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Jun 30
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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.
Novo Nordisk
Novo Nordisk
Novo Nordisk Revenue by Segment
Novo Nordisk Revenue by Geographic Location
Revenue by Segment
Diabetes & Obesity Revenue
CapyFin.comRare disease Revenue
CapyFin.comRevenue by Geographic Location
U.S. Operations Revenue
CapyFin.comInternational Ops Revenue
CapyFin.comEUCAN Revenue
CapyFin.comEmerging Markets Revenue
CapyFin.comAPAC Revenue
CapyFin.comRegion China Revenue
CapyFin.com 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.
- Exchange rate effects expected to reduce reported results by 3–5 percentage points.
Revenue & Expenses
Visualization of income flow from segment revenue to net income