Novo Nordisk's sales increased by 12% in Danish kroner and by 15% at CER in the first nine months of 2025; R&D pipeline progress continues

Core Insights - The financial report for the first nine months of 2025 shows robust sales growth, but the company has narrowed its guidance due to lower growth expectations for GLP-1 treatments [2][4] Financial Performance - Net sales reached DKK 229.9 billion, a 12% increase compared to DKK 204.7 billion in the same period of 2024, with a 15% growth at constant exchange rates (CER) [2][4] - Operating profit increased by 5% to DKK 95.9 billion, with a 10% growth at CER, impacted by one-off restructuring costs of approximately DKK 9 billion [2][4] - Net profit rose by 4% to DKK 75.5 billion, with diluted earnings per share increasing by 4% to DKK 16.99 [2][4] Sales Breakdown - Sales in US Operations increased by 12% in Danish kroner and 15% at CER, while International Operations saw a 13% increase in Danish kroner and 16% at CER [4] - Sales within Diabetes and Obesity care grew by 12% to DKK 215.7 billion, driven by a 37% increase in Obesity care sales to DKK 59.9 billion and a 7% increase in GLP-1 diabetes sales [4] Research and Development - The US FDA approved Wegovy® for the treatment of MASH, and the company announced the acquisition of Akero Therapeutics, adding a potential first-and-best-in-class asset [4] - The phase 3 development of cagrilintide for weight management has been initiated, with the potential to be the first amylin monotherapy treatment on the market [4] Future Outlook - For the full-year 2025, sales growth is now expected to be between 8-11% at CER, with operating profit growth projected at 4-7% at CER, reflecting a negative impact of around DKK 8 billion from the company-wide transformation [4] - The guidance narrowing is attributed to lowered growth expectations for GLP-1 treatments within diabetes and obesity [4]