Novo Nordisk’s 2025 sales before currency moves increased by 10% to DKK 309.1bn (Danish Kroner), led by a 41% uplift in sales of anti-obesity jab Wegovy.
Operating profit grew by 6% to DKK 127.7bn, in-line with guidance, and held back by restructuring costs and the integration of manufacturing sites acquired in 2024.
The timing of that transaction contributed to a positive movement in free cash flow, which moved from an outflow of DKK 14.7bn to an inflow of DKK 28.3bn. Net Debt was 37% higher at DKK 95.4bn.
Novo intends to declare a final dividend of DKK 7.95 per share and has launched a fresh share buyback of DKK 15bn.
In 2026 underlying sales and operating profit are both expected to fall 5-13%.
The shares were down 16.4% in early trading.
Our view
HL view to follow.
Novo Nordisk key facts
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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