Picture this: A powerhouse in healthcare not just battling diabetes and obesity, but soaring with impressive sales boosts that could change millions of lives. But here's where it gets controversial – amid record-breaking growth, whispers of market challenges and strategic shifts are stirring debates about the future of innovative treatments. Curious? Let's dive into Novo Nordisk's latest financial update for the first nine months of 2025, unpacking the numbers, breakthroughs, and what it all means for patients and investors alike.
Let's start with the big picture. Based in Bagsværd, Denmark, Novo Nordisk released its financial report on November 5, 2025, covering the period from January 1 to September 30, 2025. The company's net sales jumped by 12% in Danish kroner (or DKK) and a solid 15% when measured at constant exchange rates (CER) – that's a way of comparing performance without currency fluctuations messing up the picture, using average rates from 2024 as a benchmark. To put this in perspective, CER helps investors see true growth beyond the ups and downs of global currency markets, making it easier to understand how the business is really performing.
Operating profit also edged up, growing by 5% in DKK and 10% at CER, hitting a total of DKK 95.9 billion. However, this figure was influenced by special restructuring expenses of about DKK 9 billion. These costs stem from a sweeping company-wide overhaul designed to streamline operations and free up resources for future expansion. If we strip out these one-time charges, operating profit would have risen by a whopping 15% in DKK and 21% at CER – a clear sign that the core business is thriving despite the temporary hit.
Breaking it down by region, sales in the US climbed 12% in DKK (15% at CER), boosted by adjustments to gross-to-net sales – think of this as fine-tuning how revenues are calculated after discounts and rebates, which can fluctuate based on market dynamics. Internationally, sales grew 13% in DKK (16% at CER), showing strong demand outside the US. And this is the part most people miss: These regional gains highlight how global health needs are driving Novo Nordisk's success, but they also underscore the competitive pressures in a world where access to treatments isn't always equitable.
Zooming in on product segments, the Diabetes and Obesity care division saw sales rise 12% in DKK to DKK 215.7 billion (15% at CER). Obesity care was the standout star, surging 37% in DKK to DKK 59.9 billion (41% at CER) – imagine the impact of medications helping people manage weight more effectively, potentially reducing the burden of related health issues like heart disease. Meanwhile, GLP-1 treatments for diabetes (these are glucagon-like peptide-1 receptor agonists, which mimic hormones to control blood sugar and appetite) grew 7% in DKK (10% at CER). Rare disease sales also picked up, increasing 10% in DKK (13% at CER), reflecting Novo Nordisk's broader mission to tackle a range of chronic conditions.
Now, onto the exciting R&D front – the engine of innovation that keeps things buzzing. Novo Nordisk celebrated a major win when the US FDA approved Wegovy® for treating MASH, a serious liver condition formally known as metabolic dysfunction-associated steatohepatitis, which can lead to cirrhosis if untreated. This expansion of Wegovy®'s use could offer new hope for patients with both obesity and liver complications. And here's where it gets controversial: The company inked a deal to acquire Akero Therapeutics, Inc., gaining access to a promising phase 3 FGF21 analogue for MASH – potentially a 'first-in-class' treatment that could revolutionize care, but critics might argue it raises questions about pricing and access in underserved markets. In rare blood disorders, Novo Nordisk partnered with Omeros to bring in zaltenibart, a clinical-stage MASP-3 inhibitor. Plus, within the rare disease space, Mim8 was submitted for regulatory approval in both the EU and the US. To top it off, phase 3 trials kicked off for cagrilintide, which could become the first standalone amylin-based therapy for weight management – think of it as a pioneering approach that targets appetite regulation differently, sparking debates on whether novel drugs like this will widen treatment options or complicate an already crowded field.
Looking ahead to the full year 2025, Novo Nordisk has adjusted its outlook slightly. Sales growth is now projected at 8-11% at CER, with operating profit growth expected at 4-7% at CER, factoring in a DKK 8 billion drag from the ongoing transformation. In DKK terms, sales and operating profit growth forecasts are 4 and 6 percentage points lower than at CER, respectively. This narrowing of the guidance reflects tempered expectations for GLP-1 treatments in diabetes and obesity – a move that's sure to fuel discussions on market saturation and the sustainability of blockbuster drugs in an era of increasing competition.
In a related development, Novo Nordisk's board announced in October 2025 that an extraordinary general meeting would be held on November 14, 2025, to elect new board members – a step toward fresh leadership as the company navigates these changes.
For a quick snapshot, here's the profit and loss breakdown for the nine-month period:
PROFIT AND LOSS 9M 2025 9M 2024 Growth as reported Growth at CER*
DKK million
Net sales 229,920 204,720 12% 15%
Operating profit 95,922 91,602 5% 10%
Net profit 75,543 72,758 4% N/A
Diluted earnings per share (in DKK) 16.99 16.29 4% N/A
* CER: Constant exchange rates (average 2024).
As President and CEO Mike Doustdar put it, 'Our company-wide transformation has already driven operational efficiencies, and we have a renewed focus that can deliver a range of potential treatment options that will serve millions more patients, mainly in obesity. While we delivered robust sales growth in the first nine months of 2025, the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance. We agreed to acquire Akero Therapeutics Inc., adding a potential first-and-best-in-class asset within F4 in MASH, and initiated our phase 3 programme with cagrilintide for weight management. We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets.'
Mark your calendars: On November 5, 2025, at 13:00 CET (that's 7:00 AM EST), Novo Nordisk will host an earnings call. Tune in via the link on their website under 'Investors' – just a heads up, the site content isn't part of this official filing.
A bit about Novo Nordisk: Founded in 1923 and headquartered in Denmark, this global healthcare leader is all about defeating serious chronic diseases, starting from its roots in diabetes. By pushing scientific boundaries, improving access to meds, and striving for cures, they employ around 78,500 people across 80 countries, serving markets in about 170 nations. Their B shares trade on Nasdaq Copenhagen (Novo-B), and ADRs on the New York Stock Exchange (NVO). For more, check out novonordisk.com, along with their social channels on Facebook, X, LinkedIn, and YouTube.
Need to connect? Reach out to the team:
Media:
Ambre James-Brown
+45 3079 9289
globalmedia@novonordisk.com
Liz Skrbkova (US)
+1 609 917 0632
lzsk@novonordisk.com
Investors:
Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com
Sina Meyer
+45 3079 6656
azey@novonordisk.com
Max Ung
+45 3077 6414
mxun@novonordisk.com
Alex Bruce
+45 3444 2613
axeu@novonordisk.com
Christoffer Sho Togo Tullin
+45 3079 1471
cftu@novonordisk.com
Frederik Taylor Pitter (US)
+1 609 613 0568
fptr@novonordisk.com
Company announcement No 31 / 2025
* CA251105-Q3-2025 (https://www.globenewswire.com/Tracker?data=qQItcia0yucTCxhJic77-VIpBlc36IvATLHA5oNoQnNGQteLgeATZXEvJHZrfw31yyi1ecGW4maRSUFcjX-tTRRBUoFphZIkitdRgiInd2jNW9UWZ-juURtWj2-q9zhgiAuH-VPuy2roo5sII4pYrsbn9xtwtI-SMiVTQIL3E=)
What do you think – is the push for obesity treatments a game-changer for public health, or does it risk widening inequalities in access? And with lowered guidance on GLP-1s, do you agree this signals a maturing market, or just a temporary bump? Share your views in the comments; I'd love to hear if you see this as an opportunity or a challenge for Novo Nordisk's bold vision!
