Novo Nordisk(US:NVO) Ping An Securities·2025-11-12 09:44Investment Rating - The industry investment rating is "Outperform the Market" [41] Core Insights - Novo Nordisk reported a robust growth in GLP-1 drugs, with total revenue for Q3 2025 reaching 74.976 billion Danish Krone (approximately 11.276 billion USD), a year-on-year increase of 11% [4][12] - The total revenue for the first nine months of 2025 was 229.92 billion Danish Krone (approximately 34.58 billion USD), reflecting a 15% year-on-year growth [4][12] - The sales of semaglutide, the key product, remain high, with significant contributions from Ozempic, Rybelsus, and Wegovy, totaling approximately 254.62 billion USD in sales, a 24% increase [20][4] Summary by Sections Part 1: Q3 2025 Financial Overview and Key Events - Novo Nordisk's Q3 2025 total revenue was 74.976 billion Danish Krone (approximately 11.276 billion USD), with a year-on-year growth of 11% [4][12] - Revenue from the U.S. market was 128.423 billion Danish Krone (approximately 19.315 billion USD), up 15%, while revenue from international markets was 101.497 billion Danish Krone (approximately 15.265 billion USD), up 16% [12] - The diabetes segment generated 155.759 billion Danish Krone in revenue, an 8% increase, while the obesity segment saw a 41% increase in revenue to 59.902 billion Danish Krone [12] Part 2: Core Product Sales Analysis - Semaglutide is the largest revenue contributor, with Ozempic generating 95.264 billion Danish Krone (approximately 14.328 billion USD, +13%), Rybelsus 16.790 billion Danish Krone (approximately 2.525 billion USD, +5%), and Wegovy 57.242 billion Danish Krone (approximately 8.609 billion USD, +54%) [20] - The insulin segment achieved revenue of 39.739 billion Danish Krone (approximately 5.976 billion USD), a 3% increase [25] Part 3: Future Pipeline Milestones - The diabetes segment is expected to complete Phase III data readout for CagriSema in Q4 2025 [35] - The obesity segment anticipates regulatory approval results for the daily oral semaglutide (25 mg) in Q4 2025 [35] - The cardiovascular segment expects to complete Phase III data readout for semaglutide (14 mg) for Alzheimer's treatment in Q4 2025 [35] Part 4: Investment Recommendations - The report suggests focusing on domestic GLP-1 related pharmaceutical companies such as Innovent Biologics, HengRui Medicine, and others due to the promising sales of semaglutide and expanding indications for GLP-1 drugs [39]