Novo Nordisk today announced sales and operating profit growth at constant exchange rates (CER) for the first six months of 2025 and updated full-year sales and operating profit outlook at CER.
In the first six months of 2025, Novo Nordisk’s sales increased by 18% and operating profit increased by 29%, both at CER. Sales growth in the first six months of 2025 was positively impacted by gross-to-net sales adjustments related to prior years, including an adjustment related to the 340B provision of around DKK 3 billion in the second quarter of 2025. Operating profit growth is positively impacted by the ocedurenone impairment in the second quarter of 2024, partially countered by impacts related to the acquisition of the three Catalent manufacturing sites.
| Profit and loss | Second quarter 2025 | First six months 2025 |
| Sales growth (CER) | 18% | 18% |
| Operating profit growth (EBIT) (CER) | 40% | 29% |
| Diluted earnings per share (in DKK) | 5.96 | 12.49 |
Novo Nordisk has updated the full-year outlook for 2025, with sales growth now expected to be 8-14% and operating profit growth expected to be 10-16%, both at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 7 percentage points lower than at CER, respectively, primarily due to depreciation of the USD/DKK exchange rate1.
| Outlook 2025 (CER) | Expectations 29 July | Expectations 7 May |
| Sales growth | 8-14% | 13-21% |
| Operating profit growth (EBIT) | 10-16% | 16-24% |
The lowered sales outlook for 2025 is driven by lower growth expectations for the second half of 2025. This is related to lower growth expectations for Wegovy® in the US obesity market, lower growth expectations for Ozempic® in the US GLP-1 diabetes market, as well as lower-than-expected penetration for Wegovy® in select IO markets.
Market did not like the downward sales projections for 2nd half, and the shares fell around 25%. I believe in Novo, as it is a great company and with positive cash flow, though the obesity market share is coming under increasing pressure from the competition, Novo has been making good drugs till now, and will continue. As a dividend investor, I see the long term potential and bought few more shares today.
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