Novo Nordisk has announced its financial results for the first half of 2025, ending June 30, with sales rising 18 percent at constant exchange rates (CER) to DKK 154.9 billion (USD 24.78 billion).

The company’s operating profit increased by 29 percent at CER to DKK 72.2 billion (USD 11.55 billion).

In terms of regional performance, sales in US operations increased by 17 percent at CER, with growth boosted by prior-year gross-to-net sales adjustments, including an adjustment related to the 340B provision of around DKK 3 billion in Q2. International operations saw 19 percent at CER.

In therapy areas, diabetes and obesity care sales grew 18 percent at CER to DKK 145.4 billion. Rare disease sales increased 15 percent at CER.

Despite a strong first half, Novo Nordisk has revised its full-year 2025 guidance, lowering its sales outlook. The company now expects sales growth of 8–14 percent at CER and operating profit growth of 10–16 percent at CER.

The revised outlook reflects lower anticipated growth for GLP-1 products in H2 2025, driven by persistent use of compounded GLP-1s, slower market expansion, and rising competition. Specific challenges include lower-than-expected growth for Wegovy in the US obesity market and Ozempic in the US diabetes market, as well as for Wegovy in select international markets.

Lars Fruergaard Jørgensen, president and CEO, commented, "While delivering 18 percent sales growth in the first half of 2025, we have lowered our full-year outlook due to lower growth expectations for our GLP-1 treatments in the second half of 2025. As a result, we are taking measures to sharpen our commercial execution further, and ensure efficiencies in our cost base while continuing to invest in future growth.”

“With more than one billion people living with obesity globally, including more than 100 million living in the US, and only a few million on treatment, I am confident that under Mike Doustdar's leadership, Novo Nordisk will maximise the significant growth opportunities, supported by a strong product portfolio and future pipeline,” he added.

In July, Novo Nordisk announced that Maziar Mike Doustdar will succeed Lars Fruergaard Jørgensen as president and chief executive officer. Emil Kongshøj Larsen will succeed Mike Doustdar as Executive Vice President, International Operations. All changes will become effective from August 7.

The company has also decided to consolidate its research and development areas under the leadership of Martin Holst Lange.

In its R and D pipeline update, Novo Nordisk announced plans to advance both subcutaneous and oral formulations of amycretin into phase 3 trials for weight management, following positive clinical results from the first quarter of 2025.

Additionally, the company has initiated the REDEFINE 11 trial to further assess the efficacy and safety of CagriSema in obesity treatment. Novo Nordisk has also submitted a higher 7.2 mg dose of Wegovy (semaglutide) to EU regulatory authorities for review.