Financial report for the period 1 January 2025 to 30 September 2025
5 November 2025
Novo Nordisk's sales increased by 12% in Danish kroner and by 15% at CER in the first
nine months of 2025; R&D pipeline progress continues
• Operating profit increased by 5% in Danish kroner and 10% at constant exchange rates (CER) to DKK 95.9 billion,
impacted by one-off restructuring costs of around DKK 9 billion related to the company-wide transformation with the aim
of streamlining Novo Nordisk's operations to reinvest for growth. Had Novo Nordisk not incurred such restructuring costs
amounting to around DKK 9 billion, operating profit would have increased by 15% in Danish kroner and 21% at CER.
• Sales in US Operations increased by 12% in Danish kroner (15% at CER). Sales in the US were positively impacted by gross-
to-net sales adjustments. Sales in International Operations increased by 13% in Danish kroner (16% at CER).
• Sales within Diabetes and Obesity care increased by 12% in Danish kroner to DKK 215.7 billion (15% at CER), mainly driven
by Obesity care growth of 37% in Danish kroner to DKK 59.9 billion (41% at CER) and GLP-1 diabetes sales growing 7% in
Danish kroner (10% at CER). Rare disease sales increased by 10% in Danish kroner (13% at CER).
• Within R&D, Novo Nordisk announced that the US FDA had approved an indication for Wegovy
®
for the treatment of
MASH. Further, Novo Nordisk agreed to acquire Akero Therapeutics, Inc. and its phase 3 FGF21 analogue in MASH and
Omeros’ clinical-stage MASP-3 inhibitor zaltenibart within Rare blood disorders. Also within Rare disease, Novo Nordisk
submitted Mim8 for regulatory approval in the EU and in the US. Finally, cagrilintide phase 3 development was initiated,
with the potential to be the first amylin monotherapy treatment on the market for weight management.
• For the full-year 2025 outlook, sales growth is now expected to be 8-11% at CER with operating profit growth now
expected to be 4-7% also at CER, including a negative full-year impact of around DKK 8 billion from the company-wide
transformation. Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 6 percentage
points lower than at CER, respectively. The narrowing of the guidance ranges reflects lowered growth expectations for
Novo Nordisk's GLP-1 treatments within diabetes and obesity.
• In October, Novo Nordisk announced that the Board of Directors decided to convene an extraordinary general meeting,
to be held on 14 November 2025 to elect new members of the Board of Directors of Novo Nordisk.
PROFIT AND LOSS
9M 2025 9M 2024
Growth
as reported
Growth
at CER*
DKK million
Net sales 229,920 204,720 12% 15%
Operating profit 95,922 91,602 5% 10%
Net profit 75,543 72,758 4% N/A
Diluted earnings per share (in DKK) 16.99 16.29 4% N/A
* CER: Constant exchange rates (average 2024).
"Our company-wide transformation has already driven operational efficiencies, and we have a renewed focus that can deliver
a range of potential treatment options that will serve millions more patients, mainly in obesity. While we delivered robust
sales growth in the first nine months of 2025, the lower growth expectations for our GLP-1 treatments have led to a
narrowing of our guidance. We agreed to acquire Akero Therapeutics Inc., adding a potential first-and-best-in-class asset
within F4 in MASH, and initiated our phase 3 programme with cagrilintide for weight management. We aim to accelerate on
all fronts to be able to compete better in dynamic and increasingly competitive markets," said Mike Doustdar, president and
CEO.
On 5 November 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).
Investor Relations
Telephone:
+45 4444 8888
www.novonordisk.com
CVR Number:
Company announcement No 31 / 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 nine months of 2025 (blue indicates third-quarter development).
PERFORMANCE HIGHLIGHTS
Financials
Deliver solid sales and operating profit growth:
– Sales growth of 15% (CER)
– Operating profit growth of 10% (CER), impacted by one-off
restructuring costs related to a company-wide transformation as well
as impact related to the acquisition of the three former Catalent
manufacturing sites
– Had Novo Nordisk not incurred such restructuring costs amounting
to around DKK 9 billion, operating profit would have increased by
21% (CER)
Drive operational efficiencies:
– Operational leverage reflecting sales growth
Enable attractive capital allocation to shareholders:
– Free cash flow of DKK 63.9 billion
– DKK 53.2billion returned to shareholders
e
Innovation and therapeutic focus
Further raise innovation bar for Diabetes treatment:
– Ozempic
®
received positive opinion by CHMP for the treatment of
peripheral arterial disease in the EU
– Rybelsus
®
CV indication, based on SOUL, approved in the US and
received positive CHMP opinion in the EU
– Resubmission of Awiqli
®
in the US for treatment of type 2 diabetes
to
Develop superior treatment solutions for Obesity:
– Oral semaglutide 25 mg for weight management submitted in the US
and in the EU
– In-license agreements of a triple agonist and two oral molecules
– Novo Nordisk to advance subcutaneous and oral amycretin for
weight management into phase 3 clinical development
– Semaglutide 7.2 mg submitted in the EU
– Wegovy
®
approved in the US for MASH indication
– Phase 3 programme with cagrilintide initiated
– Initiation of phase 1b/2 programme with triple agonist
Strengthen and progress Rare disease pipeline:
– Sogroya
®
non-replacement indications submitted in the US, Japan
and China
– Alhemo
®
(concizumab) approved in the US for the treatment of
haemophilia A and B without inhibitors
– Mim8 submitted for regulatory approval in the EU and in the US
– Agreed to acquire clinical-stage MASP-3 inhibitor zaltenibart
Establish presence in Cardiovascular & Emerging Therapy Areas:
– Semaglutide 2.4 mg in MASH submitted for regulatory approval in
Japan and in the EU
– Phase 2 trials with CDR123L in patients with chronic heart failure and
preserved or reduced ejection fraction initiated
– Agreed to acquire Akero and its phase 3 FGF21 analogue in MASH
– Phase 3 trial with coramitug initiated in people living with ATTR
cardiomyopathy.
Commercial execution
Strengthen diabetes leadership to more than one-third:
– Diabetes value market share declined by 2.3 percentage points to
31.6% (MAT)
More than DKK 25 billion* in Obesity care sales by 2025:
– Obesity care sales increased by 41% (CER) to DKK 59.9 billion
Secure a sustained growth outlook for Rare Disease:
– Rare disease sales increased by 13% (CER) to DKK 14.3 billion
e-t
Purpose and sustainability (ESG)
Progress towards zero environmental impact:
– Overall CO
2
e emissions (scope 1, 2 and full scope 3) increased by
21% compared to the first nine months of 2024
Adding value to society:
– Medical treatment provided to 42.4 million people living with
diabetes and 3.2 million people living with obesity
* on a full-year basis.
Financial report for the period 1 January 2025 to 30 September 2025 Page 2 of 38
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 31 / 2025
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST NINE MONTHS OF 2025
PROFIT AND LOSS 9M 2025 9M 2024
% change
9M 2025 to
9M 2024
% change
9M 2025 to
9M 2024 at
CER¹
(Amounts are in DKK million, except for earnings per share)
Net sales 229,920 204,720 12% 15%
Gross profit
186,280
173,222
8%
12%
Gross margin
81.0%
84.6%
Sales and distribution costs
(48,421)
(43,400)
12%
15%
Percentage of sales
21.1%
21.2%
Research and development costs
(37,391)
(34,260)
9%
10%
Percentage of sales
16.3%
16.7%
Administrative costs
(4,420)
(3,696)
20%
22%
Percentage of sales
1.9%
1.8%
Other operating income and expenses
(126)
(264)
N/A
N/A
Operating profit (EBIT)
95,922
91,602
5%
10%
Operating margin
41.7%
44.7%
Financial items (net)
433
32
N/A
N/A
Profit before income taxes
96,355
91,634
5%
N/A
Income taxes
(20,812)
(18,876)
10%
N/A
Effective tax rate
21.6%
20.6%
Net profit
75,543
72,758
4%
N/A
Net profit margin
32.9%
35.5%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 16,420 13,909 18% N/A
Capital expenditure (PP&E) 41,711 31,063 34% N/A
Net cash generated from operating activities 111,483 108,667 3% N/A
Free cash flow
1
63,887 71,760 (11%) N/A
EBITDA
1
112,342 105,511 6% 11%
Adjusted net profit
1
87,748 80,042 10% N/A
Total assets 512,288 397,441 29% N/A
Equity 169,896 120,522 41% N/A
Equity ratio 33.2% 30.3%
Diluted earnings per share / ADR (in DKK) 16.99 16.29 4% N/A
Full-time equivalent employees end of period 78,554 71,880 9% N/A
1)
See appendix 7: Non-IFRS financial measures (additional information).
These unaudited consolidated financial statements for the first nine 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 30 September 2025 Page 3 of 38
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 31 / 2025
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 12% measured in Danish kroner and by 15% at CER in the first nine months of 2025, driven by Obesity care
sales growth of 41% (CER), driven by Wegovy
®
and Diabetes care sales growth of 8% (CER), driven by Ozempic
®
. Rare
disease sales increased by 13% (CER).
Sales split per therapy
Sales 9M 2025
DKK million
Sales 9M 2024
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-1
97,885
90,568
8%
11%
32%
- Ozempic
®
95,264
86,489
10%
13%
36%
- Victoza
®
2,621
4,079
(36%)
(34%)
(4%)
Rybelsus
®
16,790
16,384
2%
5%
2%
Total GLP-1
114,675
106,952
7%
10%
34%
Long-acting insulin
1
14,055
13,937
1%
3%
1%
Premix insulin
2
7,806
7,922
(1%)
0%
0%
Fast-acting insulin
3
13,703
12,505
10%
12%
5%
Human insulin
4,172
5,122
(19%)
(15%)
(2%)
Total insulin
39,736
39,486
1%
3%
4%
Other Diabetes care
4
1,348
1,608
(16%)
(14%)
(1%)
Total Diabetes care
155,759
148,046
5%
8%
37%
Wegovy
®
57,242
38,340
49%
54%
66%
Saxenda
®
2,660
5,400
(51%)
(49%)
(8%)
Total Obesity care
59,902
43,740
37%
41%
58%
Diabetes and Obesity care total
215,661
191,786
12%
15%
95%
Rare disease segment
Rare blood disorders
5
8,936
8,740
2%
5%
1%
Rare endocrine disorders
6
4,125
3,070
34%
37%
4%
Other Rare disease
7
1,198
1,124
7%
9%
0%
Rare disease total
14,259
12,934
10%
13%
5%
Total sales 229,920 204,720 12% 15% 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 30 September 2025 Page 4 of 38
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 31 / 2025
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 5% measured in Danish kroner and by 8% at CER to DKK 155,759 million, mainly driven
by growth of GLP-1-based products. 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. Novo Nordisk's global diabetes
value market share decreased by 2.3% percentage points over the last 12 months to 31.6%. 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 is the market leader and has a total GLP-1 volume market share, across Diabetes and Obesity
care, of 59.0% globally. Within the US Operations and IO Operations, Novo Nordisk has a total GLP-1 volume market share
of 47.3% and 68.4%, respectively.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from August 2024
and August 2025 provided by the independent data provider IQVIA. EUCAN covers Europe and Canada, Emerging Markets
covers mainly Latin America, the Middle East and Africa. APAC covers Japan, Korea, Oceania, and Southeast Asia. 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
August
August
Sales 9M 2025
DKK million
Growth
at CER
2025
2024
Global
31.6%
33.8%
155,759
8%
US Operations
32.7%
34.8%
84,595
11%
International Operations
28.2%
30.7%
71,164
4%
- EUCAN *
32.3%
35.3%
32,376
8%
- Emerging Markets **
25.2%
29.0%
15,982
0%
- APAC ***
17.3%
18.7%
9,496
6%
- Region China ****
32.4%
33.1%
13,310
0%
Source: IQVIA, August 2025 data. *Data for EUCAN available for 26 European markets and Canada representing approximately 100% of Novo Nordisk’s Diabetes care in the area. **Data
for Emerging Markets available for 13 markets representing approximately 78% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for five markets representing
approximately 78% 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 7% measured in
Danish kroner and by 10% at CER to DKK 114,675 million. The estimated global GLP-1 share of total diabetes prescriptions
increased to 7.4% compared with 6.5% 12 months ago. It is possible for a patient to have a prescription for more than one
diabetes treatment. Novo Nordisk has a value market share of 49.3%.
GLP-1 diabetes, development per geographical area
Novo Nordisk's share of the
diabetes GLP-1 market (value, MAT) GLP-1 diabetes, sales development
August
August
Sales 9M 2025
DKK million
Growth
at CER
2025
2024
Global
49.3%
55.7%
114,675
10%
US Operations
48.1%
53.3%
73,252
10%
International Operations
56.3%
71.6%
41,423
10%
- EUCAN *
58.4%
72.9%
22,523
15%
- Emerging Markets **
47.7%
64.2%
8,333
6%
- APAC ***
46.4%
72.8%
5,243
12%
- Region China ****
82.2%
79.9%
5,324
(4%)
Source: IQVIA, August 2025 data. Data for EUCAN available for 26 European markets and Canada representing approximately 100% of Novo Nordisk’s Diabetes care in the area. **Data
for Emerging Markets available for 13 markets representing approximately 78% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for five markets representing
approximately 78% 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 30 September 2025 Page 5 of 38
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 31 / 2025
Ozempic
®
sales increased by 10% measured in Danish kroner and by 13% at CER to DKK 95,264 million. Sales growth was
driven by both US Operations and International Operations. US sales were positively impacted by gross-to-net sales
adjustments.
Rybelsus
®
sales increased by 2% measured in Danish kroner and by 5% at CER to DKK 16,790 million. Sales growth was
driven by International Operations, mainly within EUCAN, APAC and China, offset by decreasing sales in US Operations.
Victoza
®
sales decreased by 36% measured in Danish kroner and by 34% at CER to DKK 2,621 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 7% measured in Danish kroner and by 10% at CER.
The sales increase was driven by Ozempic
®
, partially countered by Victoza
®
and Rybelsus
®
. Ozempic
®
sales in the US were
positively impacted by gross-to-net sales adjustments followed by increasing volume growth, partially countered by lower
realised prices. Novo Nordisk has a 48.1% value market share. The estimated GLP-1 share of total diabetes prescriptions
has increased to 19.6% compared with 17.2% 12 months ago.
Sales growth in US Operations was positively impacted by gross-to-net sales adjustments, mainly related to Ozempic
®
.
Further, sales growth was driven by a prescription volume growth of the GLP-1 diabetes class of more than 10% in the
third quarter of 2025 compared with the third quarter of 2024, countered by a decline in market share. Novo Nordisk's
share of total monthly prescriptions was 45.1%, while the share of new-to-brand prescriptions has decreased to 38.8%.
International Operations
Sales of GLP-1 Diabetes care products in International Operations increased by 7% measured in Danish kroner and by 10%
at CER. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.2% compared with 4.4% 12 months
ago. Novo Nordisk is the market leader with a value market share of 56.3% compared with 71.6% 12 months ago.
EUCAN
Sales of GLP-1 Diabetes care products in EUCAN increased by 14% measured in Danish kroner and by 15% at CER. The
sales growth reflects the uptake of Ozempic
®
and Rybelsus
®
. The estimated GLP-1 share of total diabetes prescriptions has
increased to 10.0% compared with 8.4% 12 months ago. Novo Nordisk is the market leader in EUCAN with a value market
share of 58.4%.
Emerging Markets
Sales of GLP-1 Diabetes care products in Emerging Markets decreased by 1% measured in Danish kroner and increased by
6% at CER. The estimated GLP-1 share of total diabetes prescriptions has increased to 3.1% compared with 2.5% 12
months ago. Novo Nordisk is the market leader in Emerging Markets with a value market share of 47.7%.
APAC
Sales of GLP-1 Diabetes care products in APAC increased by 10% measured in Danish kroner and by 12% 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 3.1% compared with 2.4% 12 months ago. Novo Nordisk has a value
market share of 46.4%.
Region China
Sales of GLP-1 Diabetes care products in Region China decreased by 7% measured in Danish kroner and by 4% at CER. The
sales decline is driven by lower sales of Ozempic
®
as well as Victoza
®
. Ozempic
®
is negatively impacted by wholesaler
inventory movements. The GLP-1 share of total diabetes prescriptions has decreased to 3.1% compared with 3.4% 12
months ago. Novo Nordisk is the market leader in Region China with a value market share of 82.2%.
Financial report for the period 1 January 2025 to 30 September 2025 Page 6 of 38
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 31 / 2025
Insulin
Sales of insulin increased by 1% measured in Danish kroner and by 3% at CER to DKK 39,736 million.
Insulin, development per geographical area
Novo Nordisk’s share of the total
insulin market (volume, MAT) Insulin, sales development
August
August
Sales 9M 2025
DKK million
Growth
at CER
2025
2024
Global
43.1%
44.6%
39,736
3%
US Operations
29.4%
33.7%
11,244
18%
International Operations
46.8%
47.7%
28,492
(2%)
- EUCAN *
44.8%
45.4%
9,463
(5%)
- Emerging Markets **
51.5%
51.9%
7,448
(5%)
- APAC ***
52.9%
55.5%
4,055
(1%)
- Region China ****
41.2%
41.4%
7,526
5%
Source: IQVIA, August 2025 data. Data for EUCAN available for 26 European markets and Canada representing approximately 100% of Novo Nordisk’s Diabetes care in the area. **Data
for Emerging Markets available for 13 markets representing approximately 78% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for five markets representing
approximately 78% 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 15% measured in Danish kroner and by 18% at CER. The sales increase in US
Operations was positively impacted by gross to net adjustments as well as positive channel and payer mix, partially
countered by a decline in volume. Novo Nordisk has a volume market share of 29.4% of the total US insulin market.
International Operations
Sales of insulin in International Operations decreased by 4% measured in Danish kroner and by 2% at CER, negatively
impacted by periodic supply constraints and market share losses. The sales decrease at CER was mainly driven by EUCAN.
Novo Nordisk has a volume market share of 46.8% of the total insulin market in International Operations.
EUCAN
Sales of insulin in EUCAN decreased by 5% in both Danish kroner and CER. The sales decrease at CER was mainly driven by
long-acting insulin and human insulin. Novo Nordisk has a volume market share of 44.8% of the total insulin market.
Emerging Markets
Sales of insulin in Emerging Markets decreased by 7% measured in Danish kroner and by 5% at CER. The sales decrease at
CER was mainly driven by human insulin, partially countered by long-acting insulin. Novo Nordisk has a volume market
share of 51.5% of the total insulin market.
APAC
Sales of insulin in APAC decreased by 5% measured in Danish kroner and by 1% at CER. The sales decrease at CER was
mainly driven by human insulin and premix insulin. Novo Nordisk has a volume market share of 52.9% of the total insulin
market.
Region China
Sales of insulin in Region China increased by 2% measured in Danish kroner and by 5% at CER. The sales increase at CER
was mainly driven by long-acting insulin, partially countered by fast-acting insulin. Novo Nordisk has a volume market
share of 41.2% of the total insulin market.
Financial report for the period 1 January 2025 to 30 September 2025 Page 7 of 38
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 31 / 2025
Obesity care
Sales of Obesity care products, Wegovy
®
and Saxenda
®
increased by 37% measured in Danish kroner and by 41% at CER to
DKK 59,902 million. Sales growth was driven by both US Operations and International Operations. The volume growth of
the global branded obesity market was 136%. Novo Nordisk is the global market leader with a branded volume market
share of 59.2%.
Obesity care, development per geographical area
Global branded
obesity market growth
(Volume, MAT) Obesity care, sales development
August
Sales 9M 2025
DKK million
Growth
at CER
2025
Global
136%
59,902
41%
US Operations
150%
37,521
24%
International Operations
114%
22,381
83%
- EUCAN *
68%
11,743
65%
- Emerging Markets **
204%
5,052
46%
- APAC ***
335%
4,607
221%
- Region China ****
N/A
979
N/A
Source: IQVIA, August 2025 data. *Data for EUCAN available for 26 European markets and Canada representing approximately 100% of Novo Nordisk’s Obesity care sales in the area.
**Data for Emerging Markets available for 10 markets representing approximately 75% of Novo Nordisk’s Obesity care sales in the area. ***Data for APAC available for four markets
representing approximately 53% 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 49% measured in Danish kroner and by 54% at CER to DKK 57,242 million. Sales of Saxenda
®
decreased by 51% measured in Danish kroner and by 49% at CER to DKK 2,660 million as the obesity care market is
continuing to move towards once-weekly treatments.
US Operations
Sales of Obesity care products in US Operations increased by 21% measured in Danish kroner and by 24% at CER to DKK
37,521 million. Sales of Wegovy
®
increased by 22% measured in Danish kroner and by 25% at CER to DKK 37,248 million,
driven by increased volumes, partially countered by lower realised prices. In the US, Wegovy
®
still has around 270,000
weekly prescriptions, and the volume growth of the branded obesity market in the US was 150%. Prescriptions via
NovoCare
®
Pharmacy (incl telehealth partnerships) are included by independent data provider IQVIA.
Despite the expiry of the FDA grace period for mass compounding on 22 May 2025, Novo Nordisk market research shows
that unsafe and unlawful mass compounding has continued. In the cash channel, NovoCare
®
Pharmacy was launched in
March 2025. Wegovy
®
prescriptions via NovoCare
®
Pharmacy (including telehealth collaborations) amount to around
10,000 weekly prescriptions, in addition to around 16,000 weekly prescriptions in the retail cash channel in October. Novo
Nordisk recently announced further collaborations, including with GoodRx and Costco. Novo Nordisk continues to invest in
expanding direct-to-patient initiatives such as NovoCare
®
Pharmacy and further collaborations with telehealth
organisations. Within the insured channel, Novo Nordisk continues to work on expanding channels and access to Wegovy
®
in the US. It is estimated that around 55 million people with obesity have Wegovy
®
coverage in the US with more than 10
million people estimated to be covered via Medicaid. Into 2026, a number of states have announced changes to obesity
medication coverage following budgetary concerns.
International Operations
Sales of Obesity care products in International Operations increased by 77% measured in Danish kroner and by 83% at
CER to DKK 22,381 million. Sales of Wegovy
®
increased by 159% measured in Danish kroner and by 168% at CER to DKK
19,994 million. Wegovy
®
has now been launched in more than 45 countries in International Operations. This was partially
countered by sales of Saxenda
®
in International Operations decreasing by 51% measured in Danish kroner and by 50% at
CER to DKK 2,387 million. The volume growth of the branded obesity market in International Operations was 114%.
EUCAN
Sales of Obesity care products in EUCAN increased by 64% measured in Danish kroner and by 65% at CER to DKK 11,743
million, driven by Wegovy
®
, partially countered by declining Saxenda
®
sales. The volume growth of the branded obesity
market in EUCAN was 68%.
Financial report for the period 1 January 2025 to 30 September 2025 Page 8 of 38
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Company announcement No 31 / 2025
Emerging Markets
Sales of Obesity care products in Emerging Markets increased by 37% measured in Danish kroner and by 46% at CER to
DKK 5,052 million, driven by Wegovy
®
, partially countered by declining Saxenda
®
sales. The volume growth of the branded
obesity market in Emerging Markets was 204%.
APAC
Sales of Obesity care products in APAC increased by 202% measured in Danish kroner and by 221% at CER to DKK 4,607
million, driven by uptake of Wegovy
®
, partially countered by declining Saxenda
®
sales. The volume growth of the branded
obesity market in APAC was 335%.
Region China
Sales of Obesity care products in Region China amounted to DKK 979 million, driven by the launch of Wegovy
®
.
Financial report for the period 1 January 2025 to 30 September 2025 Page 9 of 38
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Company announcement No 31 / 2025
Rare disease, sales development
Rare disease sales increased by 10% measured in Danish kroner and by 13% at CER to DKK 14,259 million. Sales of rare
endocrine disorder products increased by 34% measured in Danish kroner and by 37% at CER to DKK 4,125 million. Sales
of rare blood disorder products increased by 2% measured in Danish kroner and by 5% at CER to DKK 8,936 million.
Rare disease, development per geographical area Rare disease, sales development
Sales 9M 2025
DKK million
Growth
at CER
Global
14,259
13%
US Operations
6,307
14%
International Operations
7,952
12%
- EUCAN
3,860
3%
- Emerging Markets
1,935
1%
- APAC
1,572
26%
- Region China
585
170%
US Operations
Rare disease sales in US Operations increased by 11% measured in Danish kroner and by 14% at CER. The sales increase
was mainly driven by Rare endocrine disorder products, increasing by 47% measured in Danish kroner and by 51% at CER.
The sales increase was driven primarily by Norditropin
®
, positively impacted by channel and payer mix and improved
supply during 2025 and Sogroya
®
launch uptake. Rare blood disorder products decreased by 4% measured in Danish
kroner and by 2% at CER, mainly driven by NovoSeven
®
and haemophilia A products, partially countered by increased
Alhemo
®
sales.
International Operations
Rare disease sales in International Operations increased by 9% measured in Danish kroner and by 12% at CER. Rare
endocrine disorder products increased by 21% measured in Danish kroner and by 23% at CER, driven by Norditropin
®
due
to improvements in manufacturing output as well as Sogroya
®
launch uptake. Sales of rare blood disorder products
increased by 8% measured in Danish kroner and by 11% at CER, driven by higher sales within haemophilia A products and
Alhemo
®
sales.
EUCAN
Rare disease sales increased by 3% in both Danish kroner and at CER. Sales of rare endocrine disorder products increased
by 17% in both Danish kroner and at CER. Sales of rare blood disorder products decreased by 1% measured in Danish
kroner, and remained unchanged at CER, driven by lower sales of haemophilia A products, mainly countered by
haemophilia B sales.
Emerging Markets
Rare disease sales decreased by 3% measured in Danish kroner and increased by 1% at CER. Sales of rare blood disorder
products decreased by 7% measured in Danish kroner and by 2% at CER, mainly driven by lower NovoSeven
®
sales. Sales
of rare endocrine disorder products increased by 12% measured in Danish kroner and by 16% at CER, driven by higher
sales of both Norditropin
®
and Sogroya
®
.
APAC
Rare disease sales increased by 23% measured in Danish kroner and by 26% at CER. Sales of rare endocrine disorder
products increased by 30% measured in Danish kroner and by 32% at CER, driven by sales of both Norditropin
®
and
Sogroya
®
. Sales of rare blood disorder products increased by 22% measured in Danish kroner and by 26% at CER, driven
by higher sales of Alhemo
®
and haemophilia A products.
Region China
Rare disease sales increased by 159% measured in Danish kroner and by 170% at CER. This is driven by rare blood
disorders, which increased by 165% measured in Danish kroner and by 176% at CER, mainly due to increased haemophilia
A sales and NovoSeven
®
, negatively impacted by timing of shipments.
Financial report for the period 1 January 2025 to 30 September 2025 Page 10 of 38
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Company announcement No 31 / 2025
GEOGRAPHIC SALES DEVELOPMENT
Sales increased by 12% measured in Danish kroner and by 15% at CER to DKK 229,920 million in the first nine months of
2025. In US Operations, sales increased by 12% measured in Danish kroner and by 15% at CER. Sales growth in the first
nine months of 2025 was positively impacted by gross-to-net sales adjustments of around DKK 5 billion wholesaler
stocking in the US of around DKK 1 billion. As of 30 September 2025, the provision for 340B statutory discounts amounts
to USD 4.2 billion. Sales in International Operations increased by 13% measured in Danish kroner and by 16% at CER.
As of January 2025, North America Operations and International Operations were reorganised and financial reporting was
divided into US Operations and International Operations. Please see appendix 8 for a breakdown of sales per area in 2024.
Sales split per geographical area
Sales 9M 2025
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
US Operations
128,423
12%
15%
54%
International Operations
101,497
13%
16%
46%
- EUCAN
47,979
17%
18%
23%
- Emerging Markets
22,969
3%
8%
6%
- APAC
15,675
30%
35%
14%
- Region China
14,874
5%
8%
4%
Total sales 229,920 12% 15% 100%
US Operations
Sales in US Operations increased by 12% measured in Danish kroner and by 15% at CER. The sales increase reflects
Obesity care sales growing by 24% at CER, estimated to be negatively impacted by compounded GLP-1s, and GLP-1
diabetes sales growing by 10% at CER, positively impacted by gross-to-net sales adjustments. Insulin sales are increasing
by 18% at CER, and Rare disease products are growing by 14% at CER.
International Operations
Sales in International Operations increased by 13% measured in Danish kroner and by 16% at CER. Sales growth was
driven by Obesity care sales growing by 83% at CER and GLP-1 diabetes sales growing by 10% at CER. GLP-1 diabetes sales
growth was negatively impacted by periodic supply constraints. Insulin sales decreased by 2% at CER, also negatively
impacted by periodic supply constraints, while Rare disease sales increased by 12% at CER.
EUCAN
Sales in EUCAN increased by 17% measured in Danish kroner and by 18% at CER. Sales growth was driven by Obesity care,
which grew by 65% at CER. Diabetes care sales increased by 8% at CER, driven by GLP-1 diabetes sales growing by 15% at
CER, while insulin sales decreased by 5% at CER. Rare disease sales increased by 3% at CER.
Emerging Markets
Sales in Emerging Markets increased by 3% measured in Danish kroner and by 8% at CER. Sales growth was driven by
Obesity care, which grew by 46% at CER. Diabetes care sales were unchanged at CER, driven by GLP-1 diabetes sales
growing by 6% at CER, and insulin sales decreasing by 5% at CER. Rare disease sales increased by 1% at CER.
APAC
Sales in APAC increased by 30% measured in Danish kroner and by 35% at CER. Sales growth was driven by Obesity care
sales increasing by 221% at CER and Diabetes care growing by 6% at CER, reflecting GLP-1 diabetes sales growing 12% at
CER, partly countered by insulin sales decreasing by 1% at CER. Rare disease sales increased by 26% at CER.
Region China
Sales in Region China increased by 5% measured in Danish kroner and by 8% at CER. The sales increase at CER was driven
by Obesity care sales amounting to DKK 979 million. GLP-1 diabetes sales decreased by 4% at CER negatively impacted by
wholesaler inventory movements. Insulin sales increased by 5% at CER, and Rare disease sales by 170% at CER.
Financial report for the period 1 January 2025 to 30 September 2025 Page 11 of 38
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Company announcement No 31 / 2025
FINANCIALS
Novo Nordisk streamlining operations and reinvesting for growth
During the third quarter of 2025, Novo Nordisk initiated a company-wide transformation to simplify its organisation,
improve the speed of decision-making, and reallocate resources towards the company’s growth opportunities in diabetes
and obesity. As part of the transformation, Novo Nordisk reduces the global workforce, including staff areas and
headquarters functions, by approximately 9,000 of the 78,400 positions in the company, with around 5,000 reductions in
Denmark. The transformation comes with an around DKK 8 billion impact in net one-off restructuring costs, including
impairment charges. Restructuring costs of around DKK 9 billion has been incurred in the third quarter of 2025, countered
by expected savings of around DKK 1 billion in the fourth quarter. Around DKK 5 billion are related to severance packages
across costs lines whereas around DKK 4 billion are related to asset impairments within R&D and Product Supply. The
savings will be redirected to growth opportunities in diabetes and obesity, including commercial execution initiatives and
R&D programmes. For further information, please see the company announcement here.
DEVELOPMENT IN COSTS AND OPERATING PROFIT
The cost of goods sold increased by 39% measured in Danish kroner and by 36% at CER to DKK 43,640 million, resulting in
a gross margin of 81.0%, measured in Danish kroner, compared with 84.6% in the first nine months of 2024. The decline in
gross margin mainly reflects impacts of around DKK 3 billion from one-off restructuring costs related to the company-wide
transformation during the third quarter of 2025 and by impairments related to a few production assets. Further, cost of
goods sold are impacted by amortisations and depreciations related to to the three former Catalent manufacturing sites 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 and a positive price impact due to gross-to-net sales adjustments in the US.
Sales and distribution costs increased by 12% measured in Danish kroner and by 15% at CER to DKK 48,421 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
primarily related to the Wegovy
®
launch and promotional activities. Sales and distribution costs amounted to 21.1% as a
percentage of sales. S&D costs are impacted by one-off restructuring costs related to the company-wide transformation
during the third quarter of 2025 of around DKK 2 billion.
Research and development costs increased by 9% measured in Danish kroner and by 10% at CER to DKK 37,391 million,
driven by investments within Obesity care, reflecting increased late-stage clinical trial activity as well as increased early
research activities and increased development investments related to the cardiovascular portfolio. Research and
development costs amounted to 16.3% as a percentage of sales. R&D costs are impacted by one-off restructuring costs of
around DKK 4 billion related to the company-wide transformation during the third quarter of 2025 and by impairments
related to the closure of early non-core projects to free up resources for core therapy areas. This is partially countered by
the impairment loss related to ocedurenone of DKK 5.7 billion and other impairments of intangible assets in 2024.
Administration costs increased by 20% measured in Danish kroner and by 22% at CER to DKK 4,420 million, or 1.9% of
sales. Administration costs are impacted by one-off restructuring costs of around DKK 0.5 billion related to the company-
wide transformation during the third quarter of 2025.
Other operating income and expenses (net) showed a loss of DKK 126 million compared to a loss of DKK 264 million in
2024. This is driven by transaction costs related to the Catalent transaction during the first nine months of 2024.
Operating profit increased by 5% measured in Danish kroner and by 10% at CER to DKK 95,922 million, impacted by one-
off restructuring costs related to the company-wide transformation during the third quarter of around DKK 9 billion and by
impacts related to the acquisition of the three former Catalent manufacturing sites. This is partially countered by the
impairment loss related to ocedurenone in 2024. Had Novo Nordisk not incurred such restructuring cost amounting to
around DKK 9 billion, operating profit would have increased by 15% in Danish kroner and 21% at CER.
Financial report for the period 1 January 2025 to 30 September 2025 Page 12 of 38
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Company announcement No 31 / 2025
Financial items (net) showed a net gain of DKK 433 million, compared with a net gain of DKK 32 million in the first nine
months of of 2024. This primarily reflects gains from hedging the US dollar, which is partly offset by 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 gain of DKK 2,811 million
compared with a net gain of DKK 47 million in the first nine months of 2024.
At the end of September 2025, a positive market value of financial contracts of DKK 8,011 million had been deferred for
recognition later in 2025 and 2026.
The effective tax rate was 21.6% in the first nine months of 2025, compared with an effective tax rate of 20.6% in the first
nine months of 2024.
Net profit increased by 4% to DKK 75,543 million, and Adjusted net profit increased by 10% to DKK 87,748 million. Diluted
earnings per share increased by 4% to DKK 16.99.
Financial report for the period 1 January 2025 to 30 September 2025 Page 13 of 38
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Company announcement No 31 / 2025
KEY DEVELOPMENTS IN THE THIRD QUARTER OF 2025
Sales in the third quarter of 2025 increased by 5% measured in Danish kroner and by 11% at CER compared to the third
quarter of 2024. Sales growth in US Operations was positively impacted by gross-to-net sales adjustments of around DKK 2
billion and wholesaler stocking of around DKK 1 billion. Operating profit decreased by 30% measured in Danish kroner and
by 21% at CER, impacted by one-off restructuring costs of around DKK 9 billion related to the company-wide
transformation and by impacts related to the acquisition of the three former Catalent manufacturing sites. Had Novo
Nordisk not incurred such restructuring costs amounting to around DKK 9 billion, operating profit would have decreased
by 2% in Danish kroner and increased by 7% at CER. Please refer to appendix 1 for an overview of the quarterly numbers in
DKK and to appendix 6 for additional details on sales in the third quarter of 2025.
Sales split per geographical area
Sales Q3 2025
DKK million
Growth
as reported
Growth
at CER
Share of growth
at CER
US Operations
41,144
3%
10%
51%
International Operations
33,832
8%
12%
49%
- EUCAN
16,767
19%
21%
38%
- Emerging Markets
6,635
(20%)
(15%)
(17%)
- APAC
5,466
26%
35%
20%
- Region China
4,964
5%
12%
7%
Total sales 74,976 5% 11% 100%
The increase in global sales of 11% at CER was driven by increased sales across the portfolio. GLP-1 diabetes sales
increased by 11% at CER, and Obesity care sales increased by 18% at CER. Insulin sales increased by 1% at CER, and Rare
disease sales increased by 9% at CER.
US Operations
Sales in US Operations increased by 3% measured in Danish kroner and by 10% at CER. Sales growth in US Operations in
the third quarter was driven by gross-to-net sales adjustments and wholesaler stocking of around DKK 3 billion. Sales
growth was driven by GLP-1 diabetes sales growing by 11% at CER. Ozempic
®
sales growth was positively impacted by
gross-to-net sales adjustment and wholesaler stocking, partially countered by lower realised prices. Obesity care sales
increased by 6% at CER, driven by increased volumes countered by lower realised prices. Insulin sales increased by 20% at
CER, positively impacted by channel and payer mix, partially countered by lower realised volumes. Rare disease sales were
unchanged at CER, mainly driven by volume growth for rare endocrine disorder products related to Sogroya
®
, partly
countered by a decline in rare blood disorders sales driven by NovoSeven
®
.
International Operations
Sales in International Operations increased by 8% measured in Danish kroner and by 12% at CER. Sales growth was driven
by EUCAN, APAC and Region China. Sales in Emerging Markets declined, negatively impacted by supply chain pipeline
filling related to Wegovy
®
during the third quarter of 2024.
Sales growth was driven by Diabetes and Obesity care growing by 11% at CER, driven by Obesity care increasing by 41% at
CER following the uptake of Wegovy
®
. GLP-1 diabetes sales grew by 9% at CER, and insulin sales decreased by 4% at CER.
Rare disease sales increased by 16% at CER.
Financial report for the period 1 January 2025 to 30 September 2025 Page 14 of 38
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Company announcement No 31 / 2025
PROFIT AND LOSS Q3 2025 Q3 2024
% change
Q3 2025 to
Q3 2024
% change
Q3 2025 to
Q3 2024 at CER
Net sales 74,976 71,311 5% 11%
Gross profit
57,072
60,003
(5%)
3%
Gross margin
76.1%
84.1%
Sales and distribution costs
(15,996)
(15,210)
5%
14%
Percentage of sales
21.3%
21.3%
Research and development costs
(15,393)
(9,488)
62%
65%
Percentage of sales
20.5%
13.3%
Administrative costs
(1,884)
(1,382)
36%
40%
Percentage of sales
2.5%
1.9%
Other operating income and expenses
(117)
(101)
N/A
N/A
Operating profit (EBIT)
23,682
33,822
(30%)
(21%)
Operating margin
31.6%
47.4%
Financial items (net)
1,835
562
N/A
N/A
Profit before income taxes
25,517
34,384
(26%)
N/A
Income taxes
(5,511)
(7,083)
(22%)
N/A
Effective tax rate
21.6%
20.6%
Net profit
20,006
27,301
(27%)
N/A
Net profit margin
26.7%
38.3%
Costs and operating profit
The gross margin was realised at 76.1% in the third quarter of 2025, compared with 84.1% in 2024. The gross margin
decrease is mainly impacted by one-off restructuring costs of around DKK 3 billion related to the company-wide
transformation during the third quarter of 2025 and by impairment related to a few production assets related to the
company-wide transformation. Further, the decrease reflects amortisations and depreciations related to to the three
former Catalent manufacturing sites, partially countered by a positive product mix, driven by increased sales of GLP-1-
based treatments and a positive price impact due to gross-to-net sales adjustments in the US.
Sales and distribution costs increased by 5% measured in Danish kroner and by 14% at CER compared with 2024. The
increase in costs is driven by both US Operations and International Operations. In the US, the cost increase is mainly
driven by promotional activities related to Wegovy
®
. In International Operations, the increase is mainly related to Wegovy
®
launch activities and promotion spend directed towards Ozempic
®
. Sales and distribution costs amounted to 21.3% as a
percentage of sales. S&D costs are impacted by one-off restructuring costs of around DKK 2 billion related to the
company-wide transformation during the third quarter of 2025.
Research and development costs increased by 62% measured in Danish kroner and by 65% at CER compared with 2024.
This is mainly driven by increased late-stage clinical trial and research activities mainly related to Obesity care. R&D costs
are impacted by one-off restructuring costs of around DKK 4 billion related to the company-wide transformation during
the third quarter of 2025 including impairments related to the closure of early non-core projects to free up resources for
core therapy areas, partially countered by the impairment of ocedurenone in 2024. Research and development costs
amounted to 20.5% as a percentage of sales.
Administrative costs increased by 36% measured in Danish kroner and by 40% at CER, compared with the same period in
2024. The cost increase is impacted by one-off restructuring costs of around DKK 0.5 billion related to the company-wide
transformation during the third quarter of 2025. Administration costs amounted to 2.5% as a percentage of sales.
Other operating income and expenses showed a loss of DKK 117 million in the third quarter of 2025 related to
impairment charges.
Financial report for the period 1 January 2025 to 30 September 2025 Page 15 of 38
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Company announcement No 31 / 2025
Operating profit decreased by 30% measured in Danish kroner and by 21% at CER compared with the third quarter of
2024. This is mainly impacted by one-off restructuring costs related to the company-wide transformation during the third
quarter of around DKK 9 billion and by impacts related to the acquisition of the three former Catalent manufacturing sites.
Had Novo Nordisk not incurred such restructuring costs amounting to around DKK 9 billion, operating profit would have
decreased by 2% in Danish kroner and increased by 7% at CER.
Financial items (net) showed a net gain of DKK 1,835 million compared with a net gain of DKK 562 million in the third
quarter of 2024, mainly reflecting gains on hedged currencies, primarily the US dollar. This is partly countered by financing
costs related to the funding of the Catalent transaction.
The effective tax rate was 21.6% in the third quarter of 2025, compared with an effective tax rate of 20.6% in the third
quarter of 2024.
Net profit decreased by 27% to DKK 20,006 million, and Adjusted net profit increased by 5% to DKK 29,179 million.
Diluted earnings per share decreased by 26% to DKK 4.50.
Financial report for the period 1 January 2025 to 30 September 2025 Page 16 of 38
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Company announcement No 31 / 2025
CASH FLOW AND CAPITAL ALLOCATION
FREE CASH FLOW IN THE FIRST NINE MONTHS OF 2025 AND CAPITAL EXPENDITURE
Free cash flow in the first nine months of 2025 was DKK 63.9 billion compared to DKK 71.8 billion in the first nine months of
2024. The reduction in free cash flow is mainly driven by increased capital expenditures.
Capital expenditure for property, plant and equipment was DKK 41.7 billion compared with DKK 31.1 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 4.6 billion in
the first nine months of 2025 compared with DKK 3.7 billion in 2024, reflecting business development activities.
EQUITY
Total equity was DKK 169,896 million at the end of September 2025, equivalent to 33.2% of total assets, compared with
30.3% at the end of September 2024. Please refer to appendix 5 for further elaboration of changes in equity. Novo Nordisk
returned DKK 51.8 billion to shareholders via dividends in 2025, split between DKK 35.1 billion in an ordinary dividend and
DKK 16.7 billion in an interim dividend.
Treasury shares
From 5 August 2025 to 5 November 2025, employee share programmes have resulted in a net transfer from Novo Nordisk
of 49,301 B shares of DKK 0.10. Novo Nordisk now owns a total of 21,520,659 B shares of DKK 0.10 as treasury shares.
Financial report for the period 1 January 2025 to 30 September 2025 Page 17 of 38
Strategic
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Company announcement No 31 / 2025
OUTLOOK
The current expectations for 2025 are summarised in the table below:
r
Expectations are as reported, if not otherwise stated
Expectations
5 November 2025
Most recent expectations
communicated
Sales growth
at CER 8% to 11% 8% to 14%
1
as reported
Around 4 percentage points lower
than at CER
Around 3 percentage points lower
than at CER
1
Operating profit growth
at CER 4% to 7% 4% to 10%
2
as reported
Around 6 percentage points lower
than at CER
Around 5 percentage points lower
than at CER
1
Financial items (net) Gain of around 2.6 bDKK Gain of around 1.6 bDKK
1
Effective tax rate 21% to 23% 21% to 23%
1
Capital expenditure (PP&E) Around 60 bDKK Around 65 bDKK
1
Depreciation, amortisation and impairment losses Around DKK 22 billion Around DKK 21 billion
2
Free cash flow (excluding impact from potential business development) Between 20 and 30 bDKK Between 9 and 19 bDKK
3
1) Guidance issued 6 August, in connection with financial results first six months (CA no. 20)
2) Expectation as of 10 September in connection with restructuring (CA no. 26)
3) Expectation as of 9 October, depending on the timing of closing of Akero (CA no. 27)
Sales growth is now expected to be 8-11% at CER. Included in the full-year guidance are positive impacts related to US
gross-to-net sales adjustments earlier in 2025. Given the current exchange rates versus the Danish krone, sales growth
reported in Danish kroner is now expected to be 4 percentage points lower than at CER. The narrowing of the guidance
ranges reflects lowered growth expectations for Novo Nordisk's GLP-1 treatments within diabetes and obesity.
The updated outlook reflects expectations for sales growth in both US Operations and International Operations. In
International Operations, the updated outlook is based on current growth trends, including continued volume penetration
from GLP-1 treatments within obesity and diabetes as well as intensifying competition.
In US Operations, the outlook is based on current prescription trends, intensifying competition and pricing pressure for
Ozempic
®
within diabetes and for Wegovy
®
within obesity. Novo Nordisk is focused on preventing unlawful and unsafe
compounding; however, Novo Nordisk market research shows that mass compounding continues. Novo Nordisk further
focuses on expanding access to Wegovy
®
, including in the cash channel through NovoCare
®
Pharmacy and collaborations
with telehealth organisations.
Operating profit growth is now expected to be 4% to 7% at CER, compared to the 4% to 10% communicated in conjunction
with the company-wide transformation announced in September. Given the current exchange rates versus the Danish
krone, growth reported in DKK is expected to be 6 percentage points lower than at CER, primarily due to depreciation of the
USD/DKK exchange rate. The narrowing of the guidance range mainly reflects the lower sales growth outlook and costs
related to the acquisitions of Akero and Omeros, partially countered by reduced spending. Operating profit growth is
impacted by the full-year impact of around DKK 8 billion from the company-wide transformation and impacts related to the
acquisition of the three former Catalent manufacturing sites as well as the impairment related to ocedurenone in 2024.
Novo Nordisk now expects financial items (net) for 2025 to amount to a gain of around DKK 2.6 billion. This is driven by
gains on hedged currencies, mainly the US dollar, countered 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 now expected to be around DKK 60 billion in 2025 compared to DKK 65 billion previously, driven by
adjustments to expansion plans. The size of CAPEX investments reflects the expansion of the global supply chain. The
investments will create additional capacity across the supply chain, including the manufacturing of active pharmaceutical
Financial report for the period 1 January 2025 to 30 September 2025 Page 18 of 38
Strategic
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Company announcement No 31 / 2025
ingredients (API), additional aseptic production and finished production processes as well as packaging capacity. In the
coming years, the CAPEX-to-sales ratio is expected to be in the low double-digit range.
Depreciation, amortisation and impairment losses are expected to be around DKK 22 billion, mainly driven by
impairment within R&D and Product Supply related to the closure of early non-core projects to free up resources for core
therapy areas and by impairments related to a few production assets, as communicated in conjunction with the company-
wide transformation. Depreciations and amortisations related to the Catalent transaction are included.
The free cash flow is now expected to be DKK 20-30 billion due to lower expected trade receivables in the US and a
reduction in CAPEX expenditure. The free cash flow guidance assumes an impact from the acquisition of Akero, contingent
on final timing of closing. Potential financial impacts related to the potential acquisition of Metsera, Inc. have not been
included.
For the coming years, Novo Nordisk has previously stated that the compound patent expiry of the semaglutide molecule in
certain countries in International Operations is expected to have an estimated negative low-single-digit impact on global
sales growth. Also for 2026, the announced acquisition of Akero Therapeutics, Inc. is expected to lead to increased research
and development costs, with an estimated negative impact on full-year operating profit growth in 2026 of around 3
percentage points, depending on the timing of closing.
Lastly, while maintaining all legal challenges and rights, Novo Nordisk accepted the US Inflation Reduction Act’s Maximum
Fair Price (MFP) for Ozempic
®
, Rybelsus
®
and Wegovy
®
in Medicare Part D, effective as of January 2027. The estimated
direct impact of a semaglutide MFP in Medicare Part D, had it been introduced 1 January 2025, would have been a negative
low single-digit impact on global sales growth for the full year 2025.
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, incl. energy and supply chain
disruptions, the potential implications from major healthcare reforms and legislative changes, taxation changes, including
changes in tariffs, duties and pricing policies, (incl Most Favored Nations in the US), 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. Finally, the guidance does not include the financial
implications of any new significant business development transactions and significant impairments of intangible assets
during the remainder of 2025. Financial impacts and risks related to the Metsera, Inc. acquistion are not included.
FX (average rates) 9M 2025 9M 2024 % change
Spot rate
30 October 2025
USD
669
686
(2%)
647
CNY
93
95
(2%)
91
CAD
478
505
(5%)
462
AUD
428
454
(6%)
423
JPY
4.51
4.54
(1%)
4.19
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 5,500 million
12
CNY
2
DKK 510 million 12
CAD
DKK 350 million
0
AUD
DKK 220 million
0
JPY DKK 170 million 12
1)
As of 30 October 2025.
2)
Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.
The financial impact of foreign exchange hedging is included in Financial items (net).
Financial report for the period 1 January 2025 to 30 September 2025 Page 19 of 38
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Company announcement No 31 / 2025
INNOVATION AND THERAPEUTIC FOCUS
Diabetes care
Regulatory milestones for oral semaglutide (Rybelsus
®
) in the EU and US
In September 2025, the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP)
approved an update to the Rybelsus
®
(oral semaglutide) label to reflect the cardiovascular benefits seen in the SOUL trial.
Further, in October, the US FDA approved a new indication for Rybelsus
®
to reduce the risk of major adverse
cardiovascular events (MACE) in adults with type 2 diabetes mellitus who are at high risk for these events. In this
population, the indication serves for both primary prevention (reducing the risk of atherosclerotic cardiovascular disease
by preventing or managing risk factors) and secondary prevention (reducing the risk of another event in people who have
had a serious CV incident or procedure). The SOUL trial demonstrated a superior reduction in MACE of 14%, on top of
standard of care, for people treated with oral semaglutide compared to placebo in people with type 2 diabetes and
cardiovascular disease and/or CKD, making Rybelsus
®
the first and only oral GLP-1 RA with a proven cardiovascular benefit.
Resubmission of Awiqli
®
to the US FDA for treatment of adults with type 2 diabetes
Novo Nordisk resubmitted its Biologics License Application (BLA) to the US FDA for Awiqli
®
(insulin icodec) injection, a once-
weekly basal insulin treatment for adults living with type 2 diabetes. If approved, Awiqli
®
would become the first once-
weekly basal insulin available in the US. The resubmission is based on results from the ONWARDS type 2 diabetes phase 3a
programme for once-weekly Awiqli
®
, which is comprised of five randomised, active-controlled, treat-to-target clinical trials
in approximately 4,000 adults with type 2 diabetes.
Phase 3b trial initiated with insulin icodec in people with type 1 diabetes.
In August 2025, Novo Nordisk initiated ONWARDS 11, a 26-week clinical trial designed to evaluate the efficacy and safety of
once-weekly insulin icodec compared to once-daily insulin glargine. The trial aims to generate additional data to support a
US resubmission for the type 1 diabetes indication, in light of FDA feedback from ONWARDS 6 related to titration
algorithms for improved safety. Primary endpoint is change in HbA
1c
with the trial also exploring patient-reported
outcomes and adherence metrics.
Positive opinion adopted for IcoSema recommending approval for treatment of adults with type 2 diabetes
In September 2025, EMA's CHMP adopted a positive opinion of IcoSema, a combination of the basal insulin icodec and
semaglutide, for treatment of adults with type 2 diabetes insufficiently controlled on basal insulin or GLP-1s as an adjunct
to diet and exercise in addition to oral medicinal products for diabetes management. The submission was based on the
COMBINE programme, in which IcoSema showed superiority in terms of lowering of HbA
1c
compared to insulin icodec and
semaglutide as well as superior change in body weight compared to insulin icodec and insulin glargine. In the trials,
IcoSema appeared to have a safety profile consistent with the safety profiles of the mono-components (insulin icodec and
semaglutide).
Obesity care
Wegovy
®
approved in the US for the treatment of MASH
In August 2025, Novo Nordisk announced that the US FDA approved a supplemental New Drug Application (sNDA) for an
additional indication for Wegovy
®
(semaglutide 2.4 mg) for the treatment of MASH in adults with moderate to advanced
liver fibrosis (consistent with stages F2 to F3 fibrosis), in combination with a reduced-calorie diet and increased physical
activity. For further information, see separate company announcement here.
Novo Nordisk received Complete Response Letter in the US related to PDS290 device variant for Wegovy
®
.
The US FDA has issued a Complete Response Letter (CRL) regarding Novo Nordisk’s submission of Wegovy
®
(semaglutide
2.4 mg) in the multi-dose PDS290 device in the US. The CRL provides recommendations related to the co-existence of the
multi-dose pen with the single-dose pen already on the market. Novo Nordisk is addressing FDA’s feedback and will
continue to engage with the agency on this application. All dose strengths of Wegovy
®
are currently in full supply and
available nationwide in the US in the single-dose pen.
Semaglutide 7.2 mg in a single-dose-device submitted to the EU regulatory authorities
In October 2025, Novo Nordisk submitted a variant application for semaglutide 7.2 mg (a higher dose of Wegovy
®
) to the
EMA for the existing marketing authorisation for Wegovy
®
in a single-dose pen. Novo Nordisk still expects approval for the
label extension application for semaglutide 7.2 mg in early 2026 as well as the approval of semaglutide 7.2 mg in a single-
Financial report for the period 1 January 2025 to 30 September 2025 Page 20 of 38
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Company announcement No 31 / 2025
dose pen during second half of 2026. Wegovy
®
is currently approved in the EU at doses up to 2.4 mg for the treatment of
overweight and obesity.
Oral semaglutide 25 mg (Wegovy
®
pill) submitted to the EU regulatory authorities
In September 2025, Novo Nordisk submitted oral semaglutide 25 mg to the EMA. 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 body weight 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. Pending
approval, Novo Nordisk is considering to launch oral semaglutide 25 mg in selected EU markets.
Phase 3 programme with cagrilintide initiated in people living with overweight or obesity
In November 2025, Novo Nordisk initiated a phase 3 programme, RENEW, for cagrilintide in people living with obesity.
RENEW 1 is a 64-week randomised and placebo-controlled trial assessing the efficacy and safety of cagrilintide 2.4 mg in
300 people with overweight or obesity. RENEW 2 is a 64-week randomised and placebo-controlled trial assessing the
efficacy and safety of cagrilintide 2.4 mg in 330 people with overweight or obesity and type 2 diabetes.
Phase 1 trial with Triple successfully completed and initiation of phase 1b/2 in people living with overweight and obesity.
During the third quarter of 2025, a phase 1 trial with a GLP1-GIP-Amylin tri-agonist (Triple) was successfully completed in
enabling initiation of a phase 1b/2 trial in people living with overweight or obesity in October 2025. The trial investigated
the safety, tolerability, pharmacokinetics and pharmacodynamics of different doses of Triple. In the trial, all multiple doses
tested appeared to have a safe and well-tolerated profile. The phase 1b/2 trial will investigate the safety, tolerability and
efficacy of once-weekly Triple for up to 44 weeks in around 220 patients living with overweight or obesity.
Cardiovascular & Emerging Therapy
Phase 3 trial with coramitug (PRX004) initiated in people living with ATTR cardiomyopathy.
In October 2025, Novo Nordisk initiated CLEOPATTRA, a randomised and placebo-controlled global phase 3 cardiovascular
outcomes trial to assess efficacy and safety of coramitug in the treatment of around 1,200 adult participants with ATTR-CM.
The event-driven trial is expected to complete around the turn of the decade.
Phase 1 trial initiated in healthy volunteers targeting SLC25A5 as a potential therapy for MASH
In October 2025, Novo Nordisk initiated a phase 1 trial targeting SLC25A5. This first-in-human study seeks to explore
NNC4005-0001, an siRNA molecule that targets knockdown of SLC25A5 mRNA and subsequent expression of SLC25A5
protein, also known as ANT2, in hepatocytes, as a potential once-quarterly therapy for MASH. The trial is designed to
assess the safety, tolerability, pharmacokinetics and pharmacodynamics of NNC4005-0001 at different subcutaneous
doses.
Rare disease
Mim8 submitted for regulatory approval in the EU and in the US
In September and October 2025, Novo Nordisk submitted Mim8, an investigational prophylaxis treatment for people living
with haemophilia A with or without inhibitors for regulatory approval in the US and in the EU. The submissions are based
on the data from the FRONTIER programme, which is designed to establish the efficacy and safety profile of Mim8 as a
prophylactic treatment administered once every month, once every two weeks or once every week to prevent or reduce
the frequency of bleeding episodes in people with haemophilia A.
Alhemo
®
approved in the EU for treatment of haemophilia A and B without inhibitors
During the third quarter, Alhemo
®
was approved in the EU for treatment of haemophilia A and B without inhibitors in the
EU following EMA's CHMP meeting in July. Alhemo
®
with the extended HA/HB indication has been launched in the first
countries.
Financial report for the period 1 January 2025 to 30 September 2025 Page 21 of 38
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Sogroya
®
submitted in China for Small for Gestational Age, Noonan Syndrome, and Idiopathic Short Stature indications
successfully completed
In November 2025, Novo Nordisk submitted Sogroya
®
(somapacitan) for the indications of Children Born Small for
Gestational Age, Noonan Syndrome and Idiopathic Short Stature to the Centre for Drug Evaluation (CDE) for regulatory
approval in China, based on data from the phase 3 basket trials REAL 8 and REAL 9.
Business development
Novo Nordisk to acquire Akero Therapeutics and its promising phase 3 FGF21 analogue to expand MASH portfolio
Novo Nordisk announced that it has entered into a definitive agreement to acquire Akero for 4.7 billion USD in cash at
closing. Akero’s fibroblast growth factor 21 (FGF21) analogue efruxifermin (EFX) is a potentially best-in-class treatment for
metabolic dysfunction-associated steatohepatitis (MASH). EFX is currently in phase 3 development for the treatment of
patients with moderate to advanced liver fibrosis (F2-F3) and patients with cirrhosis (F4). The acquisition reflects Novo
Nordisk’s long-term strategy to develop innovative and differentiated medicines and treat millions of more people living
with diabetes, obesity and their associated comorbidities. The phase 3 programme builds on two 96-week phase 2b trials,
in which EFX has been observed to significantly improve liver fibrosis and reverse compensated cirrhosis due to MASH.
Over 96 weeks, the HARMONY (F2-F3) and SYMMETRY (F4) trial demonstrated 49% and 29% reduction in fibrosis without
worsening of MASH respectively, compared to 19% and 11% in the respective placebo groups. EFX is the only treatment to
have shown significant fibrosis regression in F4 patients in a phase 2 trial. For further information, please see the company
announcement here.
Novo Nordisk announced asset purchase and license agreement for Omeros’ clinical-stage MASP-3 inhibitor zaltenibart
Novo Nordisk and Omeros Corporation announced that they have entered into a definitive asset purchase and license
agreement for the candidate drug zaltenibart (formerly OMS906) in clinical development for rare blood and kidney
disorders. Novo Nordisk will be granted exclusive global rights to develop and commercialise zaltenibart in all indications.
Omeros has reported positive phase 2 data for zaltenibart in paroxysmal nocturnal hemoglobinuria (PNH) - a rare,
acquired blood disorder where the body's immune system mistakenly attacks and destroys red blood cells, leading to low
levels of healthy red blood cells and other complications. Zaltenibart has shown multiple potential advantages over other
alternative pathway inhibitors in development or on the market, and it has been well tolerated and demonstrated an
acceptable safety profile across all clinical trials to date. Following closing of the transaction, Novo Nordisk aims to initiate a
global phase 3 programme for zaltenibart in PNH and explore further development in a range of other rare blood and
kidney disorders.
R&D Strategy
Novo Nordisk decided in August to merge the company’s Research & Early Development with its Development area into a
new, consolidated R&D unit, under the leadership of CSO Martin Holst Lange. As a consequence, Novo Nordisk’s R&D
strategy and priorities have now been updated to reflect a focus on a fast advancement of innovation of new therapies and
ensuring the success of the early and late-stage pipelines, with a focus on the diabetes and obesity areas and associated
comorbidities. As a result of the updated R&D strategy and priorities, Novo Nordisk will not initiate further clinical trials for
a number of early development projects DNA Immunotherapy, MARC1and LXRa in MASH, DCR-XDH in gout, PD-L1 and
STAT3 within oncology, and the stem cell platform with early development projects within Parkinson’s disease and Heart
Failure. In addition, a number of changes to the portfolio of early-stage projects will also be implemented. Novo Nordisk
may pursue partnerships for some of the above projects. Novo Nordisk's strategic focus within Rare disease remains
unchanged.
Financial report for the period 1 January 2025 to 30 September 2025 Page 22 of 38
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Correction: Sogroya is not submitted in China yet.
Financial report for the period 1 January 2025 to 30 September 2025 Page 23 of 38
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Financial report for the period 1 January 2025 to 30 September 2025 Page 24 of 38
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LEGAL MATTERS
Securities class-action lawsuit filed against Novo Nordisk A/S
In August 2025, a class-action lawsuit was filed against Novo Nordisk A/S, then Chief Executive Officer Lars Fruergaard
Jørgensen and Executive Vice Presidents Maziar Mike Doustdar, Karsten Munk Knudsen and David S. Moore in the United
States District Court for the District of New Jersey by a proposed class of purchasers of Novo Nordisk American Depository
Receipts (ADRs) between 7 May 2025 and 28 July 2025. The lawsuit relates to the company’s financial forecasts for growth
in 2025 and alleges that the company misled investors as to its potential to capitalise on the compounded market for
GLP-1 medicines, understated the potential impact of the personalisation exception for compounding of GLP-1 medicines,
and overstated the company’s ability to penetrate the GLP-1 market to achieve continued growth. Novo Nordisk does not
expect the litigation to have a material impact on Novo Nordisk’s financial position, operating profit or cash flow.
Inflation Reduction Act Litigation
On 6 October 2025, the United States Court of Appeals for the Third Circuit affirmed the District Court’s prior ruling
dismissing Novo Nordisk’s lawsuit challenging the legality of the pricing provisions of the Inflation Reduction Act (see page
21 of Novo Nordisk’s Financial Report for the period 1 January 2023 to 30 September 2023). Novo Nordisk is considering
next steps, including potentially seeking review of this decision by the United States Supreme Court. Novo Nordisk does
not expect the outcome of this litigation to have a material impact on Novo Nordisk’s financial position, operating profit or
cash flow.
Financial report for the period 1 January 2025 to 30 September 2025 Page 26 of 38
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STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
Executive Management:
Board of Directors:
Financial report for the period 1 January 2025 to 30 September 2025 Page 27 of 38
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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
our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 78,500 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
14 November 2025
Extraordinary General Meeting
4 February 2026
Financial statement for 2025
26 March 2026
Annual General meeting
6 May 2026
Financial results for the first three months of 2026
5 August 2026
Financial results for the first six months of 2026
4 November 2026
Financial results for the first nine months of 2026
Contacts for further information
Media:
Ambre James-Brown
+45 3079 9289
globalmedia@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
Max Ung
+45 3077 6414
mxun@novonordisk.com
Alex Bruce
+45 3444 2613
axeu@novonordisk.com
Christoffer Sho Togo Tullin
+45 3079 1471
cftu@novonordisk.com
Frederik Taylor Pitter (US)
+1 609 613 0568
fptr@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 and/or not yet completed business acquistions or divestments, 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 30 September 2025 Page 28 of 38
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Company announcement No 31 / 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
Q3 2025 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q3 2024
Net sales
74,976
76,857
78,087
85,683
71,311
68,060
65,349
5%
Gross profit
57,072
64,011
65,197
72,659
60,003
57,786
55,433
(5%)
Gross margin
76.1%
83.3%
83.5%
84.8%
84.1%
84.9%
84.8%
Sales and distribution costs
(15,996)
(17,533)
(14,892)
(18,701)
(15,210)
(14,934)
(13,256)
5%
Percentage of sales
21.3%
22.8%
19.1%
21.8%
21.3%
21.9%
20.3%
Research and development costs
1
(15,393)
(11,690)
(10,308)
(13,802)
(9,488)
(16,166)
(8,606)
62%
Percentage of sales
20.5%
15.2%
13.2%
16.1%
13.3%
23.8%
13.2%
Administrative costs
(1,884)
(1,316)
(1,220)
(1,580)
(1,382)
(1,157)
(1,157)
36%
Percentage of sales
2.5%
1.7%
1.6%
1.8%
1.9%
1.7%
1.8%
Other operating income and expenses
(117)
(23)
14
(1,839)
(101)
405
(568)
N/A
Operating profit (EBIT)
23,682
33,449
38,791
36,737
33,822
25,934
31,846
(30%)
Operating margin
31.6%
43.5%
49.7%
42.9%
47.4%
38.1%
48.7%
Financial income
307
5,314
3,425
3,913
(821)
960
2,146
(137%)
Financial expenses
1,528
(4,958)
(5,183)
(5,093)
1,383
(1,562)
(2,074)
10%
Financial items (net)
1,835
356
(1,758)
(1,180)
562
(602)
72
227%
Profit before income taxes
25,517
33,805
37,033
35,557
34,384
25,332
31,918
(26%)
Income taxes
(5,511)
(7,302)
(7,999)
(7,327)
(7,083)
(5,282)
(6,511)
(22%)
Net profit
20,006
26,503
29,034
28,230
27,301
20,050
25,407
(27%)
Depreciation, amortisation and impairment losses
7,757
4,833
3,830
5,198
2,150
8,845
2,914
261%
Capital expenditure (PP&E)
13,628
14,661
13,422
16,101
12,119
10,470
8,474
12%
Net cash flows from operating activities
46,107
40,785
24,591
12,301
43,850
50,503
14,314
5%
Free cash flow
30,316
24,079
9,492
(86,467)
30,451
36,289
5,020
0%
EBITDA
31,439
38,282
42,621
41,935
35,972
34,779
34,760
(13%)
Adjusted net profit
29,179
28,265
30,304
30,516
27,797
25,795
26,449
5%
Total assets
512,288
482,153
489,162
465,795
397,441
369,383
298,921
29%
Total equity
169,896
168,066
138,540
143,486
120,522
112,522
98,911
41%
Equity ratio
33.2%
34.9%
28.3%
30.8%
30.3%
30.5%
33.1%
Full-time equivalent employees end of period
78,554
78,387
77,406
76,302
71,880
69,260
66,015
9%
Basic earnings per share/ADR (in DKK)
4.50
5.96
6.54
6.34
6.13
4.50
5.70
(27%)
Diluted earnings per share/ADR (in DKK)
4.50
5.96
6.53
6.34
6.12
4.49
5.68
(26%)
Average number of shares outstanding (million) 4,443.5 4,443.4 4,439.5 4,446.2 4,452.3 4,457.7 4,459.6 0%
Average number of diluted shares outstanding
(million)
4,446.8 4,446.7 4,446.4 4,455.5 4,460.5 4,465.4 4,470.5 0%
Sales by business segment:
Total GLP-1
36,735
38,366
39,574
42,173
34,935
37,035
34,982
5%
Long-acting insulin
4,200
4,467
5,388
5,158
4,035
4,737
5,165
4%
Premix insulin
2,357
2,636
2,813
2,867
2,518
2,436
2,968
(6%)
Fast-acting insulin
4,109
4,542
5,052
6,017
4,150
3,868
4,487
(1%)
Human insulin
1,327
1,101
1,744
1,845
1,806
1,571
1,745
(27%)
Total insulin
11,993
12,746
14,997
15,887
12,509
12,612
14,365
(4%)
Other Diabetes care
421
454
473
512
492
533
583
(14%)
Total Diabetes care
49,149
51,566
55,044
58,572
47,936
50,180
49,930
3%
Wegovy
®
20,354
19,528
17,360
19,866
17,304
11,659
9,377
18%
Saxenda
®
752
844
1,064
1,540
1,497
2,245
1,658
(50%)
Total Obesity care
21,106
20,372
18,424
21,406
18,801
13,904
11,035
12%
Diabetes and Obesity care total
70,255
71,938
73,468
79,978
66,737
64,084
60,965
5%
Rare blood disorders
2,919
3,096
2,921
3,398
2,988
2,864
2,888
(2%)
Rare endocrine disorders
1,393
1,420
1,312
1,923
1,227
730
1,113
14%
Other Rare disease
409
403
386
384
359
382
383
14%
Rare disease total
4,721
4,919
4,619
5,705
4,574
3,976
4,384
3%
Sales by geographic segment:
2
US Operations
41,144
42,963
44,316
52,371
39,847
38,404
36,782
3%
International Operations
33,832
33,894
33,771
33,312
31,464
29,656
28,567
8%
- EUCAN
16,767
16,447
14,765
16,418
14,098
13,910
13,119
19%
- Emerging Markets
6,635
7,544
8,790
7,194
8,323
6,758
7,240
(20%)
- APAC
5,466
5,615
4,594
5,376
4,335
4,025
3,702
26%
- Region China
4,964
4,288
5,622
4,324
4,708
4,963
4,506
5%
Segment operating profit:
Diabetes and Obesity care
24,222
32,931
38,247
36,044
33,473
26,984
31,218
(28%)
Rare disease
(540)
518
544
693
349
(1,050)
628
(255%)
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.
2)
Effective 1 January 2025, North America Operations and International Operations were reorganised into US operations and International Operations. International operations
cover the following regions: i. EUCAN (Europe and Canada), ii. Emerging markets (mainly Latin America, the Middle East, and Africa), iii. APAC (Japan, Korea, Oceania and Southeast
Asia), and iv. Region China (Mainland China, Hong Kong and Taiwan). Comparative information has been restated to reflect the new geographical structure.
Financial report for the period 1 January 2025 to 30 September 2025 Page 29 of 38
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Information
Company announcement No 31 / 2025
APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
DKK million
9M 2025
9M 2024
Q3 2025
Q3 2024
Income statement
Net sales
Cost of goods sold
(43,640 )
(31,498 )
(17,904 )
(11,308 )
Gross profit
Sales and distribution costs
(48,421 )
(43,400 )
(15,996 )
(15,210 )
Research and development costs
(37,391 )
(34,260 )
(15,393 )
(9,488 )
Administrative costs
(4,420 )
(3,696 )
(1,884 )
(1,382 )
Other operating income and expenses
(126 )
(264 )
(117 )
(101 )
Operating profit
2
0
0
Financial income
(821 )
Financial expenses
(8,613 )
(2,253 )
Profit before income taxes
Income taxes
(20,812 )
(18,876 )
(5,511 )
(7,083 )
NET PROFIT
8
0
0
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
Segment Information
Segment sales:
Diabetes and Obesity care
215,661
191,786
70,255
66,737
Rare disease
14,259
12,934
4,721
4,574
Segment operating profit:
Diabetes and Obesity care
95,400
91,675
24,222
33,473
Operating margin
44.2 %
47.8 %
34.5 %
50.2 %
Rare disease
522
(73)
(540)
349
Operating margin
3.7 %
(0.6) %
(11.4) %
7.6 %
Total segment operating profit
95,922
91,602
23,682
33,822
Statement of comprehensive income
Net profit
Other comprehensive income
Items that will not subsequently be reclassified to the Income
statement
Remeasurements of defined benefit obligations
(98 )
(64 )
Items that will not be reclassified subsequently to the income
statement
Items that will be reclassified subsequently to the Income
statement
Exchange rate adjustments of investments in subsidiaries
(7,950 )
(1,628 )
(2,822 )
Cash flow hedges:
Realisation of previously deferred (gains)/losses
(1,033 )
(354 )
Deferred gains/(losses) on hedges, incurred during the period
(466 )
(4,662 )
Tax and other items
(3,494 )
(368 )
Items that will be reclassified subsequently to the income
statement
Other comprehensive income 2,440 (2,967 ) (2,222 ) (1,584 )
TOTAL COMPREHENSIVE INCOME 77,983 69,791 17,784 25,717
Financial report for the period 1 January 2025 to 30 September 2025 Page 30 of 38
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Company announcement No 31 / 2025
APPENDIX 3: CASH FLOW STATEMENT
DKK million 9M 2025 9M 2024
Net profit
Adjustment for non-cash items:
Income taxes in the income statement
Depreciation, amortisation and impairment losses
Other non-cash items
Change in working capital
(16,633 )
(11,014 )
Interest received
Interest paid
(2,249 )
(359 )
Income taxes paid
(9,023 )
(16,683 )
Net cash flows from operating activities
Purchase of intangible assets
(4,565 )
(3,688 )
Purchase of property, plant and equipment
(41,711 )
(31,063 )
Proceeds from sale of property, plant and equipment
Cash used for acquisition of businesses
(668 )
Proceeds from other financial assets
Purchase of other financial assets
(225 )
(433 )
Purchase of marketable securities
(498 )
(19,028 )
Sale of marketable securities
Net cash flows from investing activities
(36,346 )
(37,679 )
Purchase of treasury shares
(1,388 )
(12,690 )
Dividends paid
(51,763 )
(44,140 )
Proceeds from borrowings
Repayment of borrowings
(78,035 )
(5,902 )
Net cash flows from financing activities
(57,875 )
(28,100 )
Net cash generated from activities
Cash and cash equivalents at the beginning of the year
Exchange gain/(loss) on cash and cash equivalents
(833 )
(262 )
Cash and cash equivalents at the end of the period
Financial report for the period 1 January 2025 to 30 September 2025 Page 31 of 38
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Company announcement No 31 / 2025
APPENDIX 4: BALANCE SHEET
DKK million
30 Sep 2025
31 Dec 2024
ASSETS
Intangible assets
Property, plant and equipment
Investments in associated companies
Deferred income tax assets
Other receivables and prepayments
Other financial assets
TOTAL NON-CURRENT ASSETS
Inventories
Trade receivables
Tax receivables
Other receivables and prepayments
Marketable securities
Derivative financial instruments
Cash at bank
TOTAL CURRENT ASSETS 181,883 160,897
TOTAL ASSETS 512,288 465,795
EQUITY AND LIABILITIES
Share capital
Treasury shares
(2 )
(2 )
Retained earnings
Other reserves
(1,406 )
TOTAL EQUITY
Borrowings
Deferred income tax liabilities
Retirement benefit obligations
Other liabilities
Provisions
Total non-current liabilities
Borrowings
Trade payables
Tax payables
Other liabilities
Derivative financial instruments
Provisions
1
Total current liabilities
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES 512,288 465,795
1)
At 30 September 2025, the provision for 340B statutory discounts amounts to USD 4.2 billion. Given the passage of time and the current legal and regulatory landscape relating to
enforcement of the 340B program, the Company reduced in Q2 2025 the provision for 340B statutory discounts by USD 0.4 billion (around DKK 3 billion) from USD 4.6 billion (as of 31
December 2024) to USD 4.2 billion, reflecting an assessment of current applicable laws, historical legal and administrative rulings as well as attrition and experience from historical
claims. During the first nine months of 2024, the Company increased the provision for 340B statutory discounts by a total of USD 0.8 billion.
Financial report for the period 1 January 2025 to 30 September 2025 Page 32 of 38
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Company announcement No 31 / 2025
APPENDIX 5: EQUITY STATEMENT
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
9M 2025
Balance at the beginning of the year
(2 )
(1,406 )
Net profit
Other comprehensive income for the period
Total comprehensive income for the period
Transactions with owners:
Dividends
(51,763 )
(51,763 )
Share-based payments
Purchase of treasury shares
(1,388 )
(1,388 )
Tax related to transactions with owners
(37 )
(37 )
Balance at the end of the period 446 (2 ) 168,529 923 169,896
DKK million
Share
capital
Treasury
shares
Retained
earnings
Other
reserves Total
9M 2024
Balance at the beginning of the year
(5 )
Net profit
Other comprehensive income for the period
(98 )
(2,869 )
(2,967 )
Total comprehensive income for the period
(2,869 )
Transactions with owners:
Dividends
(44,140 )
(44,140 )
Share-based payments
Purchase of treasury shares
(1 )
(12,689 )
(12,690 )
Reduction of the B share capital
(5 )
Tax related to transactions with owners
(291 )
(291 )
Balance at the end of the period 446 (1 ) 121,670 (1,593 ) 120,522
Financial report for the period 1 January 2025 to 30 September 2025 Page 33 of 38
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Company announcement No 31 / 2025
APPENDIX 6: SALES SPLIT PER AREA
Q3 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
31,293
21,322
9,971
5,842
1,690
772
1,667
% change at CER
12%
14%
7%
22%
(11%)
4%
(11%)
Ozempic
®
30,744
21,272
9,472
5,721
1,501
724
1,526
% change at CER
9%
7%
13%
28%
(3%)
9%
(11%)
Victoza
®
549
50
499
121
189
48
141
% change at CER
—
—
(45%)
(64%)
(46%)
(35%)
(12%)
Rybelsus
®
5,442
1,986
3,456
1,686
439
896
435
% change at CER
4%
(13%)
18%
(1%)
(8%)
23%
—
Total GLP-1
36,735
23,308
13,427
7,528
2,129
1,668
2,102
% change at CER
11%
11%
9%
16%
(10%)
13%
9%
Long-acting insulin
4,200
826
3,374
1,535
688
316
835
% change at CER
9%
6%
10%
(5%)
16%
6%
47%
Awiqli
®
142
—
142
28
—
4
110
% change at CER
—
—
—
314 %
—
—
—
Tresiba
®
2,624
790
1,834
899
497
201
237
% change at CER
31%
124%
11%
2%
36%
6%
6%
Xultophy
®
1,120
56
1,064
444
77
89
454
% change at CER
12%
5%
12%
(14%)
25%
7%
54%
Levemir
®
314
(20)
334
164
114
22
34
% change at CER
(63%)
(105%)
(27%)
(25%)
(32%)
(4%)
(29%)
Premix insulin
2,357
149
2,208
216
384
542
1,066
% change at CER
(1%)
64%
(3%)
(13%)
(23%)
10%
2%
Ryzodeg
®
1,289
—
1,289
55
194
333
707
% change at CER
18%
—
18%
23%
34%
15%
16%
NovoMix
®
1,068
149
919
161
190
209
359
% change at CER
(17%)
64%
(23%)
(20%)
(46%)
2%
(18%)
Fast-acting insulin
4,109
1,718
2,391
1,189
640
288
274
% change at CER
5%
22%
(5%)
2%
(16%)
17%
(19%)
Fiasp
®
632
235
397
311
34
52
—
% change at CER
67%
—
3%
2%
(18%)
30%
—
NovoRapid
®
3,477
1,483
1,994
878
606
236
274
% change at CER
(2%)
5%
(7%)
2%
(16%)
14%
(19%)
Human insulin
1,327
470
857
162
379
155
161
% change at CER
(23%)
30%
(36%)
(22%)
(47%)
(31%)
(21%)
Total insulin
11,993
3,163
8,830
3,102
2,091
1,301
2,336
% change at CER
1%
20%
(4%)
(4%)
(18) %
3 %
8 %
Other Diabetes care
1
421
18
403
127
57
60
159
% change at CER
(11%)
(65%)
(3%)
(6%)
(3%)
(14%)
3%
Total Diabetes care
49,149
26,489
22,660
10,757
4,277
3,029
4,597
% change at CER
8%
12%
3%
9%
(14%)
8%
9%
Wegovy
®
20,354
12,532
7,822
4,382
1,495
1,837
108
% change at CER
23%
6 %
67 %
100%
(16%)
213 %
(27%)
Saxenda
®
752
90
662
301
297
55
9
% change at CER
(47%)
8%
(51%)
(49%)
(38%)
(78%)
(64%)
Total Obesity care
21,106
12,622
8,484
4,683
1,792
1,892
117
% change at CER
18%
6%
41%
68%
(20%)
125%
(31%)
Diabetes and Obesity care total
70,255
39,111
31,144
15,440
6,069
4,921
4,714
% change at CER
11%
10%
11%
22%
(16%)
35%
7%
Rare disease segment
Rare blood disorders
2
2,919
1,152
1,767
823
434
268
242
% change at CER
3%
(16%)
21%
4%
0%
37%
461%
Haemophilia A
638
94
544
241
108
77
118
% change at CER
18%
(20%)
28%
(10%)
25%
46%
448%
Haemophilia B
376
143
233
168
16
45
4
% change at CER
29%
62%
15%
11%
50%
21%
(20%)
NovoSeven
®
1,653
744
909
391
300
98
120
% change at CER
(13%)
(32%)
15%
8%
(7%)
7%
—
Rare endocrine disorders
3
1,393
817
576
255
88
227
6
% change at CER
20%
28%
10%
16%
(27%)
32%
200%
Other Rare disease
4
409
64
345
249
44
50
2
% change at CER
19%
205%
7%
10%
(18%)
10%
—
Rare disease total
4,721
2,033
2,688
1,327
566
545
250
% change at CER
9%
0%
16%
7%
(8%)
32%
456%
Total sales
74,976
41,144
33,832
16,767
6,635
5,466
4,964
% change at CER
11%
10%
12%
21%
(15%)
35%
12%
% change as reported
5%
3%
8%
19%
(20%)
26%
5%
Share of growth
100%
51%
49%
38%
(17%)
20%
7%
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 30 September 2025 Page 34 of 38
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therapeutic focus
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Financial
Information
Company announcement No 31 / 2025
9M 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
97,885
66,595
31,290
17,103
6,828
2,586
4,773
% change at CER
11%
13%
7%
16%
7%
3%
(12%)
Ozempic
®
95,264
66,113
29,151
16,536
5,902
2,425
4,288
% change at CER
13%
14%
11%
19%
6%
9%
(7%)
Victoza
®
2,621
482
2,139
567
926
161
485
% change at CER
(34%)
(59%)
(23%)
(36%)
9%
(45%)
(38%)
Rybelsus
®
16,790
6,657
10,133
5,420
1,505
2,657
551
% change at CER
5%
(11%)
19%
14%
3%
22%
281%
Total GLP-1
114,675
73,252
41,423
22,523
8,333
5,243
5,324
% change at CER
10%
10%
10%
15%
6%
12%
(4%)
Long-acting insulin
14,055
3,701
10,354
4,689
2,275
988
2,402
% change at CER
3%
(2%)
5%
(4%)
9%
1%
28%
Awiqli
®
261
—
261
63
—
9
189
% change at CER
—
—
—
—
—
—
—
Tresiba
®
9,001
3,465
5,536
2,661
1,503
634
738
% change at CER
29%
92%
6%
0%
22%
4%
4%
Xultophy
®
3,461
202
3,259
1,396
241
273
1,349
% change at CER
10%
1%
10%
(7%)
4%
(3%)
43%
Levemir
®
1,332
34
1,298
569
531
72
126
% change at CER
(62%)
(98%)
(22%)
(23%)
(15%)
(14%)
(44%)
Premix insulin
7,806
416
7,390
694
1,535
1,570
3,591
% change at CER
0%
20%
(1%)
(10%)
0%
0%
1%
Ryzodeg
®
4,084
—
4,084
167
678
977
2,262
% change at CER
17%
—
17%
24%
40%
7%
15%
NovoMix
®
3,722
416
3,306
527
857
593
1,329
% change at CER
(13%)
20%
(16%)
(18%)
(18%)
(10%)
(16%)
Fast-acting insulin
13,703
6,087
7,616
3,571
2,208
842
995
% change at CER
12%
38%
(3%)
(2%)
(3%)
1%
(13%)
Fiasp
®
1,981
711
1,270
964
148
158
—
% change at CER
32%
130%
6%
4%
10%
15%
—
NovoRapid
®
11,722
5,376
6,346
2,607
2,060
684
995
% change at CER
9%
32%
(5%)
(4%)
(4%)
(2%)
(13%)
Human insulin
4,172
1,040
3,132
509
1,430
655
538
% change at CER
(15%)
5%
(20%)
(22%)
(26%)
(8%)
(13%)
Total insulin
39,736
11,244
28,492
9,463
7,448
4,055
7,526
% change at CER
3%
18%
(2%)
(5%)
(5%)
(1%)
5%
Other Diabetes care
1
1,348
99
1,249
390
201
198
460
% change at CER
(14%)
(38%)
(12%)
(6%)
(2%)
(5%)
(22%)
Total Diabetes care
155,759
84,595
71,164
32,376
15,982
9,496
13,310
% change at CER
8%
11%
4%
8%
0%
6%
0%
Wegovy
®
57,242
37,248
19,994
10,561
4,117
4,366
950
% change at CER
54%
25 %
168 %
116 %
123 %
—
481 %
Saxenda
®
2,660
273
2,387
1,182
935
241
29
% change at CER
(49%)
(41%)
(50%)
(46%)
(42%)
(72%)
(63%)
Total Obesity care
59,902
37,521
22,381
11,743
5,052
4,607
979
% change at CER
41%
24%
83%
65%
46%
221%
N/A
Diabetes and Obesity care total
215,661
122,116
93,545
44,119
21,034
14,103
14,289
% change at CER
15%
15%
16%
19%
9%
36%
5%
Rare disease segment
Rare blood disorders
2
8,936
3,767
5,169
2,453
1,358
796
562
% change at CER
5%
(2%)
11%
0%
(2%)
26%
176%
Haemophilia A
1,776
280
1,496
742
270
198
286
% change at CER
2%
(30%)
12%
(9%)
17%
31%
88%
Haemophilia B
1,056
403
653
460
54
126
13
% change at CER
16%
23%
12%
6%
96%
15%
(7%)
NovoSeven
®
5,523
2,723
2,800
1,186
1,000
351
263
% change at CER
(1%)
(8%)
6%
0%
(8%)
4%
—
Rare endocrine disorders
3
4,125
2,347
1,778
699
425
636
18
% change at CER
37%
51%
23%
17%
16%
32%
171%
Other Rare disease
4
1,198
193
1,005
708
152
140
5
% change at CER
9%
62%
2%
4%
(4%)
2%
(14%)
Rare disease total
14,259
6,307
7,952
3,860
1,935
1,572
585
% change at CER
13%
14%
12%
3%
1%
26%
170%
Total sales
229,920
128,423
101,497
47,979
22,969
15,675
14,874
% change at CER
15%
15%
16%
18%
8%
35%
8%
% change as reported
12%
12%
13%
17%
3%
30%
5%
Share of growth
100%
54%
46%
23%
6%
14%
4%
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 30 September 2025 Page 35 of 38
Strategic
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highlights
Commercial
execution
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therapeutic focus
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Governance
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Financial
Information
Company announcement No 31 / 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 at CER, 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 9M 2025 9M 2024
% change
9M 2025 to
9M 2024
Q3 2025 Q3 2024
% change
Q3 2025 to
Q3 2024
Net sales 229,920 204,720 12% 74,976 71,311 5%
Effect of exchange rates 5,981 1,471 3,875 689
Net sales at CER 235,901 206,191 N/A 78,851 72,000 N/A
Net sales previous period 204,720 71,311
% increase/(decrease) in constant exchange rates 15 % 11 %
Operating profit at CER
DKK million 9M 2025 9M 2024
% change
9M 2025 to
9M 2024
Q3 2025 Q3 2024
% change
Q3 2025 to
Q3 2024
Operating profit 95,922 91,602 5% 23,682 33,822 (30%)
Effect of exchange rates 5,068 1,134 2,958 506
Operating profit at CER 100,990 92,736 N/A 26,640 34,328 N/A
Operating profit previous period 91,602 33,822
% increase/(decrease) in constant exchange rates 10 % (21) %
EBITDA and EBITDA at CER
Novo Nordisk has significantly increased its 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 30 September 2025 Page 36 of 38
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Company announcement No 31 / 2025
EBITDA and EBITDA at CER
DKK million 9M 2025 9M 2024
% change
9M 2025 to
9M 2024
Q3 2025 Q3 2024
% change
Q3 2025 to
Q3 2024
Net profit 75,543 72,758 4% 20,006 27,301 (27%)
Income taxes 20,812 18,876 10% 5,511 7,083 (22%)
Financial income (9,046) (2,285) 296% (307) 821 (137%)
Financial expenses 8,613 2,253 282% (1,528) (1,383) 10%
Operating profit (EBIT) 95,922 91,602 5% 23,682 33,822 (30%)
Depreciation and amortisations 11,263 6,214 81% 3,760 2,043 84%
Impairment losses and reversals 5,157 7,695 (33%) 3,997 107 N/A
EBITDA 112,342 105,511 6% 31,439 35,972 (13%)
Effect of exchange rates 5,121 1,172 2,983 539
EBITDA at CER 117,463 106,683 N/A 34,422 36,511 N/A
EBITDA previous period 105,511 35,972
% increase/(decrease) in constant exchange rates 11% (4%)
Adjusted net profit
Novo Nordisk defines Adjusted net profit as ‘Net profit’ excluding ‘Impairment losses and reversals on intangible assets’,
‘Amortisations on intangible assets', ‘Major restructuring costs’ related to substantial restructuring plans and the related
tax effects of all these adjustments.
Major restructuring costs refer to costs incurred in connection with substantial restructuring plans where the accumulated
costs exceed DKK 1,000 million, including the company-wide transformation plan announced by Novo Nordisk on 10
September 2025. Costs included under ‘Major restructuring costs’ are considered exceptional and non-recurring, as they
arise from strategic restructurings that are not reflective of the Group’s ongoing operating activities. Such costs include
costs of severance and termination benefits, impairments of tangible assets and committed expenses for contract or
projects terminated as part of substantial restructuring plans. Impairments of intangible assets are included in the line
‘Impairment losses and reversals on intangible assets’ even if related to substantial restructuring plans.
The company-wide transformation plan announced on 10 September 2025 is an example of such substantial restructuring
plan and involves strategic initiatives to simplify the organisation, improve the speed of decision-making, and reallocate
resources towards the company’s growth opportunities in diabetes and obesity. As part of the restructuring, the global
workforce is being reduced by approximately 9,000 positions, with around 5,000 reductions expected in Denmark. No
other major restructuring plans have been undertaken within the past two years. For further information on the company-
wide transformation plan, see separate company announcement here.
Costs incurred for separate, smaller-scale restructuring plans are not excluded and therefore remain included in Adjusted
net profit, unless classified under other adjusting items, reflecting their recurring and operational nature.
Adjusted net profit is considered to be relevant information for investors as it helps them analyse financial performance
from core business operations from period to period and enhances comparability against peer companies.
Financial report for the period 1 January 2025 to 30 September 2025 Page 37 of 38
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Company announcement No 31 / 2025
Adjusted net profit
DKK million 9M 2025 9M 2024
% change
9M 2025 to
9M 2024
Q3 2025 Q3 2024
% change
Q3 2025 to
Q3 2024
Net profit 75,543 72,758 4% 20,006 27,301 (27%)
Impairment losses and reversals on intangible assets
1
2,040 7,625 (73%) 1,403 60 N/A
Amortisations on intangible assets 4,891 1,685 190% 1,647 568 190%
Major restructuring costs 8,090 — N/A 8,090 — N/A
Tax effects of adjustments (2,816) (2,026) 39% (1,967) (131) N/A
Adjusted net profit 87,748 80,042 10% 29,179 27,798 5%
1)
Impairment losses on intangible assets relate in part to substantial restructuring plans. These are detailed in the table 'Specification of major restructuring costs'.
Specification of major restructuring costs Q3 / 9M 2025
DKK million
Costs of goods
sold
Sales and
distribution
costs
Research and
development
costs
Administrative
costs Q3 / 9M 2025
Severance and termination benefits 2,064 1,562 1,154 557 5,337
Committed expenses for contracts or projects
terminated
0 0 427 0 427
Impairment losses on tangible assets 1,369 0 957 0 2,326
Major restructuring costs excluded from Adjusted
net profit
3,433 1,562 2,538 557 8,090
Impairment losses on intangible assets 0 0 1,365 0 1,365
Total major restructuring costs 3,433 1,562 3,903 557 9,455
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 9M 2025 9M 2024 Q3 2025 Q3 2024
Net cash generated from operating activities 111,483 108,667 46,107 43,850
Net cash used in investing activities (36,346) (37,679) (15,425) (20,904)
Add-back of net purchase (net sale) of marketable securities (10,144) 1,828 (5) 8,000
Repayment on lease liabilities
(1,106)
(1,056)
(361)
(495)
Free cash flow 63,887 71,760 30,316 30,451
Financial report for the period 1 January 2025 to 30 September 2025 Page 38 of 38
Strategic
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therapeutic focus
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Governance
Legal
Financial
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Company announcement No 31 / 2025