Novo Nordisk releases 2026 sales and operating profit outlook

Core Viewpoint - Novo Nordisk reported sales growth of 10% and operating profit growth of 6% for 2025 at constant exchange rates, exceeding previous guidance [2][3] Sales and Operating Profit Growth for 2025 - Sales increased by 10% and operating profit increased by 6% compared to guidance of 8 to 11% and 4 to 7% respectively [2] - US Operations benefited from gross-to-net sales adjustments [2] 2026 Sales and Operating Profit Outlook - Sales and operating profit for 2026 will be positively impacted by a reversal of sales rebate provisions of USD 4.2 billion related to the 340B Drug Pricing Program [4] - New non-IFRS measures for adjusted sales and operating profit growth will be introduced to exclude exceptional and non-recurring effects [4][6] - Adjusted sales growth is expected to be between -5% to -13% at constant exchange rates [7][8] - The mid-point of non-adjusted sales and operating profit growth guidance for 2026 is projected at -1% and 11% respectively [6][7] Market Dynamics and Competitive Landscape - The outlook reflects expectations for sales growth in International Operations and a decline in US Operations [9] - Global GLP-1 market expansion is anticipated to continue, increasing patient reach and volumes, but lower realized prices and loss of exclusivity for semaglutide will pose challenges [9][10] - In US Operations, prescription trends and reduced coverage for obesity medication in Medicaid are expected to negatively impact sales [11][12] Investment and R&D Focus - Adjusted operating profit growth is expected to be -5% to -13% at constant exchange rates, with investments in R&D and commercial initiatives funded by savings from a company-wide transformation [13] - R&D investments will focus on expanding the pipeline in Obesity and Diabetes, including the acquisition of Akero Therapeutics, Inc. [13]