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Jun 30, 2025
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Novo Nordisk Q2 2025 Earnings Report
Novo Nordisk reported strong growth in revenue and profit, driven by obesity care, despite ongoing headwinds in the U.S. GLP-1 market.
Key Takeaways
Novo Nordisk delivered solid financial performance in Q2 2025, with double-digit growth in revenue, operating profit, and net income. Obesity care was the main growth engine, offsetting challenges related to compounded GLP-1 competition in the U.S.
Revenue reached DKK 76.857 billion, up 13% YoY as reported.
Net income rose 32% YoY to DKK 26.503 billion.
Obesity care revenue surged to DKK 20.372 billion in the quarter.
GLP-1 diabetes sales and Wegovy® uptake continued driving topline growth globally.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Novo Nordisk lowered its full-year guidance for 2025 due to lower expectations for GLP-1 market growth, especially in the U.S., despite strong momentum in obesity care and product innovation.
Positive Outlook
- Strong uptake of Wegovy® globally, especially in international markets.
- Continued investment in obesity and diabetes pipeline (e.g. CagriSema, amycretin).
- Improved access in U.S. through CVS formulary changes.
- Priority review for semaglutide 2.4 mg in MASH indication.
- Strong cash generation supports future investments.
Challenges Ahead
- Sales growth guidance lowered to 8–14% (from 13–21%).
- U.S. GLP-1 market facing pressure from compounded drugs.
- Persistent supply constraints in select geographies.
- Free cash flow guidance lowered to DKK 35–45B.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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