Novo Nordisk lowers sales and operating profit outlook for 2025

Core Viewpoint - Novo Nordisk reported significant sales and operating profit growth for the first half of 2025, but has adjusted its full-year outlook downward due to lower growth expectations for key products like Wegovy® and Ozempic® in the US market [2][4]. Financial Performance - In the first six months of 2025, sales increased by 18% and operating profit grew by 29%, both at constant exchange rates (CER) [2]. - For the second quarter of 2025, sales growth was 18% and operating profit growth (EBIT) was 40% [3]. - The diluted earnings per share for the first half of 2025 was DKK 12.49 [3]. Updated Outlook - The full-year sales growth is now expected to be between 8-14%, down from a previous estimate of 13-21% [4]. - Operating profit growth is now projected at 10-16%, reduced from 16-24% [4]. - The lowered outlook is attributed to decreased growth expectations for Wegovy® and Ozempic® in the US, as well as lower-than-expected penetration in select markets [4][5]. Product-Specific Insights - Wegovy® sales in the US are affected by competition and slower market expansion, despite the launch of NovoCare® Pharmacy [5][7]. - Ozempic® faces similar challenges due to increased competition in the US market [9]. - The company is actively pursuing strategies to combat the impact of compounded GLP-1s and protect its market position [6]. Financial Items and Cash Flow - Novo Nordisk expects financial items (net) for 2025 to yield a gain of around DKK 3 billion, primarily from hedged currencies [12]. - Free cash flow is projected to be between DKK 35-45 billion, reflecting lower-than-expected sales growth [13].