The earnings call presented a mixed picture of significant growth in overall sales and strategic advancements in R&D and capacity expansion, countered by a lowered full-year outlook and challenges in the U.S. and China markets. The positive sales and profit growth are overshadowed by the lowered expectations and ongoing challenges in the market.

Company Guidance -

Q3 2025

During the Q2 2025 earnings call, Novo Nordisk provided several key financial metrics and updates. The company reported an 18% sales growth and a 29% increase in operating profit for the first half of 2025. However, they lowered their full-year outlook for 2025 due to lower growth expectations in the U.S. markets for Wegovy and Ozempic. Despite these adjustments, Novo Nordisk highlighted their achievement of serving nearly 46 million patients, marking an increase of over 3.5 million patients from the previous year. The company also noted a 58% rise in obesity care sales, driven by substantial growth in international operations. They announced ongoing R&D advancements, including the initiation of a new Phase IIIb trial, REDEFINE 11, for CagriSema, and the progression of amycretin into Phase III clinical development. Additionally, Novo Nordisk is actively addressing the challenge of unlawful compounding of semaglutide in the U.S. market to maintain patient safety and market integrity.

Strong Overall Growth

Novo Nordisk reported 18% sales growth and 29% operating profit growth for the first six months of 2025, with U.S. operations growing 17% and international operations growing 19%.

Obesity Care Sales Surge

Obesity care sales increased by 58%, driven by U.S. operations growing 36% and international operations growing 125%, with Wegovy prescriptions showing positive early indicators.

Advancements in R&D

Ozempic received positive opinion by the EMA for peripheral arterial disease treatment, and Novo Nordisk initiated multiple trials, including Phase IIIb for CagriSema and Phase Ib/IIa for amycretin.

Significant Investment in Capacity and Expansion

Capital expenditure for property and equipment was DKK 28.1 billion, mostly for expanding capacity for API production and injectable/oral products.

Novo Nordisk (DE:NOVA) Earnings, Revenues Date & History

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DE:NOVA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	0.81 / -	0.752	―	―	―
Aug 06, 2025	2025 (Q2)	0.79 / 0.79	0.562	41.19% (+0.23)
May 07, 2025	2025 (Q1)	0.78 / 0.85	0.695	22.24% (+0.15)
Feb 05, 2025	2024 (Q4)	0.71 / 0.76	0.611	23.74% (+0.15)
Nov 06, 2024	2024 (Q3)	0.75 / 0.75	0.607	23.91% (+0.15)
Aug 07, 2024	2024 (Q2)	0.60 / 0.56	0.545	3.13% (+0.02)
May 02, 2024	2024 (Q1)	0.64 / 0.69	0.553	25.62% (+0.14)	―
Jan 31, 2024	2023 (Q4)	0.57 / 0.61	0.369	65.74% (+0.24)	―
Nov 02, 2023	2023 (Q3)	0.58 / 0.61	0.359	69.29% (+0.25)
Aug 10, 2023	2023 (Q2)	0.58 / 0.54	0.341	59.90% (+0.20)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:NOVA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	€40.50	€38.70	-4.44%
May 07, 2025	€58.00	€59.00	+1.72%
Feb 05, 2025	€78.84	€80.82	+2.51%
Nov 06, 2024	€98.41	€96.43	-2.01%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.