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Sep 30, 2025
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Novo Nordisk Q3 2025 Earnings Report
Novo Nordisk posted moderate growth in revenue for Q3 2025, while net income declined due to major one-off restructuring costs.
Key Takeaways
Novo Nordisk delivered solid sales growth in Q3 2025, especially in obesity care, but saw a 27% drop in net income primarily due to DKK 9 billion in restructuring charges tied to a company-wide transformation.
Q3 revenue rose 5% year-over-year to DKK 74.98 billion.
Net income fell 27% to DKK 20.01 billion, impacted by DKK 9 billion in one-off restructuring costs.
Sales in obesity care grew 18% year-over-year at constant exchange rates.
Adjusted EPS was DKK 6.56, significantly higher than the reported DKK 4.50.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Novo Nordisk revised its 2025 guidance downward due to lowered expectations in GLP-1 sales and the impact of restructuring and acquisitions.
Positive Outlook
- Sales expected to grow 8–11% at CER in full-year 2025
- Net financial items projected to deliver DKK 2.6B gain
- Effective tax rate expected between 21–23%
- CAPEX lowered to DKK 60B from DKK 65B
- Free cash flow outlook raised to DKK 20–30B
Challenges Ahead
- Lowered guidance for GLP-1 treatments in diabetes and obesity
- Full-year operating profit growth reduced to 4–7% at CER
- Negative full-year impact of ~DKK 8B from restructuring
- Foreign exchange (USD/DKK) to reduce reported growth by 4–6pp
- Ongoing competition and compounding pressure in US obesity market
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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