On November 5, 2025 Novo Nordisk reported sales increased by 12% in Danish kroner and by 15% at CER in the first nine months of 2025; R&D pipeline progress continues
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•Operating profit increased by 5% in Danish kroner and 10% at constant exchange rates (CER) to DKK 95.9 billion, impacted by one-off restructuring costs of around DKK 9 billion related to the company-wide transformation with the aim of streamlining Novo Nordisk’s operations to reinvest for growth. Had Novo Nordisk not incurred such restructuring costs amounting to around DKK 9 billion, operating profit would have increased by 15% in Danish kroner and 21% at CER.
•Sales in US Operations increased by 12% in Danish kroner (15% at CER). Sales in the US were positively impacted by gross-to-net sales adjustments. Sales in International Operations increased by 13% in Danish kroner (16% at CER).
•Sales within Diabetes and Obesity care increased by 12% in Danish kroner to DKK 215.7 billion (15% at CER), mainly driven by Obesity care growth of 37% in Danish kroner to DKK 59.9 billion (41% at CER) and GLP-1 diabetes sales growing 7% in Danish kroner (10% at CER). Rare disease sales increased by 10% in Danish kroner (13% at CER).
•Within R&D, Novo Nordisk announced that the US FDA had approved an indication for Wegovy for the treatment of MASH. Further, Novo Nordisk agreed to acquire Akero Therapeutics, Inc. and its phase 3 FGF21 analogue in MASH and Omeros’ clinical-stage MASP-3 inhibitor zaltenibart within Rare blood disorders. Also within Rare disease, Novo Nordisk submitted Mim8 for regulatory approval in the EU and in the US. Finally, cagrilintide phase 3 development was initiated, with the potential to be the first amylin monotherapy treatment on the market for weight management.
•For the full-year 2025 outlook, sales growth is now expected to be 8-11% at CER with operating profit growth now expected to be 4-7% also at CER, including a negative full-year impact of around DKK 8 billion from the company-wide transformation. Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 6 percentage points lower than at CER, respectively. The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk’s GLP-1 treatments within diabetes and obesity.
•In October, Novo Nordisk announced that the Board of Directors decided to convene an extraordinary general meeting, to be held on 14 November 2025 to elect new members of the Board of Directors of Novo Nordisk.
PROFIT AND LOSS 9M 2025 9M 2024 Growth
as reported Growth
at CER*
DKK million
Net sales 229,920 204,720 12 % 15 %
Operating profit 95,922 91,602 5 % 10 %
Net profit
75,543 72,758 4 % N/A
Diluted earnings per share (in DKK) 16.99 16.29 4 % N/A
* CER: Constant exchange rates (average 2024).
"Our company-wide transformation has already driven operational efficiencies, and we have a renewed focus that can deliver a range of potential treatment options that will serve millions more patients, mainly in obesity. While we delivered robust sales growth in the first nine months of 2025, the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance. We agreed to acquire Akero Therapeutics Inc., adding a potential first-and-best-in-class asset within F4 in MASH, and initiated our phase 3 programme with cagrilintide for weight management. We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets," said Mike Doustdar, president and CEO.
On 5 November 2025 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’ (the contents of the company’s website do not form a part of this Form 6-K).
Novo Nordisk A/S
Investor Relations
Novo Alle 1
2880 Bagsværd
Denmark Telephone:
+45 4444 8888
www.novonordisk.com CVR Number:
24 25 67 90
Company announcement No 31 / 2025
Financial report for the period 1 January 2025 to 30 September 2025
Page 2 of 38
STRATEGIC ASPIRATIONS
STRATEGIC ASPIRATIONS 2025
The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk’s financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to each of the four dimensions on an ongoing basis.
Performance highlights for the first nine months of 2025 (blue indicates third-quarter development).
PERFORMANCE HIGHLIGHTS
Financials
Deliver solid sales and operating profit growth:
–Sales growth of 15% (CER)
–Operating profit growth of 10% (CER), impacted by one-off restructuring costs related to a company-wide transformation as well as impact related to the acquisition of the three former Catalent manufacturing sites
–Had Novo Nordisk not incurred such restructuring costs amounting to around DKK 9 billion, operating profit would have increased by 21% (CER)
Drive operational efficiencies:
–Operational leverage reflecting sales growth
Enable attractive capital allocation to shareholders:
–Free cash flow of DKK 63.9 billion
–DKK 53.2 billion returned to shareholders
e
Innovation and therapeutic focus
Further raise innovation bar for Diabetes treatment:
–Ozempic received positive opinion by CHMP for the treatment of peripheral arterial disease in the EU
–Rybelsus CV indication, based on SOUL, approved in the US and received positive CHMP opinion in the EU
–Resubmission of Awiqli in the US for treatment of type 2 diabetes
to
Develop superior treatment solutions for Obesity:
–Oral semaglutide 25 mg for weight management submitted in the US and in the EU
–In-license agreements of a triple agonist and two oral molecules
–Novo Nordisk to advance subcutaneous and oral amycretin for weight management into phase 3 clinical development
–Semaglutide 7.2 mg submitted in the EU
–Wegovy approved in the US for MASH indication
–Phase 3 programme with cagrilintide initiated
–Initiation of phase 1b/2 programme with triple agonist
Strengthen and progress Rare disease pipeline:
–Sogroya non-replacement indications submitted in the US, Japan
–Alhemo (concizumab) approved in the US for the treatment of haemophilia A and B without inhibitors
–Mim8 submitted for regulatory approval in the EU and in the US
–Agreed to acquire clinical-stage MASP-3 inhibitor zaltenibart
Establish presence in Cardiovascular & Emerging Therapy Areas:
–Semaglutide 2.4 mg in MASH submitted for regulatory approval in Japan and in the EU
–Phase 2 trials with CDR123L in patients with chronic heart failure and preserved or reduced ejection fraction initiated
–Agreed to acquire Akero and its phase 3 FGF21 analogue in MASH
–Phase 3 trial with coramitug initiated in people living with ATTR cardiomyopathy.
Commercial execution
Strengthen diabetes leadership to more than one-third:
–Diabetes value market share declined by 2.3 percentage points to 31.6% (MAT)
More than DKK 25 billion* in Obesity care sales by 2025:
–Obesity care sales increased by 41% (CER) to DKK 59.9 billion
Secure a sustained growth outlook for Rare Disease:
–Rare disease sales increased by 13% (CER) to DKK 14.3 billion
e-t
Purpose and sustainability (ESG)
Progress towards zero environmental impact:
–Overall CO2e emissions (scope 1, 2 and full scope 3) increased by 21% compared to the first nine months of 2024
Adding value to society:
–Medical treatment provided to 42.4 million people living with diabetes and 3.2 million people living with obesity
* on a full-year basis.
Strategic aspirations Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook Innovation and therapeutic focus Purpose and sustainability Corporate Governance Legal Financial Information
Company announcement No 31 / 2025
Financial report for the period 1 January 2025 to 30 September 2025
Page 3 of 38
PERFORMANCE HIGHLIGHTS
FINANCIAL HIGHLIGHTS FOR THE FIRST NINE MONTHS OF 2025
PROFIT AND LOSS 9M 2025 9M 2024 % change
9M 2025 to
9M 2024 % change
9M 2025 to
9M 2024 at CER¹
(Amounts are in DKK million, except for earnings per share)
Net sales
229,920 204,720 12 % 15 %
Gross profit 186,280 173,222 8 % 12 %
Gross margin 81.0% 84.6%
Sales and distribution costs (48,421) (43,400) 12 % 15 %
Percentage of sales 21.1% 21.2%
Research and development costs (37,391) (34,260) 9 % 10 %
Percentage of sales 16.3% 16.7%
Administrative costs (4,420) (3,696) 20 % 22 %
Percentage of sales 1.9% 1.8%
Other operating income and expenses (126) (264) N/A N/A
Operating profit (EBIT)
95,922 91,602 5 % 10 %
Operating margin 41.7% 44.7%
Financial items (net) 433 32 N/A N/A
Profit before income taxes 96,355 91,634 5 % N/A
Income taxes (20,812) (18,876) 10 % N/A
Effective tax rate 21.6% 20.6%
Net profit 75,543 72,758 4 % N/A
Net profit margin 32.9% 35.5%
OTHER KEY NUMBERS
Depreciation, amortisation and impairment losses 16,420 13,909 18 % N/A
Capital expenditure (PP&E) 41,711 31,063 34 % N/A
Net cash generated from operating activities 111,483 108,667 3 % N/A
Free cash flow1
63,887 71,760 (11 %) N/A
EBITDA1
112,342 105,511 6 % 11 %
Adjusted net profit1
87,748 80,042 10 % N/A
Total assets 512,288 397,441 29 % N/A
Equity 169,896 120,522 41 % N/A
Equity ratio 33.2% 30.3%
Diluted earnings per share / ADR (in DKK) 16.99 16.29 4 % N/A
Full-time equivalent employees end of period 78,554 71,880 9 % N/A
1) See appendix 7: Non-IFRS financial measures (additional information).
These unaudited consolidated financial statements for the first nine months of 2025 have been prepared in accordance
with IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.
The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2024 of Novo
Nordisk.
Strategic aspirations Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook Innovation and therapeutic focus Purpose and sustainability Corporate Governance Legal Financial Information
Company announcement No 31 / 2025
Financial report for the period 1 January 2025 to 30 September 2025
Page 4 of 38
COMMERCIAL EXECUTION
SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
Sales grew by 12% measured in Danish kroner and by 15% at CER in the first nine months of 2025, driven by Obesity care sales growth of 41% (CER), driven by Wegovy and Diabetes care sales growth of 8% (CER), driven by Ozempic. Rare disease sales increased by 13% (CER).
Sales split per therapy Sales 9M 2025
DKK million Sales 9M 2024
DKK million Growth
as reported Growth
at CER Share of growth
at CER
Diabetes and Obesity care segment
Injectable GLP-1 97,885 90,568 8 % 11 % 32 %
– Ozempic
95,264 86,489 10 % 13 % 36 %
– Victoza
2,621 4,079 (36 %) (34 %) (4 %)
Rybelsus
16,790 16,384 2 % 5 % 2 %
Total GLP-1 114,675 106,952 7 % 10 % 34 %
Long-acting insulin1
14,055 13,937 1 % 3 % 1 %
Premix insulin2
7,806 7,922 (1 %) 0 % 0 %
Fast-acting insulin3
13,703 12,505 10 % 12 % 5 %
Human insulin 4,172 5,122 (19 %) (15 %) (2 %)
Total insulin 39,736 39,486 1 % 3 % 4 %
Other Diabetes care4
1,348 1,608 (16 %) (14 %) (1 %)
Total Diabetes care 155,759 148,046 5 % 8 % 37 %
Wegovy
57,242 38,340 49 % 54 % 66 %
Saxenda
2,660 5,400 (51 %) (49 %) (8 %)
Total Obesity care 59,902 43,740 37 % 41 % 58 %
Diabetes and Obesity care total 215,661 191,786 12 % 15 % 95 %
Rare disease segment
Rare blood disorders5
8,936 8,740 2 % 5 % 1 %
Rare endocrine disorders6
4,125 3,070 34 % 37 % 4 %
Other Rare disease7
1,198 1,124 7 % 9 % 0 %
Rare disease total 14,259 12,934 10 % 13 % 5 %
Total sales 229,920 204,720 12 % 15 % 100 %
1) Comprises Tresiba, Xultophy, Levemir and Awiqli.
2) Comprises Ryzodeg and NovoMix.
3) Comprises Fiasp and NovoRapid.
4) Primarily NovoNorm, needles and GlucaGen HypoKit.
5) Comprises NovoSeven, NovoEight, Esperoct, Refixia, NovoThirteen and Alhemo.
6) Primarily Norditropin and Sogroya.
7) Primarily Vagifem and Activelle.
Strategic aspirations Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook Innovation and therapeutic focus Purpose and sustainability Corporate Governance Legal Financial Information
Company announcement No 31 / 2025
Financial report for the period 1 January 2025 to 30 September 2025
Page 5 of 38
DIABETES AND OBESITY CARE
Diabetes care, sales and market share development
Sales in Diabetes care increased by 5% measured in Danish kroner and by 8% at CER to DKK 155,759 million, mainly driven by growth of GLP-1-based products. Novo Nordisk has a strategic aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market share of more than one-third in 2025. Novo Nordisk’s global diabetes value market share decreased by 2.3% percentage points over the last 12 months to 31.6%. In IO countries, tirzepatide is categorised under GLP-1 diabetes only in IQVIA data, despite having indications for Diabetes and Obesity in most launched countries. Novo Nordisk is the market leader and has a total GLP-1 volume market share, across Diabetes and Obesity care, of 59.0% globally. Within the US Operations and IO Operations, Novo Nordisk has a total GLP-1 volume market share of 47.3% and 68.4%, respectively.
In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from August 2024 and August 2025 provided by the independent data provider IQVIA. EUCAN covers Europe and Canada, Emerging Markets covers mainly Latin America, the Middle East and Africa. APAC covers Japan, Korea, Oceania, and Southeast Asia. Region China covers Mainland China, Hong Kong and Taiwan.
Diabetes care, development per geographical area Novo Nordisk’s share of the total diabetes market (value, MAT) Diabetes care, sales development
August August Sales 9M 2025
DKK million Growth
at CER
2025 2024
Global 31.6 % 33.8 % 155,759 8 %
US Operations 32.7 % 34.8 % 84,595 11 %
International Operations 28.2 % 30.7 % 71,164 4 %
– EUCAN * 32.3 % 35.3 % 32,376 8 %
– Emerging Markets ** 25.2 % 29.0 % 15,982 0 %
– APAC *** 17.3 % 18.7 % 9,496 6 %
– Region China **** 32.4 % 33.1 % 13,310 0 %
Source: IQVIA, August 2025 data. *Data for EUCAN available for 26 European markets and Canada representing approximately 100% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for 13 markets representing approximately 78% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for five markets representing approximately 78% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.
GLP-1-based therapies for type 2 diabetes
Sales of GLP-1-based products for type 2 diabetes (Rybelsus, Ozempic and Victoza) increased by 7% measured in Danish kroner and by 10% at CER to DKK 114,675 million. The estimated global GLP-1 share of total diabetes prescriptions increased to 7.4% compared with 6.5% 12 months ago. It is possible for a patient to have a prescription for more than one diabetes treatment. Novo Nordisk has a value market share of 49.3%.
GLP-1 diabetes, development per geographical area Novo Nordisk’s share of the diabetes GLP-1 market (value, MAT) GLP-1 diabetes, sales development
August August Sales 9M 2025
DKK million Growth
at CER
2025 2024
Global 49.3 % 55.7 % 114,675 10 %
US Operations 48.1 % 53.3 % 73,252 10 %
International Operations 56.3 % 71.6 % 41,423 10 %
– EUCAN * 58.4 % 72.9 % 22,523 15 %
– Emerging Markets ** 47.7 % 64.2 % 8,333 6 %
– APAC *** 46.4 % 72.8 % 5,243 12 %
– Region China **** 82.2 % 79.9 % 5,324 (4 %)
Source: IQVIA, August 2025 data. Data for EUCAN available for 26 European markets and Canada representing approximately 100% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for 13 markets representing approximately 78% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for five markets representing approximately 78% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses, or if not available, Novo Nordisk assumptions. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.
Strategic aspirations Performance highlights Commercial execution Financials Cash flow and capital allocation Outlook Innovation and therapeutic focus Purpose and sustainability Corporate Governance Legal Financial Information
Company announcement No 31 / 2025
Financial report for the period 1 January 2025 to 30 September 2025
Page 6 of 38
Ozempic sales increased by 10% measured in Danish kroner and by 13% at CER to DKK 95,264 million. Sales growth was driven by both US Operations and International Operations. US sales were positively impacted by gross-to-net sales adjustments.
Rybelsus sales increased by 2% measured in Danish kroner and by 5% at CER to DKK 16,790 million. Sales growth was driven by International Operations, mainly within EUCAN, APAC and China, offset by decreasing sales in US Operations.
Victoza sales decreased by 36% measured in Danish kroner and by 34% at CER to DKK 2,621 million. The decline was driven by the GLP-1 diabetes market moving towards once-weekly treatments in both US Operations and International Operations.
US Operations
Sales of GLP-1 Diabetes care products in US Operations increased by 7% measured in Danish kroner and by 10% at CER. The sales increase was driven by Ozempic, partially countered by Victoza and Rybelsus. Ozempic sales in the US were positively impacted by gross-to-net sales adjustments followed by increasing volume growth, partially countered by lower realised prices. Novo Nordisk has a 48.1% value market share. The estimated GLP-1 share of total diabetes prescriptions has increased to 19.6% compared with 17.2% 12 months ago.
Sales growth in US Operations was positively impacted by gross-to-net sales adjustments, mainly related to Ozempic. Further, sales growth was driven by a prescription volume growth of the GLP-1 diabetes class of more than 10% in the third quarter of 2025 compared with the third quarter of 2024, countered by a decline in market share. Novo Nordisk’s share of total monthly prescriptions was 45.1%, while the share of new-to-brand prescriptions has decreased to 38.8%.
International Operations
Sales of GLP-1 Diabetes care products in International Operations increased by 7% measured in Danish kroner and by 10% at CER. The estimated GLP-1 share of total diabetes prescriptions has increased to 5.2% compared with 4.4% 12 months ago. Novo Nordisk is the market leader with a value market share of 56.3% compared with 71.6% 12 months ago.
EUCAN
Sales of GLP-1 Diabetes care products in EUCAN increased by 14% measured in Danish kroner and by 15% at CER. The sales growth reflects the uptake of Ozempic and Rybelsus. The estimated GLP-1 share of total diabetes prescriptions has increased to 10.0% compared with 8.4% 12 months ago. Novo Nordisk is the market leader in EUCAN with a value market share of 58.4%.
Emerging Markets
Sales of GLP-1 Diabetes care products in Emerging Markets decreased by 1% measured in Danish kroner and increased by 6% at CER. The estimated GLP-1 share of total diabetes prescriptions has increased to 3.1% compared with 2.5% 12 months ago. Novo Nordisk is the market leader in Emerging Markets with a value market share of 47.7%.
APAC
Sales of GLP-1 Diabetes care products in APAC increased by 10% measured in Danish kroner and by 12% at CER. The sales growth reflects increased sales of Rybelsus and Ozempic, partially offset by lower sales of Victoza. The estimated GLP-1 share of total diabetes prescriptions has increased to 3.1% compared with 2.4% 12 months ago. Novo Nordisk has a value market share of 46.4%.
Region China
Sales of GLP-1 Diabetes care products in Region China decreased by 7% measured in Danish kroner and by 4% at CER. The sales decline is driven by lower sales of Ozempic as well as Victoza. Ozempic is negatively impacted by wholesaler inventory movements. The GLP-1 share of total diabetes prescriptions has decreased to 3.1% compared with 3.4% 12 months ago. Novo Nordisk is the market leader in Region China with a value market share of 82.2%.
(Press release, Novo Nordisk, NOV 5, 2025, View Source [SID1234659469])