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Novo Nordisk (NVO) Earnings Call Presentation
Novo NordiskNovo Nordisk(US:NVO)2025-07-29 12:30

Financial Performance (First Six Months 2025) - Sales increased by 18% at CER (Constant Exchange Rates)[17] - Operating profit increased by 29% at CER[17] - Sales were positively impacted by gross-to-net sales adjustments of approximately DKK 3 billion in Q2 related to 340b[18] - Operating profit was positively impacted by ocedurenone impairment of DKK 5.7 billion in Q2 2024[19] - Operating profit was partially countered by the acquisition of the three former Catalent manufacturing sites of approximately DKK 2.6 billion[19] Revised Financial Outlook for 2025 - Sales growth outlook revised to 8% to 14% at CER, lowered from the previous guidance of 13% to 21%[20] - Reported sales growth is expected to be around 4 percentage points lower[20] - Operating profit growth outlook revised to 10% to 16% at CER, lowered from the previous guidance of 16% to 24%[20] - Reported operating profit growth is expected to be around 7 percentage points lower[20] - Financial items (net) are now expected to be a gain of around DKK 3 billion, compared to the previous expectation of around DKK 0.9 billion[20] - Free cash flow is now projected to be DKK 35 to 45 billion, down from the previous forecast of DKK 56 to 66 billion[20] Factors Impacting Outlook - Lower US Wegovy outlook due to compounding, slower market expansion, and competition[24] - Lower US Ozempic outlook due to competition[24] - Lower International Operations (IO) Wegovy outlook due to slower market expansion and competition in select markets[24] - Lower volume growth of GLP-1 treatments in the US, amplified by related cash flow implications from the US gross-to-net system[23] Executive Leadership Changes - Maziar Mike Doustdar will become President and CEO as of August 7, 2025[14]