Global healthcare giant Novo Nordisk has posted resilient full-year results for 2025, with operating profit holding broadly flat despite major transformation costs and intensifying market pressures. Sales growth remained strong on a constant-currency basis and momentum continued to build behind its obesity and diabetes portfolio.
Operating profit fell 1% in Danish kroner to DKK 127.7 billion but rose 6% at constant exchange rates. Excluding around DKK 8 billion in costs linked to a company-wide transformation, operating profit would have increased 6% in Danish kroner and 13% at constant exchange rates.
Net sales climbed 6% to DKK 309.1 billion, or 10% at constant exchange rates, driven primarily by continued demand for obesity and diabetes treatments. Sales within Obesity and Diabetes care rose 7% to DKK 289.5 billion, with obesity care up 26% and GLP-1 diabetes sales increasing 2% in Danish kroner. Rare disease sales grew 5%.
Regional performance was led by International Operations, where sales rose 10% in Danish kroner and 14% at constant exchange rates. US Operations posted 3% growth in Danish kroner and 8% at constant exchange rates, supported by favourable gross-to-net sales adjustments.
A major milestone came late in the year when the US Food and Drug Administration approved the first oral GLP-1 treatment for obesity. On 22 December, the FDA cleared once-daily oral semaglutide 25 mg under the brand name Wegovy pill. The product launched on 5 January 2026, and by 23 January weekly prescriptions had reached approximately 50,000, largely driven by uptake of the 1.5 mg starter dose in the self-pay channel.
Novo Nordisk also reported progress across its research and development pipeline. A phase 2 trial of zenagamtide showed significant weight loss and HbA1c reductions in type 2 diabetes, while the phase 3 REIMAGINE 2 trial of CagriSema in diabetes was successfully completed. In obesity, the company has submitted semaglutide 7.2 mg and CagriSema to the US FDA.
Looking ahead, Novo Nordisk warned of pricing pressure and increased competition. Adjusted sales growth for 2026 is expected to range from minus 5% to minus 13% at constant exchange rates, excluding revenue from the reversal of 340B provisions.
Adjusted operating profit growth is expected to be in the same range. Results in Danish kroner are expected to trail constant-currency growth due to exchange-rate effects. Both sales and operating profit will benefit from a USD 4.2 billion reversal of sales rebate provisions related to the US 340B Drug Pricing Program.
The company said pricing headwinds include lower realised prices, the impact of the US “Most Favoured Nations” agreement, and the expiry of the semaglutide patent in certain international markets. Despite these challenges, Novo Nordisk expects the global GLP-1 market to continue expanding as new treatments and higher-dose options are introduced.
"Novo Nordisk delivered 10% sales growth in constant exchange rates and reached nearly 46 million people with our innovative treatments, despite 2025 being a challenging year for the company. In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market.
"However, we are very encouraged by the promising early uptake from the US launch of Wegovy pill, and we remain confident in our ability to drive volume growth over the coming years. Also for this year, we look forward to regulatory decisions for next-generation treatments, such as Mim8 within haemophilia and CagriSema within obesity, as well as a number of exciting R&D read-outs, including phase 3 read-outs for etavopivat and ziltivekimab," said Mike Doustdar, president and CEO.
Shareholders are set to receive an increased payout, with the board proposing a final dividend of DKK 7.95 per share at the Annual General Meeting on 26 March 2026, bringing the total dividend for 2025 to DKK 11.70 per share. The board has also approved a new share repurchase programme of up to DKK 15 billion.
