Novo Nordisk (NOVO) Guidance summary

Opening remarks and agenda

• Conference focused on executive leadership changes and a lowered financial outlook for 2025, with all key executives present for Q&A.

• Agenda included leadership succession, financial outlook update, and a Q&A session.

• Agenda focused on changes to executive leadership and the financial outlook for 2025.

Financial performance and outlook

• Sales grew 18% and operating profit rose 29% at constant exchange rates (CER) in H1 2025, with Q2 sales positively impacted by prior-year adjustments, including a DKK 3 billion 340B provision adjustment.

• Full-year 2025 sales growth outlook lowered to 8-14% and operating profit growth to 10-16% at CER, down from previous expectations of 13-21% and 16-24% respectively.

• Sales and profit growth in Danish kroner expected to be 4 and 7 percentage points lower than CER due to USD/DKK depreciation.

• Free cash flow now expected at DKK 35-45 billion, reflecting lower sales growth and volume in GLP-1 treatments in the US.

• Net financial items for 2025 projected as a DKK 3 billion gain, mainly from currency hedges, partially offset by interest expenses from the Catalent acquisition.

Drivers of revised outlook and market trends

• Lowered sales outlook for H2 2025 driven by reduced growth expectations for WegovyⓇ in the US obesity market and OzempicⓇ in the US GLP-1 diabetes market.

• Persistent use of compounded GLP-1s and slower market expansion have limited WegovyⓇ penetration, despite regulatory actions and new direct-to-patient initiatives.

• OzempicⓇ faces increased competition in the US, impacting the updated outlook.

• International WegovyⓇ sales are growing but below expectations in select markets due to slower expansion and competition.

• Wegovy is now the only GLP-1 medicine covered for obesity on the CVS National Template Formulary as of July 1, expected to contribute positively.