Zhi Tong Cai Jing·2025-05-07 06:56Core Viewpoint - Novo Nordisk's Q1 2025 earnings report shows mixed results, with net sales slightly below analyst expectations, while operating profit exceeded expectations, highlighting the competitive landscape in the obesity drug market [1][4][5] Financial Performance - Q1 net sales reached 78.087 billion DKK, a 19% year-over-year increase, but below the expected 78.7 billion DKK [1] - Operating profit was 38.791 billion DKK, up 22% year-over-year, surpassing the forecast of 37.12 billion DKK [1] - Net profit increased by 14% to 29.034 billion DKK [1] Product Sales - Sales of the obesity drug Wegovy were 17.36 billion DKK, an 85% increase year-over-year, but below the expected 18.5 billion DKK [1] - Sales of the diabetes drug Ozempic reached 32.721 billion DKK, an 18% increase, slightly above the expected 32.01 billion DKK [1] Market Competition - Novo Nordisk's Wegovy faces increasing competition from Eli Lilly's Zepbound, leading to a decline in stock performance, with shares down nearly 22% year-to-date [4] - CVS Health announced Wegovy and Saxenda as preferred obesity drugs, removing Zepbound, which may boost Wegovy sales and stock performance [4] Revised Outlook - The company lowered its full-year sales and profit forecasts, now expecting sales growth of 13% to 21%, down from 16% to 24% [5] - Operating profit growth is now projected at 16% to 24%, reduced from 19% to 27% [5] Strategic Focus - The CEO emphasized the need to prevent illegal generics and continue promoting Wegovy globally [5] - The company has completed key trials for the next-generation obesity treatment CagriSema and has applied for approval of oral semaglutide 25mg, aiming to be the first oral GLP-1 treatment for obesity [5]