Financial report for the period 1 January 2025 to 31 March 2025
7 May 2025
Novo Nordisk's sales increased by 19% in Danish kroner and by 18% at constant
exchange rates to DKK 78.1 billion in the first three months of 2025
• Operating profit increased by 22% in Danish kroner and by 20% at constant exchange rates (CER) to DKK 38.8 billion.
• Sales in US Operations increased by 20% in Danish kroner (17% at CER). Sales in International Operations increased by
18% in Danish kroner (19% at CER).
• Sales within Diabetes and Obesity care increased by 21% in Danish kroner to DKK 73.5 billion (19% at CER), mainly driven
by Obesity care growth of 67% in Danish kroner to DKK 18.4 billion (65% at CER) and GLP-1 diabetes sales growing 13% in
Danish kroner (11% at CER) and. Rare disease sales increased by 5% measured in Danish kroner (3% at CER).
• Within R&D, Novo Nordisk completed the REDEFINE 2 trial, where CagriSema demonstrated superior weight loss of
15.7% in adults with obesity or overweight and type 2 diabetes. Novo Nordisk still expects to file for the first regulatory
approval of CagriSema during the first quarter of 2026.
• Also within R&D, oral semaglutide 25 mg in obesity was submitted for regulatory review to the US FDA. In addition,
once-weekly semaglutide 2.4 mg in MASH was submitted for regulatory approval in both the EU and US, and granted
priority review in the US.
• For the 2025 outlook, sales growth is now expected to be 13-21% at CER, and operating profit growth is now expected
to be 16-24% at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 3 and 5
percentage points lower than at CER, respectively. The updated sales outlook reflects lower-than-planned penetration of
branded GLP-1 treatments in the US, impacted by compounded GLP-1s. Novo Nordisk is focused on preventing
unlawful compounding and further expanding access in the US. With around 1 billion people living with obesity globally
and only few million on treatment, Novo Nordisk continues the global roll-out of Wegovy
®
.
PROFIT AND LOSS
Q1 2025 Q1 2024
Growth
as reported
Growth
at CER*
DKK million
Net sales 78,087 65,349 19% 18%
Operating profit
38,791
31,846
22%
20%
Net profit
29,034
25,407
14%
N/A
Diluted earnings per share (in DKK) 6.53 5.68 15% N/A
* CER: Constant exchange rates (average 2024).
Lars Fruergaard Jørgensen, president and CEO: "In the first quarter of 2025, we delivered 18% sales growth and continued
to expand the reach of our innovative GLP-1 treatments. However, we have reduced our full-year outlook due to lower-
than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the US. We are
actively focused on preventing unlawful and unsafe compounding and on efforts to expand patient access to our GLP-1
treatments. Within R&D, we are pleased to have completed the last pivotal trial for our next-generation obesity treatment,
CagriSema, and to have filed for US approval of oral semaglutide 25 mg, with the potential to be the first oral GLP-1
treatment for obesity."
On 7 May 2025 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on
novonordisk.com, which can be found under 'Investors' (the contents of the company's website do not form a part of this Form 6-K).
Novo Nordisk A/S
Investor Relations
Novo Alle 1
2880 Bagsværd
Denmark
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
24 25 67 90
Company announcement No 14 / 2025
STRATEGIC ASPIRATIONS
STRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo
Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to
each of the four dimensions on an ongoing basis.
Performance highlights for the first three months of 2025 (blue indicates first-quarter development)
PERFORMANCE HIGHLIGHTS
Purpose and sustainability (ESG)
Progress towards zero environmental impact:
– Overall CO
2
e emissions (scope 1, 2 and full scope 3) increased by
37% compared to the first three months of 2024
Adding value to society:
– Medical treatment provided to 43.1 million people living with
diabetes and 2.6 million people living with obesity
Being recognised as a sustainable employer:
– Share of women in senior leadership positions has increased to
42% from 41% end of March 2024
Innovation and therapeutic focus
Further raise innovation bar for Diabetes treatment:
– Submission of once-weekly IcoSema in Japan
– Development of phase 1 once-weekly oral semaglutide
terminated
Develop superior treatment solutions for Obesity:
– CagriSema demonstrated superior weight loss in the REDEFINE
2 trial
– Wegovy
®
PDS290 multi-dose device variant submitted to the US
regulatory authorities
– Oral semaglutide 25 mg for weight management submitted to
the US regulatory authorities
– In-licensing of a GLP-1/GIP/Glucagon triple agonist and an oral
small molecule inhibitor
Strengthen and progress Rare disease pipeline:
– Sogroya
®
non-replacement indications trials (main phases) and
EU submission successfully completed
Establish presence in Cardiovascular & Emerging Therapy Areas:
– Once-weekly semaglutide 2.4 mg in MASH submitted for
regulatory approval in the EU and US, and granted priority
review in the US.
Commercial execution
Strengthen diabetes leadership to more than one-third:
– Diabetes value market share declined by -0.6 percentage point
to 33.3% (MAT)
More than DKK 25 billion* in Obesity care sales by 2025:
– Obesity care sales increased by 65% (CER) to DKK 18.4 billion
Secure a sustained growth outlook for Rare Disease:
– Rare disease sales increased by 3% (CER) to DKK 4.6 billion
Financials
Deliver solid sales and operating profit growth:
– Sales growth of 18% (CER)
– Operating profit growth of 20% (CER)
Drive operational efficiencies:
– Operational leverage reflecting sales growth
Enable attractive capital allocation to shareholders:
– Free cash flow of DKK 9.5 billion
– DKK 36.7billion returned to shareholders
* on a full-year basis.
Financial report for the period 1 January 2025 to 31 March 2025 Page 2 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST THREE MONTHS OF 2025
PROFIT AND LOSS Q1 2025 Q1 2024
% change
Q1 2025 to
Q1 2024
% change
Q1 2025 to
Q1 2024 at
CER¹
(Amounts are in DKK million, except for earnings per share)
Net sales 78,087 65,349 19% 18%
Gross profit
65,197
55,433
18%
16%
Gross margin
83.5%
84.8%
Sales and distribution costs
(14,892)
(13,256)
12%
10%
Percentage of sales
19.1%
20.3%
Research and development costs
(10,308)
(8,606)
20%
19%
Percentage of sales
13.2%
13.2%
Administrative costs
(1,220)
(1,157)
5%
5%
Percentage of sales
1.6%
1.8%
Other operating income and expenses
14
(568)
N/A
N/A
Operating profit (EBIT)
38,791
31,846
22%
20%
Operating margin
49.7%
48.7%
Financial items (net)
(1,758)
72
N/A
N/A
Profit before income taxes
37,033
31,918
16%
N/A
Income taxes
(7,999)
(6,511)
23%
N/A
Effective tax rate
21.6%
20.4%
Net profit
29,034
25,407
14%
N/A
Net profit margin
37.2%
38.9%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 3,830 2,914 31% N/A
Capital expenditure (PP&E) 13,422 8,474 58% N/A
Net cash generated from operating activities 24,591 14,314 72% N/A
Free cash flow
1
9,492 5,020 89% N/A
EBITDA
1
42,621 34,760 23% 21%
Adjusted net profit
1
30,304 26,449 15% N/A
Total assets 489,162 298,921 64% N/A
Equity 138,540 98,911 40% N/A
Equity ratio 28.3% 33.1%
Diluted earnings per share / ADR (in DKK) 6.53 5.68 15% N/A
Full-time equivalent employees end of period 77,406 66,015 17% N/A
1)
See appendix 7: Non-IFRS financial measures (additional information).
These unaudited consolidated financial statements for the first three months of 2025 have been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.
The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2024 of Novo
Nordisk.
Financial report for the period 1 January 2025 to 31 March 2025 Page 3 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
COMMERCIAL EXECUTION
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 19% measured in Danish kroner and by 18% at CER to DKK 78,087 million in the first three months of
2025. In US Operations, sales increased by 20% measured in Danish kroner and by 17% at CER. Sales in International
Operations increased by 18% measured in Danish kroner and by 19% at CER. Sales growth has resulted in periodic supply
constraints and related drug shortage notifications for certain products and geographies.
As of January 2025, North America Operations and International Operations were reorganised and financial reporting has
been divided into: US Operations and International Operations. International Operations cover the following Regions:
EUCAN (covering Europe and Canada), Emerging Markets (covering mainly Latin America, Middle East, and Africa), APAC
(covering Japan, Korea, Oceania and Southeast Asia) and Region China (covering Mainland China, Hong Kong and Taiwan).
Please see appendix 8 for a breakdown of sales per area in 2024.
Sales split per geographical area
Sales Q1 2025
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
US Operations
International Operations
- EUCAN
- Emerging Markets
- APAC
- Region China
Total sales 78,087 19% 18% 100%
US Operations
Sales in US Operations increased by 20% measured in Danish kroner and by 17% at CER. The sales increase reflects
Obesity care sales growing by 40% at CER, negatively impacted by compounded GLP-1s, and GLP-1 diabetes sales growing
by 10% at CER. Insulin sales are increasing by 13% at CER and Rare disease products growing by 1% at CER.
International Operations
Sales in International Operations increased by 18% measured in Danish kroner and by 19% at CER. Sales growth was
driven by Obesity care sales growing by 137% at CER and GLP-1 diabetes sales growing by 13% at CER. GLP-1 diabetes
sales growth was negatively impacted by periodic supply constraints. Insulin sales decreased by 1% at CER, also negatively
impacted by periodic supply constraints, while Rare disease sales increased by 5% at CER.
EUCAN
Sales in EUCAN increased by 13% in both Danish kroner and at CER. Sales growth was driven by Obesity care growing by
66% at CER. Diabetes care sales increased by 4% at CER, driven by GLP-1 diabetes sales growing by 9% at CER, and insulin
sales decreased by 4% at CER. Rare disease sales increased by 1% at CER.
Emerging Markets
Sales in Emerging Markets increased by 21% measured in Danish kroner and by 24% at CER. Sales growth was driven by
Obesity care growing by 207% at CER. Diabetes care sales increased by 9% at CER, driven by GLP-1 diabetes sales growing
by 16% at CER, and insulin sales increasing by 3% at CER. Rare disease sales decreased by 2% at CER.
APAC
Sales in APAC increased by 24% measured in Danish kroner and by 25% at CER. Sales growth was driven by Obesity care
sales increasing by 250% at CER and Diabetes care growing by 5% at CER, reflecting GLP-1 diabetes sales growing 14% at
CER. Rare diseases sales increased by 14% at CER.
Region China
Sales in Region China increased by 25% measured in Danish kroner and by 22% at CER. The sales increase at CER was
driven by Obesity care sales amounting to DKK 704 million and GLP-1 diabetes sales growing by 26% at CER. Insulin sales
were unchanged at CER. Rare disease sales increased by 157% at CER.
Financial report for the period 1 January 2025 to 31 March 2025 Page 4 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 19% measured in Danish kroner and by 18% at CER in the first three months of 2025, driven by Obesity care
sales growth of 65% (CER) and Diabetes care sales growth of 8% (CER). Rare disease sales increased by 3% (CER).
Sales split per therapy
Sales Q1 2025
DKK million
Sales Q1 2024
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-1
- Ozempic
®
- Victoza
®
Rybelsus
®
Total GLP-1
Long-acting insulin
1
Premix insulin
2
Fast-acting insulin
3
Human insulin
Total insulin
Other Diabetes care
4
Total Diabetes care
Wegovy
®
Saxenda
®
Total Obesity care
Diabetes and Obesity care total
Rare disease segment
Rare blood disorders
5
Rare endocrine disorders
6
Other Rare disease
7
Rare disease total
Total sales 78,087 65,349 19% 18% 100%
1)
Comprises Tresiba
®
, Xultophy
®
, Levemir
®
and
Awiqli
®.
2)
Comprises Ryzodeg
®
and NovoMix
®
.
3)
Comprises Fiasp
®
and NovoRapid
®
.
4)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
5)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
6)
Primarily Norditropin
®
and Sogroya
®
.
7)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 5 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 10% measured in Danish kroner and by 8% at CER to DKK 55,044 million driven by
growth of GLP-1-based products and insulins. Novo Nordisk's global diabetes value market share decreased by 0.6%
percentage point over the last 12 months to 33.3%. The market share development was driven by market share losses in
US Operations and International Operations. In IO countries, tirzepatide is categorised under GLP-1 diabetes only in IQVIA
data, despite having indications for Diabetes and Obesity in most launched countries. Novo Nordisk has a strategic
aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market share of more than
one-third in 2025.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from February 2024
and February 2025 provided by the independent data provider IQVIA. EUCAN covers Europe and Canada, Emerging
Markets covers mainly Latin America, Middle East, and Africa. APAC covers Japan, Korea, Oceania and Southeast Asia, and
Region China covers Mainland China, Hong Kong, and Taiwan.
Diabetes care, development per geographical area
Novo Nordisk’s share of the total
diabetes market (value, MAT) Diabetes care, sales development
Global
US Operations
International Operations
- EUCAN *
- Emerging Markets **
- APAC ***
- Region China ****
Source: IQVIA, February 2025 data. *Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area.
**Data for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets
representing approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. In IO countries, tirzepatide is categorised
under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.
GLP-1-based therapies for type 2 diabetes
Sales of GLP-1-based products for type 2 diabetes (Rybelsus
®
,
Ozempic
®
and Victoza
®
) increased by 13% measured in
Danish kroner and by 11% at CER to DKK 39,574 million. The estimated global GLP-1 share of total diabetes prescriptions
has increased to 6.8% compared with 6.2% 12 months ago. It is possible for a patient to have a prescription for more than
one diabetes treatment. Novo Nordisk is the global market leader in the diabetes GLP-1 segment with a 54.0% value
market share.
GLP-1 diabetes, development per geographical area
Novo Nordisk's share of the
diabetes GLP-1 market (value, MAT) GLP-1 diabetes, sales development
February
February
2025
2024
Global
54.0%
55.3%
US Operations
52.3%
52.5%
International Operations
65.4%
74.6%
- EUCAN *
67.4%
74.0%
- Emerging Markets **
54.4%
74.0%
- APAC ***
61.8%
76.3%
- Region China ****
80.9%
77.7%
Source: IQVIA, February 2025 data. Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data
for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing
approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. Note: the estimated GLP-1 share of prescriptions is
based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo
Nordisk assumptions. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.
Financial report for the period 1 January 2025 to 31 March 2025 Page 6 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
Ozempic
®
sales increased by 18% measured in Danish kroner and by 15% at CER to DKK 32,721 million. Sales growth was
driven by both US Operations and International Operations.
Rybelsus
®
sales increased by 14% measured in Danish kroner and by 13% at CER to DKK 5,695 million. Sales growth was
driven by EUCAN and APAC.
Victoza
®
sales decreased by 46% in both Danish kroner and CER to DKK 1,158 million. The decline was driven by the GLP-1
diabetes market moving towards once-weekly treatments in both US Operations and International Operations.
US Operations
Sales of GLP-1 Diabetes care products in US Operations increased by 14% measured in Danish kroner and by 10% at CER.
The sales increase was mainly driven by continued uptake of Ozempic
®
, partially countered by Victoza
®
. Novo Nordisk is
the market leader with a 52.3% value market share. The estimated GLP-1 share of total diabetes prescriptions has
increased to 18.4% compared with 16.2% 12 months ago.
Sales growth in the US Operations was mainly driven by a prescription volume growth of the GLP-1 class above 15% in the
first quarter of 2025 compared with the first quarter of 2024. Novo Nordisk is the market leader, with 50.4% measured by
total monthly prescriptions. New-to-brand prescriptions amount to 44.9% for Novo Nordisk.
International Operations
Sales of GLP-1 Diabetes care products in International Operations increased by 12% measured in Danish kroner and by
13% at CER, driven by all Regions. The estimated GLP-1 share of total diabetes prescriptions has increased to 4.7%
compared with 4.3% 12 months ago. Novo Nordisk is the market leader with a value market share of 65.4% compared with
74.6% 12 months ago.
EUCAN
Sales of GLP-1 Diabetes care products in EUCAN increased by 8% measured in Danish kroner and by 9% at CER. The sales
growth mainly reflects the uptake of Rybelsus
®
. The estimated GLP-1 share of total diabetes prescriptions has increased to
9.0% compared with 8.3% 12 months ago. Novo Nordisk is the market leader in EUCAN with a value market share of
67.4%.
Emerging Markets
Sales of GLP-1 Diabetes care products in Emerging Markets increased by 11% measured in Danish kroner and by 16% at
CER. The sales growth reflects increased sales of
Ozempic
®
as well as higher sales of Victoza
®
. The estimated GLP-1 share
of total diabetes prescriptions has increased to 2.5% compared with 1.9% 12 months ago. Novo Nordisk is the market
leader in Emerging markets with a value market share of 54.4%.
APAC
Sales of GLP-1 Diabetes care products in APAC increased by 15% measured in Danish kroner and by 14% at CER. The sales
growth reflects increased sales of
Rybelsus
®
and Ozempic
®
, partially offset by lower sales of Victoza
®
. The estimated GLP-1
share of total diabetes prescriptions has increased to 2.6% compared with 2.2% 12 months ago. Novo Nordisk is the
market leader with a value market share of 61.8%.
Region China
Sales of GLP-1 Diabetes care products in Region China increased by 28% measured in Danish kroner and by 26% at CER.
The sales growth mainly reflects the uptake of Ozempic
®
, partially countered by lower sales of Victoza
®
. The GLP-1 share of
total diabetes prescriptions has decreased to 3.2% compared with 3.6% 12 months ago. Novo Nordisk is the market leader
in Region China with a value market share of 80.9%.
Financial report for the period 1 January 2025 to 31 March 2025 Page 7 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
Insulin
Sales of insulin increased by 4% measured in Danish kroner and by 3% at CER to DKK 14,997 million.
Insulin, development per geographical area
Novo Nordisk’s share of the total
insulin market (volume, MAT) Insulin, sales development
Global
US Operations
International Operations
- EUCAN *
- Emerging Markets **
- APAC ***
- Region China ****
Source: IQVIA, February 2025 data. Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data
for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing
approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan.
US Operations
Sales of insulin in US Operations increased by 17% measured in Danish kroner and by 13% at CER. The sales increase in US
Operations was impacted by phasing of rebates in 2024 as well as channel and payer mix, partially countered by a decline
in volume. Novo Nordisk has a volume market share of 31.0% of the total US insulin market.
International Operations
Sales of insulin in International Operations remained unchanged in Danish kroner and decreased by 1% at CER. The sales
decrease at CER was mainly driven by EUCAN. Novo Nordisk has a volume market share of 47.0% of the total insulin
market in International Operations.
EUCAN
Sales of insulin in EUCAN decreased by 4% in both Danish kroner and CER. The sales decrease at CER was mainly driven by
long-acting insulin, fast-acting insulin and human insulin. Novo Nordisk has a volume market share of 45.5% of the total
insulin market.
Emerging Markets
Sales of insulin in Emerging Markets increased by 4% measured in Danish kroner and by 3% at CER. The sales increase at
CER was mainly driven by human insulin and long-acting insulin, partially countered by premix insulin. Novo Nordisk has a
volume market share of 51.2% of the total insulin market.
APAC
Sales of insulin in APAC decreased by 4% measured in Danish kroner and by 3% at CER. The sales decrease at CER was
mainly driven by premix insulin and long-acting insulin, partially countered by human insulin. Novo Nordisk has a volume
market share of 54.6% of the total insulin market.
Region China
Sales of insulin in Region China increased by 2% measured in Danish kroner, and remained unchanged at CER. The
unchanged increase at CER was mainly driven by increased sales of long-acting insulin, countered by fast-acting and
premix insulin. Novo Nordisk has a volume market share of 40.7% of the total insulin market.
Financial report for the period 1 January 2025 to 31 March 2025 Page 8 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
Obesity care
Sales of Obesity care products, Wegovy
®
and Saxenda
®
, increased by 67% measured in Danish kroner and by 65% at CER
to DKK 18,424 million. Sales growth was driven by both US Operations and International Operations. The volume growth of
the global branded obesity market was 135%. Novo Nordisk is the global market leader with a branded volume market
share of 68.7%.
Obesity care, development per geographical area
Global branded
obesity market growth
(Volume, MAT) Obesity care, sales development
February
2025
Global
135%
US Operations
160%
International Operations
101%
- EUCAN *
81%
- Emerging Markets **
124%
- APAC ***
231%
- Region China ****
N/A
Source: IQVIA, February 2025 data. *Data for EUCAN available for 18 European markets and Canada representing approximately 100% of Novo Nordisk’s Obesity care sales in the area.
**Data for Emerging Markets available for 7 markets representing approximately 74% of Novo Nordisk’s Obesity care sales in the area. ***Data for APAC available for 3 market
representing approximately 62% of Novo Nordisk’s Obesity care sales in the area. **** Branded obesity market data for mainland China, excluding Hong Kong and Taiwan , is not fully
covered by global IQVIA data. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.
Wegovy
®
sales increased by 85% measured in Danish kroner and by 83% at CER to DKK 17,360 million. Sales of Saxenda
®
decreased by 36% measured in Danish kroner and by 35% at CER to DKK 1,064 million as the obesity care market is
moving towards once-weekly treatments.
US Operations
Sales of Obesity care products in US Operations increased by 45% measured in Danish kroner and by 40% at CER to DKK
11,939 million. Sales of Wegovy
®
increased by 44% measured in Danish kroner and by 39% at CER to DKK 11,854 million,
driven by increased volumes, which were negatively impacted by wholesaler inventory movements. This was partially
countered by lower realised prices. In the US, Wegovy
®
has around 200,000 weekly prescriptions, and the volume growth
of the branded obesity market in the US was 160%. The volume of compounded GLP-1s in the US is estimated to have
impacted the uptake of Wegovy
®
prescriptions as well as the growth of the branded obesity market during first quarter of
2025.
In February 2025, the US FDA removed semaglutide injectables from the FDA drug shortage list and subsequently
communicated that shortage-based (bulk) compounding of semaglutide would no longer be allowed, following a period of
enforcement discretion. In April, a US federal court denied a motion for preliminary injunction filed by compounding-
related organisations, thereby ending the period of enforcement discretion for 503A compounding pharmacies, effective
24 April. The period of enforcement discretion for 503B outsourcing facilities will end on 22 May and Novo Nordisk is
actively focused on preventing unlawful and unsafe compounding.
Novo Nordisk continues to work on expanding channels and access to Wegovy
®
in the US. In March, NovoCare
®
Pharmacy
was introduced to provide direct-to-patient delivery for cash-paying patients and in April 2025, Novo Nordisk further
expanded access to Wegovy
®
for cash-paying patients via collaborations with three telehealth organisations. Lastly, in May
2025, CVS announced that Wegovy
®
will be the only GLP-1 medicine covered for obesity on its national template formulary.
International Operations
Sales of Obesity care products in International Operations increased by 131% measured in Danish kroner and by 137% at
CER to DKK 6,485 million. Sales of Wegovy
®
increased by 381% measured in Danish kroner and by 392% at CER to DKK
5,506 million. Wegovy
®
has now been launched in around 25 countries in International Operations. This was partially
countered by sales of Saxenda
®
in International Operations decreased by 41% measured in Danish kroner and by 40% at
CER to DKK 979 million. The volume growth of the branded obesity market in International Operations was 101%.
Financial report for the period 1 January 2025 to 31 March 2025 Page 9 of 36
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Company announcement No 14 / 2025
EUCAN
Sales of Obesity care products in EUCAN increased by 65% measured in Danish kroner and by 66% at CER to DKK 3,175
million driven by Wegovy
®
, partially countered by declining Saxenda
®
sales. The volume growth of the branded obesity
market in EUCAN was 81%.
Emerging Markets
Sales of Obesity care products in Emerging Markets increased by 185% measured in Danish kroner and by 207% at CER to
DKK 1,660 million driven by Wegovy
®
, partially countered by declining Saxenda
®
sales. The volume growth of the branded
obesity market in Emerging Markets was 124%.
APAC
Sales of Obesity care products in APAC increased by 242% measured in Danish kroner and by 250% at CER to DKK 946
million, driven by uptake of Wegovy
®
, partially countered by declining Saxenda
®
sales. The volume of the branded obesity
market in APAC increased by 231%.
Region China
Sales of Obesity care products in Region China amounted to DKK 704 million, driven by the launch of Wegovy
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 10 of 36
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Company announcement No 14 / 2025
Rare disease, sales development
Rare disease sales increased by 5% measured in Danish kroner and by 3% at CER to DKK 4,619 million. Sales of rare
endocrine disorder products increased by 18% measured in Danish kroner and by 14% at CER to DKK 1,312 million. Sales
of rare blood disorder products increased by 1% measured in Danish kroner and decreased by 1% at CER to DKK 2,921
million.
Rare disease, development per geographical area Rare disease, sales development
Global
US Operations
International Operations
- EUCAN
- Emerging Markets
- APAC
- Region China
US Operations
Rare disease sales in US Operations increased by 4% measured in Danish kroner and by 1% at CER. The sales increase was
driven by rare blood disorder products which increased by 7% measured in Danish kroner and by 4% at CER, mainly driven
by increased NovoSeven
®
and haemophilia B sales. This is partially countered by Rare endocrine disorder products
decreasing by 2% measured in Danish kroner and by 5% at CER, mainly driven by Norditropin
®.
International Operations
Rare disease sales in International Operations increased by 6% measured in Danish kroner and by 5% at CER. Rare
endocrine disorder products increased by 55% measured in Danish kroner and by 51% at CER, driven by Norditropin
®
due
to improvement in manufacturing output as well as Sogroya
®
launch uptake. Sales of rare blood disorder products
decreased by 3% measured in Danish kroner and by 4% at CER, driven by lower sales of NovoSeven
®
.
EUCAN
Rare disease sales increased by 1% in both Danish kroner and at CER. Rare endocrine disorder products increased by 6%
in both Danish kroner and at CER. Sales of rare blood disorder products decreased by 2% in both Danish kroner and CER,
mainly driven by lower NovoSeven
®
sales.
Emerging Markets
Rare disease sales increased by 2% measured in Danish kroner and decreased by 2% at CER. Rare endocrine disorder
products increased by 405% measured in Danish kroner and by 366% at CER, mainly related to Norditropin
®
due to
improvement in manufacturing output. Sales of rare blood disorder products decreased by 20% measured in Danish
kroner and by 22% at CER, driven by lower NovoSeven
®
and haemophilia A sales, partially countered by haemophilia B
sales.
APAC
Rare disease sales increased by 14% in both Danish kroner and at CER. Sales of rare endocrine disorder products
increased by 30% measured in Danish kroner and by 29% at CER. Sales of rare blood disorder products increased by 7% in
both Danish kroner and at CER, driven by higher sales of NovoSeven
®
.
Region China
Rare disease sales increased by 167% measured in Danish kroner and by 157% at CER. This is driven by rare blood
disorders which increased by 194% measured in Danish kroner and by 186% at CER, mainly due to by increased
haemophilia A sales.
Financial report for the period 1 January 2025 to 31 March 2025 Page 11 of 36
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Company announcement No 14 / 2025
FINANCIALS
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 30% measured in Danish kroner and by 27% at CER to DKK 12,890 million, resulting in
a gross margin of 83.5%, measured in Danish kroner, compared with 84.8% in the first quarter of 2024. The decline in
gross margin mainly reflects amortisations and depreciations related to Catalent as well as costs related to ongoing
capacity expansions. This is partially countered by a positive product mix driven by increased sales of GLP-1-based
treatments.
Sales and distribution costs increased by 12% measured in Danish kroner and by 10% at CER to DKK 14,892 million. The
increase in costs is driven by both US Operations and International Operations. In US Operations, the cost increase is
mainly driven by promotional activities related to Wegovy
®
and Ozempic
®
. In International Operations, the increase is
mainly related to Wegovy
®
launch and promotional activities. Sales and distribution costs amounted to 19.1% as a
percentage of sales.
Research and development costs increased by 20% measured in Danish kroner and by 19% at CER to DKK 10,308 million,
mainly driven by Obesity care and reflecting increased late-stage clinical trial activity as well as increased early research
activities. Research and development costs amounted to 13.2% as a percentage of sales.
Administration costs increased by 5% in both Danish kroner and at CER to DKK 1,220 million. Administration costs
amounted to 1.6% as a percentage of sales.
Other operating income and expenses (net) showed a gain of DKK 14 million compared to a loss of DKK 568 million in
2024. This is driven by an impairment of a partnership agreement in the first quarter of 2024 of a company previously
acquired by Novo Nordisk.
Operating profit increased by 22% measured in Danish kroner and by 20% at CER to DKK 38,791 million. EBITDA
increased by 23% measured in Danish kroner and by 21% at CER.
Financial items (net) showed a net loss of DKK 1,758 million, compared with a net gain of DKK 72 million in the first
quarter of 2024. This primarily reflects losses on hedged currencies, mainly related to the US dollar, and financing costs
related to the funding of the Catalent transaction.
In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged,
primarily through foreign exchange forward contracts. The foreign exchange result was a net loss of DKK 1,325 million
compared with a net loss of DKK 76 million in the first quarter of 2024.
As per the end of March 2025, a positive market value of financial contracts of approximately DKK 0.4 billion has been
deferred for recognition in 2025 and 2026.
The effective tax rate was 21.6% in the first three months of 2025, compared with an effective tax rate of 20.4% in the first
three months of 2024.
Net profit increased by 14% to DKK 29,034 million and diluted earnings per share increased by 15% to DKK 6.53.
Financial report for the period 1 January 2025 to 31 March 2025 Page 12 of 36
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Company announcement No 14 / 2025
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW IN THE FIRST THREE MONTHS OF 2025 AND CAPITAL EXPENDITURE
Free cash flow in the first three months of 2025 was DKK 9.5 billion compared to DKK 5.0 billion in the first three months of
2024. Free cash flow is reflecting higher net cash generated from operating activities, partially countered by increased
capital expenditure.
Capital expenditure for property, plant and equipment was DKK 13.4 billion compared with DKK 8.5 billion in 2024, primarily
reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for
both current and future injectable and oral products. Capital expenditure related to intangible assets was DKK 1.2 billion in
the first three months of 2025 compared with DKK 0.5 billion in 2024, reflecting business development activities.
EQUITY
Total equity was DKK 138,540 million at the end of March 2025, equivalent to 28.3% of total assets, compared with 33.1% at
the end of March 2024. Please refer to appendix 5 for further elaboration of changes in equity.
Treasury shares
As disclosed in the Q4 2024 Company Announcement, Novo Nordisk owned as of 3 February 2025 a total of 25,947,151 B
shares of DKK 0.10 as treasury shares. Transactions related to Novo Nordisk's employee share programmes including
incentive programmes have resulted in a net transfer from Novo Nordisk of 4,323,469 B shares of DKK 0.10 in the period 4
February 2025 to 6 May 2025. With the transactions stated above, Novo Nordisk now owns a total of 21,623,682 B shares of
DKK 0.10 as treasury shares, corresponding to 0.5% of the share capital. The total amount of A and B shares of DKK 0.10 in
the company is 4,465,000,000 including treasury shares.
Novo Nordisk’s capital allocation principles focus on attractive internal growth investments, including the significant supply
chain expansion, and a dividend pay-out ratio around 50% of net profit. Following the step-up in CAPEX investments in 2025,
Novo Nordisk is not conducting a share buyback programme. An authorisation to the Board of Directors to buy back shares
was, however, in line with previous years, adopted by the Annual General Meeting on 27 March 2025, should the initiation of
a share buyback programme later be deemed relevant.
Financial report for the period 1 January 2025 to 31 March 2025 Page 13 of 36
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Company announcement No 14 / 2025
OUTLOOK
The current expectations for 2025 are summarised in the table below:
r
Expectations are as reported, if not otherwise stated
Expectations
7 May 2025
Expectations
5 February 2025
Sales growth
at CER 13% to 21% 16% to 24%
as reported
Around 3 percentage points lower
than at CER
Around 3 percentage points higher
than at CER
Operating profit growth
at CER 16% to 24% 19% to 27%
as reported
Around 5 percentage points lower
than at CER
Around 5 percentage points higher
than at CER
Financial items (net) Gain of around 0.9 bDKK Loss of around 9 bDKK
Effective tax rate 21% to 23% 21% to 23%
Capital expenditure (PP&E) Around 65 bDKK Around 65 bDKK
Depreciation, amortisation and impairment losses Around DKK 17 billion Around DKK 17 billion
Free cash flow (excluding impact from business development) Between 56 and 66 bDKK Between 75 and 85 bDKK
Sales growth is now expected to be 13% to 21% at CER. Given the current exchange rates versus the Danish krone, sales
growth reported in DKK is expected to be 3 percentage points lower than at CER, primarily due to depreciation of the USD/
DKK exchange rate. The updated sales outlook at CER reflects lower-than-planned penetration of branded GLP-1 treatments
in the US, impacted by compounded GLP-1s.
The outlook reflects expectations for sales growth in both US Operations and International Operations, mainly driven by
volume growth of GLP-1-based treatments for obesity and diabetes. Following the US FDA removal of semaglutide
injectables from the FDA drug shortage list, the sales outlook assumes a reduction in patients on compounded GLP-1
treatment during the second half of 2025. Novo Nordisk is focused on preventing unlawful and unsafe compounding and on
further expanding access to Wegovy
®
such as through NovoCare
®
Pharmacy, collaborations with telehealth organisations as
well as the CVS formulary decision, where Wegovy
®
will be the only GLP-1 medicine covered for obesity on its national
template formulary. With around 1 billion people living with obesity globally and only a few million on treatment, the
outlook reflects a continued global roll-out of Wegovy
®
to more markets. The outlook further reflects expected periodic
supply constraints and related drug shortage notifications for certain products and geographies.
Operating profit growth is now expected to be 16% to 24% at CER. Given the current exchange rates versus the Danish
krone, growth reported in DKK is expected to be 5 percentage points lower than at CER, primarily due to depreciation of
the USD/DKK exchange rate. The updated expectation for operating profit growth primarily reflects the lower sales growth
outlook, partially countered by reduced spending. Novo Nordisk continues to invest in future and current growth drivers
within Research, Development, Commercial and Manufacturing. Within R&D, investments are related to the continued
expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related to Obesity care
market development and activities as well as investments within GLP-1 Diabetes care. Within Manufacturing, investments
are mainly related to ongoing scaling of capacity efforts, and a negative mid-single-digit operating profit growth impact
related to the acquisition of the three Catalent manufacturing sites is also included in the guidance.
Novo Nordisk now expects financial items (net) for 2025 to amount to a gain of around DKK 0.9 billion. This is mainly
driven by expected gains on hedged currencies, primarily the US dollar, partially offset by interest expenses related to
funding of the debt-financed Catalent transaction.
The effective tax rate for 2025 is still expected to be in the range of 21-23%.
Capital expenditure is still expected to be around DKK 65 billion in 2025, reflecting expansion of the global supply chain.
The investments will create additional capacity across the supply chain, including manufacturing of active pharmaceutical
ingredients (API), additional aseptic production and finished production processes as well as packaging capacity. In the
coming years, the capital expenditure to sales ratio is still expected to be low double-digit.
Financial report for the period 1 January 2025 to 31 March 2025 Page 14 of 36
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Company announcement No 14 / 2025
Depreciation, amortisation and impairment losses are still expected to be around DKK 17 billion and include
depreciations and amortisations related to the Catalent transaction.
The free cash flow is now expected to be DKK 56-66 billion reflecting the lower-than-planned sales growth, mainly driven
by lower volume growth of GLP-1-based treatments in the US and related gross-to-net cash flow implications.
All of the above expectations are based on assumptions that the global or regional macroeconomic and political
environment will not significantly change business conditions for Novo Nordisk during 2025, including energy and supply
chain disruptions, the potential implications from major healthcare reforms and legislative changes, taxation changes,
including changes in tariffs and duties, as well as outcome of legal cases including litigations related to the 340B Drug
Pricing Program in the US, and that the currency exchange rates, especially the US dollar, will remain at the current level
versus the Danish krone. The guidance is also based on assumptions in relation to the estimation of gross-to-net
developments in the US gross sales. Finally, the guidance does not include the financial implications of any new significant
business development transactions and significant impairments of intangible assets during 2025.
FX (average rates) Q1 2025 Q1 2024 % change
Spot rate
30 April 2025
USD
709
687
3%
656
CNY
97
96
1%
90
JPY
4.65
4.63
0%
4.59
CAD
494
509
(3%)
475
BRL
121
139
(13%)
117
Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies, and, all other things being equal,
movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.
Key invoicing currencies
Impact on Novo Nordisk's operating profit in the next 12
months of a 5% movement in currency Hedging period (months)
1
USD
DKK 6,800 million
12
CNY
2
DKK 620 million
12
CAD
DKK 460 million
0
BRL
DKK 270 million
0
JPY
DKK 210 million
12
1)
As of 30 April 2025.
2)
Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.
The financial impact from foreign exchange hedging is included in Financial items (net).
Financial report for the period 1 January 2025 to 31 March 2025 Page 15 of 36
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Company announcement No 14 / 2025
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Once-weekly IcoSema submitted for regulatory approval in Japan
In February 2025, Novo Nordisk submitted IcoSema, a once-weekly combination of basal insulin icodec and semaglutide,
for regulatory approval in Japan.
Development of phase 1 once-weekly oral semaglutide terminated
In April 2025, Novo Nordisk terminated the development of once-weekly oral semaglutide due to portfolio considerations.
Obesity care
CagriSema demonstrates superior weight loss in adults with obesity or overweight and type 2 diabetes in the REDEFINE 2 trial
In March 2025, Novo Nordisk announced headline results from REDEFINE 2, a 68-week efficacy and safety trial
investigating subcutaneous CagriSema (a fixed dose combination of cagrilintide 2.4 mg and semaglutide 2.4 mg)
compared to placebo. The REDEFINE 2 trial was based on a flexible protocol, allowing patients to modify their dosing
throughout the trial. After 68 weeks, 61.9% of patients treated with CagriSema were on the highest dose. The mean
baseline body weight was 102 kg. When evaluating the effects of treatment if all people adhered to treatment, people
treated with CagriSema achieved a superior weight loss of 15.7% after 68 weeks. In the trial, CagriSema appeared to have
a safe and well-tolerated profile. For further information, please see the company announcement here.
Wegovy
®
PDS290 multi-dose device variant submitted to the US regulatory authorities
In February 2025, Novo Nordisk submitted a Supplemental New Drug Application (sNDA) to the US FDA for PDS290 device
variant for Wegovy
®
. Novo Nordisk expects the regulatory review to be completed around mid-year 2025.
Oral semaglutide 25 mg for weight management submitted to the US regulatory authorities
In February 2025, Novo Nordisk submitted oral semaglutide 25 mg to the US FDA. The submission is based on OASIS 4, a
64-week efficacy and safety trial comparing once-daily oral semaglutide 25 mg to placebo in 307 adults with obesity or
overweight with one or more comorbidities. From a baseline bodyweight of 105.9 kg, oral semaglutide 25 mg achieved
16.6% weight loss compared to a 2.7% reduction with placebo in adults with obesity or overweight (if all participants
adhered to treatment). In the trial, oral semaglutide 25 mg appeared to have a safe and well-tolerated profile. Novo
Nordisk expects the regulatory review to be completed around the turn of the year.
Cardiovascular & Emerging Therapy
Once-weekly semaglutide 2.4 mg in MASH submitted for regulatory approval in the EU and US
In February 2025, Novo Nordisk submitted once-weekly semaglutide 2.4 mg for regulatory approval in the EU and US for
the treatment of MASH (F2-F4). The submissions are based on part I of the ESSENCE trial, where, at week 72, 36.8% of
people treated with semaglutide 2.4 mg achieved improvement in liver fibrosis with no worsening of steatohepatitis
compared to 22.4% on placebo. 62.9% of people treated with semaglutide 2.4 mg achieved resolution of steatohepatitis
with no worsening of liver fibrosis compared to 34.3% on placebo. In the trial, semaglutide 2.4 mg appeared to have a safe
and well-tolerated profile in line with previous semaglutide 2.4 mg trials. In the US, the submission has been granted
priority review by the FDA.
Rare disease
Sogroya
®
non-replacement indications trials (main phases) and EU submission successfully completed
In February 2025, the Sogroya
®
(once-weekly somapacitan) phase 3a trial, REAL 8, successfully completed the main phase
of three sub-studies in children born small for gestational age (SGA), Noonan syndrome (NS) and idiopathic short stature
(ISS), respectively. All sub-studies met the primary endpoint of demonstrating non-inferiority in height velocity at week 52
for Sogroya
®
vs daily Norditropin
®
. In the trial, Sogroya
®
appeared to have a safe and well-tolerated profile, consistent with
the known safety profile of daily Norditropin
®
. REAL 8, the fourth sub-study in children with Turner Syndrome (TS) is
expected to read out later in 2025. Likewise, in February 2025, the 26-week main phase of the phase 3a trial, REAL 9 in
adolescents aged 10-18 years of age in similar indications as REAL 8, was successfully completed. REAL 9 met the primary
objective of establishing the safety profile of once-weekly Sogroya
®
.
In April 2025, based on above data from REAL 8 and REAL 9, Novo Nordisk has submitted for regulatory approval in the EU,
including the three indications SGA, NS and ISS. Submission for approval in the US is expected during the first half of 2025.
Financial report for the period 1 January 2025 to 31 March 2025 Page 16 of 36
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Company announcement No 14 / 2025
Business development
Novo Nordisk announced exclusive license agreement for a GLP-1/GIP/glucagon triple receptor agonist (UBT251)
In March 2025, The United Laboratories International Holdings Limited and Novo Nordisk announced that the parties have
entered into an exclusive license agreement for UBT251, a triple agonist of the receptors for GLP-1, GIP, and glucagon in
early-stage clinical development for the treatment of obesity, type 2 diabetes and other diseases. Under the license
agreement, Novo Nordisk will obtain exclusive worldwide rights (excluding Chinese mainland, Hong Kong, Macau and
Taiwan) to develop, manufacture, and commercialise UBT251. United Biotechnology will retain the rights for UBT251 in
Chinese mainland, Hong Kong, Macau and Taiwan. United Biotechnology is eligible to receive an upfront payment of USD
200 million and potential milestone payments of up to USD 1.8 billion from Novo Nordisk, as well as tiered royalties on net
sales outside of Chinese mainland, Hong Kong, Macau, and Taiwan. For further information, please see the press release
here.
Novo Nordisk entered exclusive license agreement with Lexicon Pharmaceuticals for LX9851
In March 2025, Lexicon Pharmaceuticals announced that it had entered into an exclusive license agreement with Novo
Nordisk for LX9851, a first-in-class, oral non-incretin pre-clinical candidate in obesity and associated metabolic disorders.
Under the terms of the agreement, Novo Nordisk obtains an exclusive, worldwide license to develop, manufacture and
commercialise LX9851 in all indications. Lexicon is eligible to receive upfront and near-term milestone payments of up to
USD 75 million. In total, Lexicon will be eligible to receive USD 1 billion in upfront and potential development, regulatory
and sales milestones payments. Lexicon is also entitled to tiered royalties on net sales of LX9851.
Financial report for the period 1 January 2025 to 31 March 2025 Page 17 of 36
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Company announcement No 14 / 2025
PURPOSE AND SUSTAINABILITY
ENVIRONMENT
ENVIRONMENTAL PERFORMANCE Unit Q1 2025 Q1 2024
% change
Q1 2025 to
Q1 2024
Total CO
2
e emissions 1,000 tonnes CO
2
e 667 486 37%
- Scope 1 CO
2
e emissions
1,000 tonnes CO
2
e
33
19
74%
- Scope 2 CO
2
e emissions
1,000 tonnes CO
2
e
17
6
183%
- Scope 3 CO
2
e emissions
1
1,000 tonnes CO
2
e 617 461 34%
Plastic footprint (absolute)
2
tonnes 15,673 15,076 4%
Plastic footprint per patient
2
Kg/patient
0.34 0.35
(3%)
1) Figure has been restated from 1,007 in Q1 2024 Company announcement due to updated calculation methodology.
2) Plastic footprint over a 12-month period, calculated as a moving annual total.
Emissions
Novo Nordisk is committed to reaching net zero emissions across scope 1, scope 2 and scope 3 greenhouse gas emissions
by 2045. In February 2025, the Science-Based Targets initiative (SBTi) approved Novo Nordisk’s new near-term target of
33% absolute reduction of scope 3 CO
2
e emissions by 2033 compared to base-year of 2024. The target covers
approximately 2/3 of Novo Nordisk’s scope 3 emissions in accordance with SBTi provisions. In addition, Novo Nordisk has a
target of zero scope 1 and scope 2 CO
2
e emissions by 2030.
In the first three months of 2025, scope 1 CO
2
e emissions increased by 74% compared to the first three months of 2024,
mainly due to the acquisition of new production sites and increased consumption of natural gas related hereto.
Scope 2 CO
2
e emissions increased by 183% compared to the first three months of 2024 primarily due to use of non-
renewable electricity at the newly acquired sites, mainly related to Catalent. Novo Nordisk has sourced 100% renewable
electricity for production sites since 2020. As of March 2025, the overall share of renewable electricity sourced at Novo
Nordisk’s production sites is 86% driven by recent acquisition of new sites without a renewable electricity setup.
Scope 3 CO
2
e emissions increased by 34% compared to the first three months of 2024 due to an increase in raw material
supply and increased investments in capital expenditure for property, plant and equipments.
Plastic target
In 2024, a global target was set to reduce the plastic footprint per patient from Diabetes and Obesity care products by 30%
by 2033, compared to a baseline of 0.35 kg per patient in 2024. Due to increased production volumes, the absolute plastic
footprint rose by 4%, while the relative footprint per patient decreased by 3%. This reduction was mainly driven by an
increase in once-weekly treatments compared to once-daily treatments.
Financial report for the period 1 January 2025 to 31 March 2025 Page 18 of 36
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Company announcement No 14 / 2025
SOCIAL
SOCIAL PERFORMANCE Unit Q1 2025 Q1 2024
% change
Q1 2025 to
Q1 2024
Patients
Total numbers of patients reached Estimate in millions
1
45.7 41.8 9%
– Patients reached with Novo Nordisk's Diabetes care products Estimate in millions
1
43.1 40.6 6%
– Patients reached with Novo Nordisk's Obesity care products Estimate in millions
1
2.6 1.2 117%
Vulnerable patients reached with Diabetes care products
2
Estimate in millions
1
8.1 8.8 (8%)
Children reached through the Changing Diabetes
®
in Children
programme Number of children
3
68,935 54,092 27%
Sustainable employer
Total number of employees (FTEs) Number 77,406 66,015 17%
Gender in senior leadership positions
4
Men:women 58:42 59:41 N/A
1) Calculated as a moving annual total. The estimated total number of full-year patients reached over a 12-month period.
2) Patients reached either through products sold under local affordability thresholds, or public tenders in low-, lower middle- or upper middle-income countries (LMICs), or through
specific diabetes access and affordability programmes or humanitarian donations.
3) Total cumulative number of children. The number of children reached with Diabetes care treatment through the Changing Diabetes
®
in Children programme since the initiation of the
partnership in 2009.
4) Defined as chief executive officer (CEO), executive vice presidents (EVP), senior vice presidents (SVP), corporate vice presidents (CVP) and vice presidents (VP).
Patients
The number of people reached with Novo Nordisk products, across Diabetes and Obesity care, was 45.7 million. This is an
increase of 3.9 million patients compared to end of March 2024.
By the end of March 2025, the number of vulnerable patients treated with Diabetes care products reached 8.1 million. This
is a 8% decline compared to the same period last year, driven by fewer tender sales.
The Changing Diabetes
®
in Children programme aims to reach 100,000 children by 2030. By the end of March 2025,
68,935 children were reached with Diabetes care treatment, an increase of 27% compared to the end of March 2024.
Sustainable employer
Novo Nordisk aspires to be a sustainable employer. At the end of March 2025, 42% of leaders in senior leadership
positions were women, compared to 41%, at the end of March 2024. While Novo Nordisk maintains our global aspiration of
a minimum 45% representation for each gender by the end of 2025, Novo Nordisk's operations in the U.S. will no longer
participate in this global initiative due to evolving legal requirements. We remain committed to non-discrimination and
innovation through diverse perspectives, always in compliance with local regulations.
The number of full-time employees at the end of March 2025, increased by 17% compared to 12 months ago. The total
number of full-time employees was 77,406. The increase is mainly driven by Product Supply. The acquisition of Catalent
account for around 3000 full-time employees compared to 12 months ago.
International crises, geopolitical tensions and natural disasters
Novo Nordisk is committed to supporting the safety of our employees and ensuring uninterrupted access to essential
medicines during humanitarian crises. Our priorities include safeguarding our workforce and collaborating with
humanitarian organisations to provide critical medications to affected regions.
In recent crises, including the Israel-Hamas conflict and Russia's invasion of Ukraine, we have maintained essential supplies
to ensure patients can continue their treatments, underscoring our dedication to supporting communities in need.
Financial report for the period 1 January 2025 to 31 March 2025 Page 19 of 36
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Information
Company announcement No 14 / 2025
CORPORATE GOVERNANCE
Changes in Executive Management
In April, Novo Nordisk announced changes in Executive Management. After a distinguished career of 28 years with Novo
Nordisk, hereof seven years as executive vice president of Commercial Strategy & Corporate Affairs, Camilla Sylvest has
decided to leave the company. Consequently, as of 3 April 2025, the following organisational changes were implemented:
Ludovic Helfgott, executive vice president, Rare Disease, assumed the responsibility for Product & Portfolio Strategy,
including commercial strategy, medical affairs and business development across all therapy areas. Ludovic joined Novo
Nordisk in 2019 as executive vice president and has led the establishment of a strategic Rare Disease portfolio.
Thilde Hummel Bøgebjerg, senior vice president, Product Supply Emerging Technologies, was promoted to executive vice
president, Quality, IT & Environmental Affairs. Thilde has been with Novo Nordisk for 18 years and has held various
leadership roles with increasing responsibility, mainly within Product Supply and CMC development.
Lastly, Tania Sabroe, executive vice president of People & Organisation, assumed responsibility for Global Communication
in addition to her current responsibilities.
Financial report for the period 1 January 2025 to 31 March 2025 Page 20 of 36
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Company announcement No 14 / 2025
LEGAL MATTERS
Litigation in relation to the FDA drug shortage list
On 21 February 2025, the US FDA removed semaglutide injectables from the FDA drug shortage list. On 24 February 2025,
the Outsourcing Facilities Association (“OFA”) and North American Custom Laboratories (“NACL”) filed a lawsuit in Federal
Court in Texas against FDA, challenging FDA’s resolution of the semaglutide injectables shortage. Novo Nordisk Inc.
intervened in the litigation to oppose the relief sought by OFA and NACL. On 20 March 2025, OFA and NACL filed a motion
for preliminary injunction against FDA in the litigation. Novo Nordisk and FDA opposed the motion. Following the
resolution of the shortage, FDA communicated that it would not be taking action against 503A compounding pharmacies
and 503B outsourcing facilities for shortage-based semaglutide compounding until after 22 April and 22 May, respectively.
FDA subsequently clarified that this period of enforcement discretion would end on each of these dates or on the date the
Federal Court in Texas issued a decision on OFA and NACL’s motion for preliminary injunction, whichever is later. On 24
April, the court denied OFA and NACL’s motion for preliminary injunction, thereby ending the period of enforcement
discretion for 503A compounding pharmacies. The period of enforcement discretion for 503B outsourcing facilities will end
on 22 May.
Financial report for the period 1 January 2025 to 31 March 2025 Page 21 of 36
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Company announcement No 14 / 2025
STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
The Board of Directors and Executive Management have today considered and approved this financial report of Novo
Nordisk A/S containing condensed financial information and condensed sustainability information for the first three
months of 2025. This financial report has not been audited or reviewed by the company's independent auditors.
The condensed financial information in this financial report has been prepared in accordance with the recognition and
measurement requirements in the IFRS Accounting Standards as adopted by the EU and the accounting policies are
consistent with those applied in the Annual Report 2024.
The condensed sustainability information in this financial report has been prepared in accordance with the ESRS and the
accounting policies are consistent with those applied in the Annual Report 2024.
In our opinion, the accounting policies used are appropriate, and the overall presentation of this financial report is
adequate. Furthermore, in our opinion, this financial report includes a true and fair view of the financial position at 31
March 2025 as well as of the results of the operations, the cash flows and the sustainability performance for the period 1
January - 31 March 2025. Furthermore, in our opinion, Management's Review contains a fair review of the development of
the Group's business and financial matters, the results for the period and of the financial position, together with a
description of the principal risks and uncertainties that the Group faces in accordance with Danish disclosure requirements
for listed companies.
Bagsværd, 7 May 2025
Executive Management:
Lars Fruergaard Jørgensen
President and CEO
Karsten Munk Knudsen
CFO
Board of Directors:
Helge Lund
Chair
Henrik Poulsen
Vice chair
Elisabeth Dahl Christensen
Laurence Debroux
Andreas Fibig Sylvie Grégoire
Liselotte Hyveled Mette Bøjer Jensen Kasim Kutay
Christina Law Martin Mackay Thomas Rantzau
Financial report for the period 1 January 2025 to 31 March 2025 Page 22 of 36
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Information
Company announcement No 14 / 2025
About Novo Nordisk
Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to
defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to
our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and
markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on
the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.
Financial Calendar
6 August 2025
Financial results for the first six months of 2025
15 August 2025 (updated)
Ex-dividend, B shares
5 November 2025
Financial results for the first nine months of 2025
4 February 2026
Financial statement for 2025
Contacts for further information
Media:
Ambre James-Brown
+45 3079 9289
abmo@novonordisk.com
Liz Skrbkova (US)
+1 609 917 0632
lzsk@novonordisk.com
Investors:
Jacob Martin Wiborg Rode
+45 3075 5956
jrde@novonordisk.com
Sina Meyer
+45 3079 6656
azey@novonordisk.com
Ida Schaap Melvold
+45 3077 5649
idmg@novonordisk.com
Frederik Taylor Pitter (US)
+1 609 613 0568
fptr@novonordisk.com
Max Ung
+45 3077 6414
mxun@novonordisk.com
Forward-looking statements
Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by
or on behalf of Novo Nordisk, may contain certain forward-looking statements relating to the operating, financial and sustainability performance and results of Novo Nordisk and/or the
industry in which it operates. Forward-looking statements can be identified by the fact that they do not relate to historical or current facts and include guidance. Words such as ‘believe’,
‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection
with any discussion of future operating, financial or sustainability performance identify forward-looking statements. Examples of such forward-looking statements include, but are not
limited to:
Statements of targets, future guidance, (transition) plans, objectives or goals for future operations, including those related to operating, financial and sustainability matters, Novo
Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto;
• Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials
and other financial measures;
• Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings; and
• Statements regarding the assumptions underlying or relating to such statements.
• These statements are based on current plans, estimates, opinions, views and projections. Although Novo Nordisk believes that the expectation reflected in such forward-
looking statements are reasonable, there can be no assurance that such expectation will prove to be correct. By their very nature, forward-looking statements involve risks,
uncertainties and assumptions, both general and specific, and actual results may differ materially from those contemplated, expressed or implied by any forward-looking
statement.
Factors that may affect future results include, but are not limited to, global as well as local political, economic and environmental conditions, such as interest rate and currency exchange
rate fluctuations or climate change, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as
a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches
or terminations, government- mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology
including the risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and
investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing,
approval, manufacturing and marketing, and taxation changes, including changes in tariffs and duties, perceived or actual failure to adhere to ethical marketing practices, investments
in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right
employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, the effects of domestic or international crises, civil unrest, war or other
conflict and factors related to the foregoing matters and other factors not specifically identified herein.
For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in the Annual Report 2024, reference is
made to the overview of risk factors in ‘Risks’ of the Annual Report 2024.
None of Novo Nordisk or its subsidiaries or any such person's officers, or employees accept any responsibility for the future accuracy of the opinions expressed in the Annual Report
2024, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk or the
actual occurrence of the forecasted developments.
Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future
events, or otherwise.
Financial report for the period 1 January 2025 to 31 March 2025 Page 23 of 36
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Company announcement No 14 / 2025
APPENDIX 1: QUARTERLY NUMBERS IN DKK
(Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).
% change
2025
2024
Q1 2025 vs.
Q1
Q4
Q3
Q2
Q1
Q1 2024
Net sales
78,087
85,683
71,311
68,060
65,349
19%
Gross profit
65,197
72,659
60,003
57,786
55,433
18%
Gross margin
83.5%
84.8%
84.1%
84.9%
84.8%
Sales and distribution costs
(14,892)
(18,701)
(15,210)
(14,934)
(13,256)
12%
Percentage of sales
19.1%
21.8%
21.3%
21.9%
20.3%
Research and development costs
1
(10,308)
(13,802)
(9,488)
(16,166)
(8,606)
20%
Percentage of sales
13.2%
16.1%
13.3%
23.8%
13.2%
Administrative costs
(1,220)
(1,580)
(1,382)
(1,157)
(1,157)
5%
Percentage of sales
1.6%
1.8%
1.9%
1.7%
1.8%
Other operating income and expenses
14
(1,839)
(101)
405
(568)
N/A
Operating profit (EBIT)
38,791
36,737
33,822
25,934
31,846
22%
Operating margin
49.7%
42.9%
47.4%
38.1%
48.7%
Financial income
3,425
3,913
(821)
960
2,146
60%
Financial expenses
(5,183)
(5,093)
1,383
(1,562)
(2,074)
150%
Financial items (net)
(1,758)
(1,180)
562
(602)
72
N/A
Profit before income taxes
37,033
35,557
34,384
25,332
31,918
16%
Income taxes
(7,999)
(7,327)
(7,083)
(5,282)
(6,511)
23%
Net profit
29,034
28,230
27,301
20,050
25,407
14%
Depreciation, amortisation and impairment losses
3,830
5,198
2,150
8,845
2,914
31%
Capital expenditure (PP&E)
13,422
16,101
12,119
10,470
8,474
58%
Net cash flows from operating activities
24,591
12,301
43,850
50,503
14,314
72%
Free cash flow
9,492
(86,467)
30,451
36,289
5,020
89%
EBITDA
42,621
41,935
35,972
34,779
34,760
23%
Adjusted net profit
30,304
30,516
27,797
25,795
26,449
15%
Total assets
489,162
465,795
397,441
369,383
298,921
64%
Total equity
138,540
143,486
120,522
112,522
98,911
40%
Equity ratio
28.3%
30.8%
30.3%
30.5%
33.1%
Full-time equivalent employees end of period
77,406
76,302
71,880
69,260
66,015
17%
Basic earnings per share/ADR (in DKK)
6.54
6.34
6.13
4.50
5.70
15%
Diluted earnings per share/ADR (in DKK)
6.53
6.34
6.12
4.49
5.68
15%
Average number of shares outstanding (million) 4,439.5 4,446.2 4,452.3 4,457.7 4,459.6 0%
Average number of diluted shares outstanding
(million)
4,446.4 4,455.5 4,460.5 4,465.4 4,470.5 (1%)
Sales by business segment:
Total GLP-1
39,574
42,173
34,935
37,035
34,982
13%
Long-acting insulin
5,388
5,158
4,035
4,737
5,165
4%
Premix insulin
2,813
2,867
2,518
2,436
2,968
(5%)
Fast-acting insulin
5,052
6,017
4,150
3,868
4,487
13%
Human insulin
1,744
1,845
1,806
1,571
1,745
0%
Total insulin
14,997
15,887
12,509
12,612
14,365
4%
Other Diabetes care
473
512
492
533
583
(19%)
Total Diabetes care
55,044
58,572
47,936
50,180
49,930
10%
Wegovy
®
17,360
19,866
17,304
11,659
9,377
85%
Saxenda
®
1,064
1,540
1,497
2,245
1,658
(36%)
Total Obesity care
18,424
21,406
18,801
13,904
11,035
67%
Diabetes and Obesity care total
73,468
79,978
66,737
64,084
60,965
21%
Rare blood disorders
2,921
3,398
2,988
2,864
2,888
1%
Rare endocrine disorders
1,312
1,923
1,227
730
1,113
18%
Other Rare disease
386
384
359
382
383
1%
Rare disease total
4,619
5,705
4,574
3,976
4,384
5%
Sales by geographic segment:
US Operations
44,316
52,371
39,847
38,404
36,782
20%
International Operations
33,771
33,312
31,464
29,656
28,567
18%
- EUCAN
14,765
16,418
14,098
13,910
13,119
13%
- Emerging Markets
8,790
7,194
8,323
6,758
7,240
21%
- APAC
4,594
5,376
4,335
4,025
3,702
24%
- Region China
5,622
4,324
4,708
4,963
4,506
25%
Segment operating profit:
Diabetes and Obesity care
38,247
36,044
33,473
26,984
31,218
23%
Rare disease
544
693
349
(1,050)
628
(13%)
1)
Research and development costs include an impairment loss of DKK 5.7 billion in the second quarter of 2024 related to ocedurenone. The impairment loss is recognised in the
segment Diabetes and Obesity.
Financial report for the period 1 January 2025 to 31 March 2025 Page 24 of 36
Strategic
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Performance
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therapeutic focus
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Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million
Q1 2025
Q1 2024
Income statement
Net sales
78,087
65,349
Cost of goods sold
(12,890)
(9,916)
Gross profit
65,197
55,433
Sales and distribution costs
(14,892)
(13,256)
Research and development costs
(10,308)
(8,606)
Administrative costs
(1,220)
(1,157)
Other operating income and expenses
14
(568)
Operating profit
38,791
31,846
6
0
0
Financial income
3,425
2,146
Financial expenses
(5,183)
(2,074)
Profit before income taxes
37,033
31,918
Income taxes
(7,999)
(6,511)
NET PROFIT
29,034
25,407
7
0
0
Basic earnings per share (DKK)
6.54
5.70
Diluted earnings per share (DKK)
6.53
5.68
Segment Information
Segment sales:
Diabetes and Obesity care
73,468
60,965
Rare disease
4,619
4,384
Segment operating profit:
Diabetes and Obesity care
38,247
31,218
Operating margin
52.1 %
51.2 %
Rare disease
544
628
Operating margin
11.8 %
14.3 %
Total segment operating profit
38,791
31,846
Statement of comprehensive income
Net profit
29,034
25,407
Other comprehensive income
Remeasurements of defined benefit obligations
82
(73)
Items that will not be reclassified subsequently to the income statement 82 (73)
Exchange rate adjustments of investments in subsidiaries
(2,519)
425
Cash flow hedges:
Realisation of previously deferred (gains)/losses
1,771
(1,612)
Deferred gains/(losses) on hedges, incurred during the period
4,436
(1,247)
Tax and other items
(1,505)
573
Items that will be reclassified subsequently to the income statement 2,183 (1,861)
Other comprehensive income 2,265 (1,934)
TOTAL COMPREHENSIVE INCOME 31,299 23,473
Financial report for the period 1 January 2025 to 31 March 2025 Page 25 of 36
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Company announcement No 14 / 2025
APPENDIX 3: CASH FLOW STATEMENT
DKK million Q1 2025 Q1 2024
Net profit
29,034
25,407
Adjustment for non-cash items:
Income taxes in the income statement
7,999
6,511
Depreciation, amortisation and impairment losses
3,830
2,914
Other non-cash items
2,966
874
Change in working capital
(16,428)
(9,608)
Interest received
694
480
Interest paid
(833)
(140)
Income taxes paid
(2,671)
(12,124)
Net cash flows from operating activities
24,591
14,314
Purchase of intangible assets
(1,164)
(535)
Purchase of property, plant and equipment
(13,422)
(8,474)
Purchase of other financial assets
(115)
(15)
Purchase of marketable securities
—
(1,145)
Sale of marketable securities
8,028
14,125
Net cash flows from investing activities
(6,673)
3,956
Purchase of treasury shares
(1,388)
(2,836)
Dividends declared
1
(35,274)
(28,557)
Dividends paid after the reporting date
20,244
—
Withheld dividend tax
6,538
5,328
Proceeds from borrowings
27,363
—
Repayment of borrowings
(12,032)
(317)
Net cash flows from financing activities
5,451
(26,382)
Net cash generated from activities
23,369
(8,112)
Cash and cash equivalents at the beginning of the year
15,655
14,392
Exchange gain/(loss) on cash and cash equivalents
(86)
44
Cash and cash equivalents at the end of the period
38,938
6,324
1)
On 27 March 2025, a final dividend of DKK 7.90 for each Novo Nordisk A and B share (amounting to DKK 35,274 million) was approved at the Annual General Meeting 2025. Dividend
on A shares (DKK 8,492 million) was paid on 28 March 2025 and dividends on B shares (DKK 26,782 million including withheld taxes) was paid in April 2025. Accordingly, dividend on B
shares was recognised as a current liability within ‘Other liabilities’ in balance sheet.
Financial report for the period 1 January 2025 to 31 March 2025 Page 26 of 36
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Information
Company announcement No 14 / 2025
APPENDIX 4: BALANCE SHEET
DKK million
31 Mar 2025
31 Dec 2024
ASSETS
Intangible assets
109,379
111,090
Property, plant and equipment
172,376
162,488
Investments in associated companies
394
400
Deferred income tax assets
26,275
24,627
Other receivables and prepayments
4,037
4,016
Other financial assets
2,306
2,277
TOTAL NON-CURRENT ASSETS
314,767
304,898
Inventories
42,853
40,849
Trade receivables
69,459
71,949
Tax receivables
2,983
2,853
Other receivables and prepayments
13,924
12,612
Marketable securities
2,612
10,653
Derivative financial instruments
3,626
6,326
Cash at bank
38,938
15,655
TOTAL CURRENT ASSETS 174,395 160,897
TOTAL ASSETS 489,162 465,795
EQUITY AND LIABILITIES
Share capital
446
446
Treasury shares
(2)
(2)
Retained earnings
137,319
144,448
Other reserves
777
(1,406)
TOTAL EQUITY
138,540
143,486
Borrowings
96,310
89,674
Deferred income tax liabilities
8,705
5,426
Retirement benefit obligations
836
903
Other liabilities
21
23
Provisions
8,633
8,755
Total non-current liabilities
114,505
104,781
Borrowings
22,413
13,113
Trade payables
19,576
28,846
Tax payables
15,501
9,716
Other liabilities
58,585
37,993
Derivative financial instruments
2,392
7,531
Provisions
117,650
120,329
Total current liabilities
236,117
217,528
TOTAL LIABILITIES
350,622
322,309
TOTAL EQUITY AND LIABILITIES 489,162 465,795
Financial report for the period 1 January 2025 to 31 March 2025 Page 27 of 36
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Company announcement No 14 / 2025
APPENDIX 5: EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Q1 2025
Balance at the beginning of the year
446
(2)
144,448
(1,406)
143,486
Net profit
29,034
29,034
Other comprehensive income for the period
82
2,183
2,265
Total comprehensive income for the period
29,116
2,183
31,299
Transactions with owners:
Dividends
1
(35,274)
(35,274)
Share-based payments
453
453
Purchase of treasury shares
0
(1,388)
(1,388)
Tax related to transactions with owners
(36)
(36)
Balance at the end of the period 446 (2) 137,319 777 138,540
1)
On 27 March 2025, a final dividend of DKK 7.90 for each Novo Nordisk A and B share (amounting to DKK 35,274 million) was approved at the Annual General Meeting 2025. Dividend
on A shares (DKK 8,492 million) was paid on 28 March 2025 and dividends on B shares (DKK 26,782 million including withheld taxes) was paid in April 2025. Accordingly, dividend on B
shares was recognised as a current liability within ‘Other liabilities’ in balance sheet.
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
Q1 2024
Balance at the beginning of the year
451
(5)
104,839
1,276
106,561
Net profit
25,407
25,407
Other comprehensive income for the period
(73)
(1,861)
(1,934)
Total comprehensive income for the period
25,334
(1,861)
23,473
Transactions with owners:
Dividends
(28,557)
(28,557)
Share-based payments
368
368
Purchase of treasury shares
0
(2,836)
(2,836)
Tax related to transactions with owners
(98)
(98)
Balance at the end of the period 451 (5) 99,050 (585) 98,911
Financial report for the period 1 January 2025 to 31 March 2025 Page 28 of 36
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Company announcement No 14 / 2025
APPENDIX 6: SALES SPLIT PER AREA
Q1 2025 sales split per area
DKK million Total
US
Operations
International
Operations EUCAN
Emerging
Markets APAC Region China
Diabetes and Obesity care segment
Injectable GLP-1
33,879
23,143
10,736
5,189
2,919
884
1,744
% change at CER
11%
11%
10%
2%
19%
7%
27%
Ozempic
®
32,721
22,869
9,852
4,938
2,574
830
1,510
% change at CER
15%
17%
12%
2%
14%
15%
56%
Victoza
®
1,158
274
884
251
345
54
234
% change at CER
(46%)
(78%)
(6%)
(1%)
75%
(50%)
(42%)
Rybelsus
®
5,695
2,409
3,286
1,881
527
821
57
% change at CER
13%
0%
25%
36%
1%
23%
5%
Total GLP-1
39,574
25,552
14,022
7,070
3,446
1,705
1,801
% change at CER
11%
10%
13%
9%
16%
14%
26%
Long-acting insulin
5,388
1,789
3,599
1,560
865
339
835
% change at CER
3%
4%
3%
(2%)
4%
(6%)
16%
Awiqli
®
59
—
59
13
—
2
44
% change at CER
—
—
—
—
—
—
—
Tresiba
®
3,577
1,700
1,877
863
520
218
276
% change at CER
27%
78%
2%
1%
6%
(3%)
0%
Xultophy
®
1,209
89
1,120
482
88
89
461
% change at CER
7%
(9%)
9%
(1%)
(13%)
(16%)
40%
Levemir
®
543
—
543
202
257
30
54
% change at CER
(58%)
(100%)
(15%)
(20%)
6%
3%
(52%)
Premix insulin
2,813
137
2,676
240
543
494
1,399
% change at CER
(7%)
(33%)
(5%)
(10%)
(2%)
(14%)
(2%)
Ryzodeg
®
1,432
—
1,432
57
219
299
857
% change at CER
12%
—
12%
24%
31%
(10%)
17%
NovoMix
®
1,381
137
1,244
183
324
195
542
% change at CER
(21%)
(33%)
(20%)
(17%)
(17%)
(18%)
(22%)
Fast-acting insulin
5,052
2,433
2,619
1,153
789
290
387
% change at CER
10%
31%
(5%)
(4%)
2%
0%
(19%)
Fiasp
®
834
406
428
312
62
54
—
% change at CER
44%
120%
9%
3%
49%
15%
—
NovoRapid
®
4,218
2,027
2,191
841
727
236
387
% change at CER
5%
21%
(7%)
(6%)
(1%)
(2%)
(19%)
Human insulin
1,744
334
1,410
190
714
281
225
% change at CER
2%
(9%)
5%
(16%)
6%
20%
6%
Total insulin
14,997
4,693
10,304
3,143
2,911
1,404
2,846
% change at CER
3%
13%
(1%)
(4%)
3%
(3%)
0%
Other Diabetes care
1
473
41
432
132
71
70
159
% change at CER
(20%)
(33%)
(19%)
(7%)
0%
6%
(37%)
Total Diabetes care
55,044
30,286
24,758
10,345
6,428
3,179
4,806
% change at CER
8%
10%
6%
4%
9%
5%
6%
Wegovy
®
17,360
11,854
5,506
2,679
1,288
853
686
% change at CER
83%
39 %
392 %
150%
—
—
—
Saxenda
®
1,064
85
979
496
372
93
18
% change at CER
(35%)
0%
(40%)
(41%)
(24%)
(66%)
(28%)
Total Obesity care
18,424
11,939
6,485
3,175
1,660
946
704
% change at CER
65%
40%
137%
66%
207%
250%
—
Diabetes and Obesity care total
73,468
42,225
31,243
13,520
8,088
4,125
5,510
% change at CER
19%
18%
20%
14%
27%
26%
21%
Rare disease segment
Rare blood disorders
2
2,921
1,319
1,602
792
466
241
103
% change at CER
(1%)
4%
(4%)
(2%)
(22%)
7%
186%
Haemophilia A
554
91
463
253
72
56
82
% change at CER
(10%)
(52%)
9%
3%
(30%)
(2%)
344%
Haemophilia B
342
142
200
135
21
39
5
% change at CER
27%
64%
10%
2%
—
3%
0%
NovoSeven
®
1,879
993
886
384
366
120
16
% change at CER
(5%)
4%
(14%)
(9%)
(22%)
(3%)
25%
Rare endocrine disorders
3
1,312
714
598
214
192
186
6
% change at CER
14%
(5%)
51%
6%
366%
29%
100%
Other Rare disease
4
386
58
328
239
44
42
3
% change at CER
1%
17%
(2%)
8%
(33%)
(2%)
(50%)
Rare disease total
4,619
2,091
2,528
1,245
702
469
112
% change at CER
3%
1%
5%
1%
(2%)
14%
157%
Total sales
78,087
44,316
33,771
14,765
8,790
4,594
5,622
% change at CER
18%
17%
19%
13%
24%
25%
22%
% change as reported
19%
20%
18%
13%
21%
24%
25%
Share of growth
100%
53%
47%
15%
15%
8%
9%
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 29 of 36
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Company announcement No 14 / 2025
APPENDIX 7: NON-IFRS FINANCIAL MEASURES (ADDITIONAL INFORMATION)
In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance,
financial position and cash flows that reflect adjustments to the directly comparable measures calculated and presented in
accordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in the
same manner and may thus not be comparable with such measures. The non-IFRS financial measures presented in the
Company Announcement are Net sales and operating profit at CER, EBITDA, EBITDA at CER, Adjusted net profit and Free
cash flow.
Net sales and operating profit growth at CER
'Growth at CER’ means that the effect of changes in exchange rates is excluded. It is defined as Net sales/Operating profit
for the period measured at the average exchange rates for the same period prior year compared with Net sales/Operating
profit for the same period prior year. Price adjustments within hyperinflation countries, as defined in IAS 29 ‘Financial
reporting in hyperinflation economies’, are excluded from the calculation to avoid growth at CER being artificially inflated.
Growth at CER is considered to be relevant information for investors in order to understand the underlying development in
net sales and operating profit by adjusting for the impact of currency fluctuations.
Net sales at CER
DKK million Q1 2025 Q1 2024
% change
Q1 2025 to
Q1 2024
Net sales 78,087 65,349 19%
Effect of exchange rates (1,229) 958
Net sales at CER 76,858 66,307 N/A
Net sales previous period 65,349
% increase/(decrease) in constant exchange rates 18%
Operating profit at CER
DKK million Q1 2025 Q1 2024
% change
Q1 2025 to
Q1 2024
Operating profit 38,791 31,846 22%
Effect of exchange rates (630) 748
Operating profit at CER 38,161 32,594 N/A
Operating profit previous period 31,846
% increase/(decrease) in constant exchange rates 20%
EBITDA and EBITDA at CER
Novo Nordisk has significantly increased its Business Development M&A activities and Capital expenditure for property,
plant and equipment during recent years. Novo Nordisk defines EBITDA as ’Net profit’ adjusted for 'income taxes', 'financial
items', 'depreciation and amortisation' and 'impairment losses and reversals'. EBITDA is a measure that is widely used by
investors and analysts as it helps analyse operating results from core business operations without including the effects of
capital structure, tax rates and depreciation and amortisation and impairment losses. These factors can vary substantially
between companies. 'EBITDA at CER’ means that the effect of changes in exchange rates is excluded by measuring EBITDA
(as defined above) at the average exchange rates for the same period prior year.
Financial report for the period 1 January 2025 to 31 March 2025 Page 30 of 36
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Company announcement No 14 / 2025
EBITDA and EBITDA at CER
DKK million Q1 2025 Q1 2024
% change
Q1 2025 to
Q1 2024
Net profit
29,034
25,407
14%
Income taxes
7,999
6,511
23%
Financial income
(3,425)
(2,146)
60%
Financial expenses
5,183
2,074
150%
Operating profit (EBIT) 38,791 31,846 22%
Depreciation, amortisation, impairment losses and reversals
3,830
2,914
31%
EBITDA 42,621 34,760 23%
Effect of exchange rates
(652)
767
EBITDA at CER 41,969 35,527 N/A
EBITDA previous period 34,760
% increase/(decrease) in constant exchange rates 21%
Adjusted net profit
Novo Nordisk defines Adjusted net profit as ’Net profit’ excluding 'impairment losses and reversals on intangible assets',
'amortisations on intangible assets' and the related 'Tax effects of impairment losses and reversals and amortisations of
intangible assets'. Adjusted net profit is considered to be relevant information for investors to enhance the comparability
as it helps analyse financial performance from core business operations without including the effects of amortisation and
impairment losses. These factors can vary substantially between companies and from year to year.
Adjusted net profit
DKK million Q1 2025 Q1 2024
% change
Q1 2025 to
Q1 2024
Net profit
29,034
25,407
14%
Impairment losses and reversals on intangible assets
2
757
N/A
Amortisations on intangible assets
1,623
586
177%
Tax effects of impairments and amortisations of intangible assets
(355)
(301)
18%
Adjusted net profit 30,304 26,449 15%
Free cash flow
Novo Nordisk defines free cash flow as ’net cash generated from operating activities’, less ‘net cash used in investing
activities’, less repayment on lease liabilities and excluding net change of marketable securities. Free cash flow is a
measure of the amount of cash generated in the period which is available for the Board of Directors to allocate between
Novo Nordisk's capital providers, through e.g. dividends, share repurchases and repayment of debt (excluding lease
liability repayments) or for retaining in the business to fund future growth.
The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the most
directly comparable IFRS financial measure:
Free cash flow
DKK million Q1 2025 Q1 2024
Net cash generated from operating activities 24,591 14,314
Net cash used in investing activities (6,673) 3,956
Add-back of net purchase (net sale) of marketable securities
(8,028)
(12,980)
Repayment on lease liabilities
(398)
(270)
Free cash flow 9,492 5,020
Financial report for the period 1 January 2025 to 31 March 2025 Page 31 of 36
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Financial
Information
Company announcement No 14 / 2025
APPENDIX 8: NEW SALES SPLIT PER AREA (ADDITIONAL INFORMATION)
As of January 2025, North America Operations and International Operations were reorganised and the sales split per area
was restated to reflect the new organisation consisting of US Operations and International Operations. International
Operations cover the following Regions: EUCAN (covering Europe and Canada), Emerging Markets (covering mainly Latin
America, Middle East, and Africa), APAC (covering Japan, Korea, Oceania and Southeast Asia) and Region China (covering
Mainland China, Hong Kong and Taiwan).
Q1 2024 sales split per area
DKK million Total
US
Operations
International
Operations EUCAN
Emerging
Markets APAC Region China
Diabetes and Obesity care segment
Injectable GLP-1
29,969
20,133
9,836
5,158
2,507
823
1,348
Ozempic
®
27,810
18,944
8,866
4,904
2,294
716
952
Victoza
®
2,159
1,189
970
254
213
107
396
Rybelsus
®
5,013
2,336
2,677
1,377
587
658
55
Total GLP-1
34,982
22,469
12,513
6,535
3,094
1,481
1,403
Long-acting insulin
5,165
1,667
3,498
1,600
829
364
705
Awiqli
®
—
—
—
—
—
—
—
Tresiba
®
2,763
924
1,839
859
480
228
272
Xultophy
®
1,123
94
1,029
490
109
107
323
Levemir
®
1,279
649
630
251
240
29
110
Premix insulin
2,968
196
2,772
264
529
573
1,406
Ryzodeg
®
1,267
—
1,267
45
166
335
721
NovoMix
®
1,701
196
1,505
219
363
238
685
Fast-acting insulin
4,487
1,800
2,687
1,194
732
291
470
Fiasp
®
567
179
388
302
39
47
—
NovoRapid
®
3,920
1,621
2,299
892
693
244
470
Human insulin
1,745
356
1,389
227
717
238
207
Total insulin
14,365
4,019
10,346
3,285
2,807
1,466
2,788
Other Diabetes care
1
583
58
525
142
69
66
248
Total Diabetes care
49,930
26,546
23,384
9,962
5,970
3,013
4,439
Wegovy
®
9,377
8,232
1,145
1,075
69
1
—
Saxenda
®
1,658
(2)
1,660
845
514
276
25
Total Obesity care
11,035
8,230
2,805
1,920
583
277
25
Diabetes and Obesity care total
60,965
34,776
26,189
11,882
6,553
3,290
4,464
Rare disease segment
Rare blood disorders
2
2,888
1,230
1,658
812
585
226
35
Haemophilia A
603
185
418
245
99
56
18
Haemophilia B
262
85
177
132
2
38
5
NovoSeven
®
1,952
924
1,028
421
470
125
12
Rare endocrine disorders
3
1,113
728
385
201
38
143
3
Other Rare disease
4
383
48
335
224
64
43
4
Rare disease total
4,384
2,006
2,378
1,237
687
412
42
Total sales
65,349
36,782
28,567
13,119
7,240
3,702
4,506
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 32 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
Q2 2024 sales split per area
DKK million Total
US
Operations
International
Operations EUCAN
Emerging
Markets APAC Region China
Diabetes and Obesity care segment
Injectable GLP-1
31,117
20,709
10,408
4,963
2,242
975
2,228
Ozempic
®
28,875
19,448
9,427
4,664
1,914
866
1,983
Victoza
®
2,242
1,261
981
299
328
109
245
Rybelsus
®
5,918
2,909
3,009
1,653
535
768
53
Total GLP-1
37,035
23,618
13,417
6,616
2,777
1,743
2,281
Long-acting insulin
4,737
1,384
3,353
1,699
701
329
624
Awiqli
®
2
—
2
2
—
—
—
Tresiba
®
2,297
547
1,750
925
405
202
218
Xultophy
®
1,067
54
1,013
507
78
94
334
Levemir
®
1,371
783
588
265
218
33
72
Premix insulin
2,436
63
2,373
261
442
531
1,139
Ryzodeg
®
1,163
—
1,163
45
157
306
655
NovoMix
®
1,273
63
1,210
216
285
225
484
Fast-acting insulin
3,868
1,204
2,664
1,279
732
312
341
Fiasp
®
565
144
421
318
49
54
—
NovoRapid
®
3,303
1,060
2,243
961
683
258
341
Human insulin
1,571
286
1,285
220
589
261
215
Total insulin
12,612
2,937
9,675
3,459
2,464
1,433
2,319
Other Diabetes care
1
533
47
486
137
79
74
196
Total Diabetes care
50,180
26,602
23,578
10,212
5,320
3,250
4,796
Wegovy
®
11,659
9,907
1,752
1,648
104
—
—
Saxenda
®
2,245
392
1,853
779
701
342
31
Total Obesity care
13,904
10,299
3,605
2,427
805
342
31
Diabetes and Obesity care total
64,084
36,901
27,183
12,639
6,125
3,592
4,827
Rare disease segment
Rare blood disorders
2
2,864
1,255
1,609
859
402
217
131
Haemophilia A
613
102
511
298
52
45
116
Haemophilia B
361
158
203
153
11
35
4
NovoSeven
®
1,802
932
870
404
327
128
11
Rare endocrine disorders
3
730
196
534
174
192
166
2
Other Rare disease
4
382
52
330
238
39
50
3
Rare disease total
3,976
1,503
2,473
1,271
633
433
136
Total sales
68,060
38,404
29,656
13,910
6,758
4,025
4,963
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 33 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
Q3 2024 sales split per area
DKK million Total
US
Operations
International
Operations EUCAN
Emerging
Markets APAC Region China
Diabetes and Obesity care segment
Injectable GLP-1
29,482
19,797
9,685
4,903
2,014
786
1,982
Ozempic
®
29,804
21,074
8,730
4,567
1,645
706
1,812
Victoza
®
(322)
(1,277)
955
336
369
80
170
Rybelsus
®
5,453
2,434
3,019
1,720
493
763
43
Total GLP-1
34,935
22,231
12,704
6,623
2,507
1,549
2,025
Long-acting insulin
4,035
844
3,191
1,637
636
318
600
Awiqli
®
7
—
7
7
—
—
—
Tresiba
®
2,110
383
1,727
891
396
205
235
Xultophy
®
1,039
57
982
517
63
89
313
Levemir
®
879
404
475
222
177
24
52
Premix insulin
2,518
96
2,422
248
532
533
1,109
Ryzodeg
®
1,153
—
1,153
44
153
314
642
NovoMix
®
1,365
96
1,269
204
379
219
467
Fast-acting insulin
4,150
1,509
2,641
1,170
844
267
360
Fiasp
®
394
(5)
399
306
49
44
—
NovoRapid
®
3,756
1,514
2,242
864
795
223
360
Human insulin
1,806
378
1,428
213
750
251
214
Total insulin
12,509
2,827
9,682
3,268
2,762
1,369
2,283
Other Diabetes care
1
492
57
435
135
62
74
164
Total Diabetes care
47,936
25,115
22,821
10,026
5,331
2,992
4,472
Wegovy
®
17,304
12,488
4,816
2,211
1,806
633
166
Saxenda
®
1,497
89
1,408
609
504
273
22
Total Obesity care
18,801
12,577
6,224
2,820
2,310
906
188
Diabetes and Obesity care total
66,737
37,692
29,045
12,846
7,641
3,898
4,660
Rare disease segment
Rare blood disorders
2
2,988
1,458
1,530
800
475
209
46
Haemophilia A
568
125
443
269
95
56
23
Haemophilia B
305
93
212
154
14
39
5
NovoSeven
®
2,003
1,176
827
363
346
100
18
Rare endocrine disorders
3
1,227
675
552
220
151
179
2
Other Rare disease
4
359
22
337
232
56
49
—
Rare disease total
4,574
2,155
2,419
1,252
682
437
48
Total sales
71,311
39,847
31,464
14,098
8,323
4,335
4,708
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 34 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
Q4 2024 sales split per area
DKK million Total
US
Operations
International
Operations EUCAN
Emerging
Markets APAC Region China
Diabetes and Obesity care segment
Injectable GLP-1
35,256
25,262
9,994
5,963
1,949
903
1,179
Ozempic
®
33,853
24,736
9,117
5,683
1,595
824
1,015
Victoza
®
1,403
526
877
280
354
79
164
Rybelsus
®
6,917
3,116
3,801
2,033
567
841
360
Total GLP-1
42,173
28,378
13,795
7,996
2,516
1,744
1,539
Long-acting insulin
5,158
1,644
3,514
1,762
637
348
767
Awiqli
®
10
—
10
4
—
—
6
Tresiba
®
2,735
953
1,782
957
361
211
253
Xultophy
®
1,274
76
1,198
554
97
103
444
Levemir
®
1,139
615
524
247
179
34
64
Premix insulin
2,867
277
2,590
266
564
630
1,130
Ryzodeg
®
1,346
—
1,346
52
151
379
764
NovoMix
®
1,521
277
1,244
214
413
251
366
Fast-acting insulin
6,017
3,261
2,756
1,319
803
331
303
Fiasp
®
343
(104)
447
343
55
49
—
NovoRapid
®
5,674
3,365
2,309
976
748
282
303
Human insulin
1,845
515
1,330
208
689
263
170
Total insulin
15,887
5,697
10,190
3,555
2,693
1,572
2,370
Other Diabetes care
1
512
50
462
139
67
82
174
Total Diabetes care
58,572
34,125
24,447
11,690
5,276
3,398
4,083
Wegovy
®
19,866
15,143
4,723
2,771
698
1,224
30
Saxenda
®
1,540
299
1,241
562
476
179
24
Total Obesity care
21,406
15,442
5,964
3,333
1,174
1,403
54
Diabetes and Obesity care total
79,978
49,567
30,411
15,023
6,450
4,801
4,137
Rare disease segment
Rare blood disorders
2
3,398
1,445
1,953
920
578
304
151
Haemophilia A
670
126
544
300
102
63
79
Haemophilia B
378
150
228
175
11
39
3
NovoSeven
®
2,226
1,103
1,123
425
461
168
69
Rare endocrine disorders
3
1,923
1,322
601
223
130
214
34
Other Rare disease
4
384
37
347
252
36
57
2
Rare disease total
5,705
2,804
2,901
1,395
744
575
187
Total sales
85,683
52,371
33,312
16,418
7,194
5,376
4,324
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 35 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
2024 sales split per area
DKK million Total
US
Operations
International
Operations EUCAN
Emerging
Markets APAC Region China
Diabetes and Obesity care segment
Injectable GLP-1
125,824
85,901
39,923
20,987
8,712
3,487
6,737
Ozempic
®
120,342
84,202
36,140
19,818
7,448
3,112
5,762
Victoza
®
5,482
1,699
3,783
1,169
1,264
375
975
Rybelsus
®
23,301
10,795
12,506
6,783
2,182
3,030
511
Total GLP-1
149,125
96,696
52,429
27,770
10,894
6,517
7,248
Long-acting insulin
19,095
5,539
13,556
6,698
2,803
1,359
2,696
Awiqli
®
19
—
19
13
—
—
6
Tresiba
®
9,905
2,807
7,098
3,632
1,642
846
978
Xultophy
®
4,503
281
4,222
2,068
347
393
1,414
Levemir
®
4,668
2,451
2,217
985
814
120
298
Premix insulin
10,789
632
10,157
1,039
2,067
2,267
4,784
Ryzodeg
®
4,929
—
4,929
186
627
1,334
2,782
NovoMix
®
5,860
632
5,228
853
1,440
933
2,002
Fast-acting insulin
18,522
7,774
10,748
4,962
3,111
1,201
1,474
Fiasp
®
1,869
214
1,655
1,269
192
194
—
NovoRapid
®
16,653
7,560
9,093
3,693
2,919
1,007
1,474
Human insulin
6,967
1,535
5,432
868
2,745
1,013
806
Total insulin
55,373
15,480
39,893
13,567
10,726
5,840
9,760
Other Diabetes care
1
2,120
212
1,908
553
277
296
782
Total Diabetes care
206,618
112,388
94,230
41,890
21,897
12,653
17,790
Wegovy
®
58,206
45,770
12,436
7,705
2,677
1,858
196
Saxenda
®
6,940
778
6,162
2,795
2,195
1,070
102
Total Obesity care
65,146
46,548
18,598
10,500
4,872
2,928
298
Diabetes and Obesity care total
271,764
158,936
112,828
52,390
26,769
15,581
18,088
Rare disease segment
Rare blood disorders
2
12,138
5,388
6,750
3,391
2,040
956
363
Haemophilia A
2,454
538
1,916
1,112
348
220
236
Haemophilia B
1,306
486
820
614
38
151
17
NovoSeven
®
7,983
4,135
3,848
1,613
1,604
521
110
Rare endocrine disorders
3
4,993
2,921
2,072
818
511
702
41
Other Rare disease
4
1,508
159
1,349
946
195
199
9
Rare disease total
18,639
8,468
10,171
5,155
2,746
1,857
413
Total sales
290,403
167,404
122,999
57,545
29,515
17,438
18,501
1)
Primarily NovoNorm
®
, needles and GlucaGen
®
HypoKit
®
.
2)
Comprises NovoSeven
®
, NovoEight
®
, Esperoct
®
,
Refixia
®
, NovoThirteen
®
and Alhemo
®
.
3)
Primarily Norditropin
®
and Sogroya
®
.
4)
Primarily Vagifem
®
and Activelle
®
.
Financial report for the period 1 January 2025 to 31 March 2025 Page 36 of 36
Strategic
aspirations
Performance
highlights
Commercial
execution
Financials
Cash flow and
capital allocation
Outlook
Innovation and
therapeutic focus
Purpose and
sustainability
Corporate
Governance
Legal
Financial
Information
Company announcement No 14 / 2025
Interim report (other than 6 months)No audit assistanceParsePort XBRL Converter2025-01-012025-03-312024-01-012024-03-31549300DAQ1CVT6CXN342Reporting class D549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember549300DAQ1CVT6CXN3422025-01-012025-03-31549300DAQ1CVT6CXN3422024-01-012024-03-31549300DAQ1CVT6CXN3422024-12-31549300DAQ1CVT6CXN3422025-03-31549300DAQ1CVT6CXN3422023-12-31549300DAQ1CVT6CXN3422024-03-31549300DAQ1CVT6CXN3422024-12-31ifrs-full:IssuedCapitalMember549300DAQ1CVT6CXN3422025-03-31ifrs-full:IssuedCapitalMember549300DAQ1CVT6CXN3422024-12-31ifrs-full:TreasurySharesMember549300DAQ1CVT6CXN3422025-01-012025-03-31ifrs-full:TreasurySharesMember549300DAQ1CVT6CXN3422025-03-31ifrs-full:TreasurySharesMember549300DAQ1CVT6CXN3422024-12-31ifrs-full:RetainedEarningsMember549300DAQ1CVT6CXN3422025-01-012025-03-31ifrs-full:RetainedEarningsMember549300DAQ1CVT6CXN3422025-03-31ifrs-full:RetainedEarningsMember549300DAQ1CVT6CXN3422024-12-31ifrs-full:OtherReservesMember549300DAQ1CVT6CXN3422025-01-012025-03-31ifrs-full:OtherReservesMember549300DAQ1CVT6CXN3422025-03-31ifrs-full:OtherReservesMember549300DAQ1CVT6CXN3422023-12-31ifrs-full:IssuedCapitalMember549300DAQ1CVT6CXN3422024-03-31ifrs-full:IssuedCapitalMember549300DAQ1CVT6CXN3422023-12-31ifrs-full:TreasurySharesMember549300DAQ1CVT6CXN3422024-01-012024-03-31ifrs-full:TreasurySharesMember549300DAQ1CVT6CXN3422024-03-31ifrs-full:TreasurySharesMember549300DAQ1CVT6CXN3422023-12-31ifrs-full:RetainedEarningsMember549300DAQ1CVT6CXN3422024-01-012024-03-31ifrs-full:RetainedEarningsMember549300DAQ1CVT6CXN3422024-03-31ifrs-full:RetainedEarningsMember549300DAQ1CVT6CXN3422023-12-31ifrs-full:OtherReservesMember549300DAQ1CVT6CXN3422024-01-012024-03-31ifrs-full:OtherReservesMember549300DAQ1CVT6CXN3422024-03-31ifrs-full:OtherReservesMember549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember1549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember2549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember1549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember2549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember3549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember4549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember5549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember6549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember7549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember8549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember9549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember10549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember11549300DAQ1CVT6CXN3422025-01-012025-03-31cmn:ConsolidatedMember12iso4217:DKKiso4217:DKKxbrli:shares