Core Insights - Novo Nordisk reported strong demand for its weight-loss drug Wegovy, but rising costs and pricing pressures led to a narrowing of its full-year guidance [1][4] Financial Performance - The company experienced a 15% increase in U.S. sales at Constant Exchange Rates (CER) for the first nine months of 2025, with operating profit rising 10% to DKK 95.9 billion ($14.7 billion) [2] - Excluding one-time restructuring charges of approximately DKK 9 billion, operating profit would have increased by 21% [2] - Free cash flow decreased to DKK 63.9 billion from DKK 71.8 billion in 2024, with DKK 53 billion announced for shareholder returns, primarily through dividends [3] - The obesity care segment, driven by Wegovy, surged 41% to DKK 59.9 billion, while GLP-1 diabetes treatments grew 10% and sales of rare disease treatments increased 13% [3] Market Position and Guidance - The obesity segment is the primary driver of growth, with a global GLP-1 market share of 59% [4] - The company has trimmed its full-year guidance due to lower growth expectations for GLP-1 amid rising competition and pricing pressure in the U.S. market [4] New Developments - The FDA approved Wegovy for the treatment of MASH (Metabolic Dysfunction-Associated Steatohepatitis), opening a new potential market and strengthening long-term growth prospects [5][6] - Novo Nordisk agreed to acquire Akero Therapeutics and its Phase 3 drug for the treatment of MASH, potentially enhancing its position in the metabolic liver disease market [7][8] - The company is also expanding its rare disease portfolio by acquiring Omeros' MASP-3 inhibitor zaltenibart and has submitted Mim8 for approval in the EU and U.S. for hemophilia A [9]