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Dec 31, 2025
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Novo Nordisk Q4 2025 Earnings Report
Delivered lower revenue and earnings versus the prior year, impacted by pricing pressure in the US despite obesity growth.
Key Takeaways
In Q4 2025, Novo Nordisk reported a decline in revenue and profitability year over year, driven by weaker US performance and pricing pressure, partially offset by continued strength in obesity care.
Q4 revenue declined year over year, mainly due to weaker US Operations.
Operating income fell as lower realized prices outweighed volume growth.
Obesity care continued to grow, supported by Wegovy demand.
Net income and EPS declined compared with the prior year quarter.
Revenue by Geographic Location
Forward Guidance
For 2026, Novo Nordisk expects pressure on sales and operating profit from pricing headwinds and competition, partially offset by continued GLP-1 market expansion and new product launches.
Positive Outlook
- Continued global expansion of the GLP-1 market.
- Launch and early uptake of Wegovy pill.
- Introduction of higher-dose Wegovy formulations.
- Ongoing obesity market penetration outside the US.
- Reversal of 340B provisions supporting reported results.
Challenges Ahead
- Lower realized prices in the US market.
- Most Favoured Nations agreement impact on pricing.
- Patent expiry of semaglutide in some international markets.
- Intensifying competition in GLP-1 therapies.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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