment Rating - The report does not explicitly state an investment rating for the biopharmaceutical industry or Semaglutide specifically. Core Insights - The report analyzes the market dynamics and sales performance of Semaglutide in China for the first quarter of 2025, highlighting the competitive landscape and emerging trends in the biopharmaceutical sector [3][10]. Summary by Sections Research Purpose and Hot News - The report focuses on the Semaglutide drug market in China, reviewing market trends and sales performance in Q1 2025 to analyze the current state and future market directions [3][4]. Key Findings - Dual-target and multi-target drugs are becoming research hotspots in the weight loss medication field, with drugs like Eli Lilly's Tirzepatide showing stronger weight loss effects [5]. - The patent for Semaglutide is set to expire in March 2026, prompting several domestic companies to prepare for market entry with generic versions [7]. - Import pharmaceutical companies are proactively reducing prices to maintain market share against upcoming generics, with significant price cuts reported for Novo Nordisk's and Eli Lilly's products [7]. - Oral weight loss medications are emerging as a new trend, with Novo Nordisk's oral Semaglutide (Wegovy) receiving FDA approval and set to launch in January 2026 [7]. Sales Analysis - In Q1 2025, Semaglutide's sales in China showed fluctuations, with January sales reaching 33,700.7 million yuan, driven by strong brand reputation and the launch of the oral formulation [46][48]. - February saw a significant drop in sales due to competitive pressure from the launch of Tirzepatide and a negative incident affecting patient adherence [48]. - March sales rebounded, indicating a stabilization in the market after initial fluctuations [48]. Regional Insights - There are significant regional disparities in Semaglutide sales across China, with Beijing leading in per capita sales at 5.9 yuan, while Chongqing lagged at 0.6 yuan [53]. Drug Applications and Approvals - Semaglutide received FDA approval for chronic kidney disease (CKD) indications, with a corresponding application accepted in China, which could expand its market potential significantly [23][24][25]. - The report notes that the first domestic application for Semaglutide has not yet been approved, indicating challenges in the regulatory landscape [26][28]. Competitive Landscape - The launch of Eli Lilly's Tirzepatide in China is expected to intensify competition in the GLP-1 market, prompting Semaglutide to accelerate its innovation and market strategies [34][38]. - Novo Nordisk's introduction of the first oral GLP-1RA in China represents a significant advancement in drug delivery methods, enhancing patient compliance and expanding market reach [38]. Conclusion - The report emphasizes the evolving landscape of the biopharmaceutical market in China, particularly for weight loss and diabetes medications, highlighting the need for companies to adapt to competitive pressures and regulatory challenges to maintain market share and drive growth [10][25].