Novo Nordisk Grows Sales 10%, Obesity Care Hits DKK82B, Warns of 5–13% Profit Decline
Novo Nordisk delivered 10% revenue growth in 2025 as obesity care sales reached DKK 82 billion, while gross margin eased to 81% after manufacturing acquisitions and restructuring costs. For 2026 it forecasts a 5–13% adjusted sales and operating profit decline, and faces potential low-cost generic semaglutide threats under $3 per month.
1. 2025 Financial Performance
Novo Nordisk reported a 10% increase in total sales for 2025, driven primarily by its obesity and diabetes portfolios. Obesity care revenue reached DKK 82 billion, while earnings per share amounted to $1 and gross margin declined to 81% due to recent manufacturing acquisitions and restructuring costs.
2. Pipeline Milestones and Leadership Changes
The company achieved FDA approval and launched its first oral GLP-1 weight management pill, Wegovy, and presented clinical data showing its CagriSema candidate outperformed semaglutide in weight loss and glycemic control. Progress continues on next-generation treatment zenagamtide, and executive shifts include the appointments of Jamey Millar and Hong Chow alongside several long-serving departures.
3. 2026 Financial Outlook
Novo Nordisk projects a 5–13% decline in adjusted sales and operating profit at constant exchange rates for 2026, citing significant pricing headwinds in the US and upcoming patent expirations internationally. The company plans to pursue volume growth and reveal long-term strategic initiatives at its upcoming Capital Markets Day.
4. Generic Semaglutide Competition Study
A new cost analysis estimates that generic versions of semaglutide could be manufactured for under $3 per patient per month, with annual costs ranging from $28 to $380 depending on formulation. This development arises as semaglutide patents begin expiring in markets including India, China, Brazil, Canada and Turkey.