Wegovy销售不及预期，诺和诺德Q3营收增长5%，第四次下调全年业绩指引

Core Viewpoint - Novo Nordisk has significantly slowed its sales growth over the past year due to intensified market competition, contrasting sharply with the rapid growth previously achieved through its drug Wegovy. The company has adjusted its full-year performance guidance downward, reducing both sales and profit expectations [1][14][15]. Financial Performance - In Q3, Novo Nordisk reported a sales growth of 5%, reaching 75 billion Danish Krone (approximately 11.71 billion USD), which was below analyst expectations of 76.8 billion Danish Krone [3][5]. - The company's net profit for Q3 was 20 billion Danish Krone, lower than the expected 20.8 billion Danish Krone [6]. - Operating profit (EBIT) for Q3 was 23.7 billion Danish Krone, also below the forecast of 25.6 billion Danish Krone [7]. - The gross margin decreased from 84.1% in the same period last year to 76.1%, significantly lower than the market expectation of 81.1% [8]. - The operating profit margin fell from 47.4% to 31.6%, again below the anticipated 33.9% [9]. Sales and Product Performance - Sales of Wegovy in Q3 were 20.4 billion Danish Krone, an 18% increase year-on-year but below the market expectation of 20.9 billion Danish Krone [22]. - Ozempic sales reached 30.7 billion Danish Krone, slightly exceeding the expected 30.5 billion Danish Krone [22]. - Overall, the sales for diabetes and obesity drugs in the first three quarters totaled 70.3 billion Danish Krone, falling short of the expected 72.7 billion Danish Krone [22]. Guidance Adjustments - Novo Nordisk has narrowed its full-year sales growth forecast to 8% to 11% from a previous range of 8% to 14%, and operating profit growth forecast to 4% to 7% from 4% to 10% [15][17]. - The company has also reduced its capital expenditure expectations for 2025 to approximately 60 billion Danish Krone from 65 billion Danish Krone, and free cash flow expectations to between 20 billion and 30 billion Danish Krone [22]. Competitive Landscape - Novo Nordisk faces significant challenges from competitors like Eli Lilly and the impact of generic drugs, which have pressured its stock price, leading to a decline of about 50% this year [18][28]. - Eli Lilly's recent performance has shown it is closing the gap with Novo Nordisk, with its Q3 results exceeding expectations and an upward revision of its full-year guidance [20]. Strategic Moves - The new CEO Mike Doustdar is implementing major initiatives, including a workforce reduction of 11% to enhance operational efficiency [27]. - The company is also focusing on the oral version of Wegovy as a potential growth driver amid competitive pressures [28].