Novo Nordisk reports 2025 sales growth, cuts 2026 outlook

Novo Nordisk reported 2025 sales growth of 10% and operating profit growth of 6% at constant exchange rates, according to a company statement. The results exceeded the Danish pharmaceutical company's previous guidance of 8% to 11% sales growth and 4% to 7% operating profit growth.

The company's fourth-quarter performance showed a 2% decline in sales and 4% decrease in operating profit at constant exchange rates. Sales in US Operations received positive impact from gross-to-net sales adjustments during 2025.

For 2026, Novo Nordisk expects adjusted sales growth of negative 5% to negative 13% at constant exchange rates. Adjusted operating profit growth is projected at negative 5% to negative 13% for the same period.

The company will implement new non-IFRS measures for 2026 reporting, excluding exceptional items including a $4.2 billion reversal of sales rebate provisions related to the 340B Drug Pricing Program in the US. On a non-adjusted basis, the mid-point guidance for 2026 sales and operating profit growth would be negative 1% and positive 11%, respectively.

The 2026 outlook reflects expected sales growth in International Operations offset by anticipated sales decline in US Operations. Factors include continued GLP-1 market expansion, lower realized prices from the Most Favoured Nations agreement in the US, and loss of exclusivity for semaglutide in certain international markets.

Novo Nordisk plans to continue rolling out Wegovy in additional markets during 2026 and expects to introduce a 7.2mg dose in multiple countries. The company launched Wegovy pill in January 2026, with uptake reflected in the outlook projections.

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