Novo Nordisk A/S

Novo Nordisk's sales increased by 6% in Danish kroner and by 10% at constant exchange rates to DKK 309.1 billion in 2025

Bagsværd, Denmark 3 February 2026 - Financial report for the period 1 January 2025 to 31 December 2025

• Operating profit decreased by 1% in Danish kroner and increased by 6% at constant exchange rates (CER) to DKK 127.7 billion. Had Novo Nordisk not incurred costs related to the company-wide transformation of around DKK 8 billion, operating profit would have increased by 6% in Danish kroner and 13% at CER.
• Sales in US Operations increased by 3% in Danish kroner (8% at CER) and were positively impacted by gross-to-net sales adjustments. Sales in International Operations increased by 10% in Danish kroner (14% at CER). Sales within Obesity and Diabetes care increased by 7% in Danish kroner to DKK 289.5 billion (10% at CER), mainly driven by Obesity care growth of 26% in Danish kroner (31% at CER) and GLP-1 diabetes sales growing 2% in Danish kroner (6% at CER). Rare disease sales increased by 5% in Danish kroner (9% at CER).
• On 22 December, the US FDA approved the first oral GLP-1 in obesity, once-daily oral semaglutide 25 mg, under the brand name of Wegovy^® pill. Wegovy^® pill was launched on 5 January 2026, and as of 23 January, total weekly prescriptions amounted to around 50,000. Prescription uptake is mainly driven by the 1.5 mg starter dose in the self-pay channel.
• Key R&D developments in the quarter include the phase 2 trial with zenagamtide (previously amycretin) showing significant weight loss and HbA_1c reduction in type 2 diabetes, and the phase 3 trial REIMAGINE 2 with CagriSema, also in diabetes, was successfully completed. Within obesity, Novo Nordisk has submitted semaglutide 7.2 mg and the next-generation asset CagriSema to the US FDA.
• Adjusted sales growth for 2026, which excludes revenue from the reversal of 340B provisions, is expected to be -5 to -13% at CER. Adjusted sales growth reported in Danish kroner is expected to be 3 percentage points lower than at CER. The sales outlook is impacted by lower realised prices, including impacts related to the "Most Favoured Nations" agreement in the US and the patent expiry of the semaglutide molecule in certain IO markets, as well as competition. The global GLP-1 market is expected to continue to expand with Novo Nordisk introducing new treatments, such as Wegovy^® pill and higher doses of Wegovy^®, enabling Novo Nordisk to continue to increase patient reach and expand volumes. Adjusted operating profit growth is expected to be -5 to -13% at CER. Adjusted operating profit growth reported in Danish kroner is expected to be 5 percentage points lower than at CER. Sales and operating profit for 2026 will be positively impacted by a reversal of sales rebate provisions of USD 4.2 billion related to the 340B Drug Pricing Program in the US.
  
• At the Annual General Meeting on 26 March 2026, the Board of Directors will propose a final dividend of DKK 7.95 per share for 2025, taking the expected total dividend for 2025 to 11.70. The Board of Directors has decided to initiate a new share repurchase programme of up to DKK 15 billion.
  
  

"Novo Nordisk delivered 10% sales growth in constant exchange rates and reached nearly 46 million people with our innovative treatments, despite 2025 being a challenging year for the company. In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market. However, we are very encouraged by the promising early uptake from the US launch of Wegovy^® pill, and we remain confident in our ability to drive volume growth over the coming years. Also for this year, we look forward to regulatory decisions for next-generation treatments, such as Mim8 within haemophilia and CagriSema within obesity, as well as a number of exciting R&D read-outs, including phase 3 read-outs for etavopivat and ziltivekimab," said Mike Doustdar, president and CEO.

On 3 February 2026 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).

About Novo Nordisk

Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 68,800 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.

Company announcement No 4 / 2026

Attachment

• CA260203-Q4-2025