Novo Nordisk's sales increased by 16% in Danish kroner and by 18% at constant exchange rates to DKK 154.9 billion in the first six months of 2025

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]