Novo Nordisk’s sales were up 15% to 229.9bn Danish Kroner (DKK) in the first nine months of 2025, when ignoring currency moves.
Sales of anti-obesity injection Wegovy were the largest contributor to the uplift and grew 54%. Declines in legacy treatments Victoza and Saxenda were the biggest drag on top-line growth.
Operating profit grew by 10% to 95.9bn DKK, restrained by around 9 billion DKK of restructuring charges. On an underlying basis there was an increase of 21% despite a deterioration in gross margins.
Free cash flow fell 11% to 63.9 billion DKK reflecting increased capital expenditure. The company had net debt of 68.6 billion DKK. Novo Nordisk returned 51.8 billion DKK to shareholders in dividends and buybacks.
Full year sales growth guidance was lowered from 8-14% to 8-11%, with expected operating profit growth of 4-7% down from 4-10%.
The shares were flat in mid-morning trading.
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Novo Nordisk key facts
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