Novo Nordisk (NOVO) Q3 2025 earnings summary

Executive summary

• 9M 2025 sales rose 12% in DKK and 15% at CER to DKK 229.9bn; operating profit increased 5% in DKK and 10% at CER to DKK 95.9bn.

• Products reached 45.6 million people, up 4% year over year; free cash flow was DKK 63.9bn.

• A transformation targets 9,000 fewer positions and ~DKK 8bn in annual savings by end-2026, for reinvestment in growth areas.

• Strategic focus includes diabetes, obesity, rare diseases and expansion into cardiovascular and emerging therapy areas.

• R&D pipeline advanced with FDA approvals, regulatory submissions and acquisitions spanning obesity, MASH and rare diseases.

Financial highlights

• Sales reached DKK 229,920m, up 12% reported and 15% at CER; operating profit was DKK 95,922m, up 5% reported and 10% at CER.

• Net profit increased 4% to DKK 75.5bn; diluted EPS rose 4% to DKK 16.99.

• Q3 restructuring charges totaled DKK 9bn; excluding restructuring, 9M operating profit grew 16% in DKK and 21% at CER.

• EBITDA increased 6% to DKK 112.3bn; free cash flow was DKK 63.9bn versus DKK 71.8bn in 9M 2024, reflecting higher capital expenditure.

• Capital expenditure was DKK 41.7bn, mainly for production capacity expansion.

Outlook and guidance

• FY 2025 sales growth guidance narrowed to 8–11% at CER and operating profit growth to 4–7% at CER, reflecting lower GLP-1 growth expectations and intensifying competition.

• Guidance includes DKK 8bn in restructuring costs; reported growth is expected ~4 percentage points below CER for sales and ~6 points below CER for operating profit.

• 2025 net financial items are expected to show a ~DKK 2.6bn gain; capital expenditure is forecast at ~DKK 60bn and free cash flow at DKK 20–30bn.

• 2026 sales growth faces low-single-digit headwinds from semaglutide patent expiry in certain international markets and a ~2-point impact from 2025 gross-to-net favorability not repeating.

• Akero-related R&D costs are expected to reduce 2026 operating profit growth by ~3 percentage points, subject to closing timing; no 2026 guidance was issued.