Novo Nordisk reported strong sales and profit growth in the first half of 2025, with significant expansion in obesity care and international operations. However, the company lowered its full-year outlook due to challenges in the U.S. market and decreased free cash flow, reflecting both positive achievements and areas of concern.

Company Guidance -

Q3 2025

During the Q2 2025 Novo Nordisk Earnings Conference Call, the company reported an 18% increase in sales and a 29% rise in operating profit for the first half of 2025. However, Novo Nordisk adjusted its full-year sales growth outlook to 8-14% due to lower-than-expected growth for Wegovy in the U.S. and Ozempic in the U.S. GLP-1 diabetes market, as well as lower penetration for Wegovy in select international operations. The gross margin decreased to 83.4%, with sales and distribution costs rising by 15%. Obesity care sales surged by 58%, driven by a 36% increase in U.S. operations and 125% in international operations. The company continues to expand its product offerings, initiating new clinical trials and partnerships to meet the extensive unmet needs in diabetes and obesity markets. The call also highlighted strategic changes, with Maziar Mike Doustdar stepping in as the new CEO, focusing on execution and operational efficiency.

Strong Sales and Profit Growth

In the first 6 months of 2025, Novo Nordisk delivered 18% sales growth and 29% operating profit growth at constant exchange rates.

Expansion in Obesity Care

Obesity care sales increased by 58%, driven by 36% growth in U.S. operations and 125% growth in international operations.

Increased Patient Reach

Novo Nordisk is now serving almost 46 million patients with diabetes and obesity treatments, an increase of more than 3.5 million compared to the first 6 months of 2024.

Progress in R&D

Ozempic received a positive opinion by the EMA for peripheral arterial disease treatment, and Novo Nordisk announced the advancement of amycretin into Phase III clinical development.

International Operations Growth

Sales in international operations grew by 19%, notably with a 335% growth rate in Wegovy sales alone.

Novo Nordisk (NVO) Earnings, Revenues Date & History

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NVO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	0.94 / -	0.881	―	―	―
Aug 06, 2025	2025 (Q2)	0.92 / 0.93	0.658	41.19% (+0.27)
May 07, 2025	2025 (Q1)	0.92 / 0.99	0.814	22.24% (+0.18)
Feb 05, 2025	2024 (Q4)	0.83 / 0.89	0.716	23.74% (+0.17)
Nov 06, 2024	2024 (Q3)	0.88 / 0.88	0.711	23.91% (+0.17)
Aug 07, 2024	2024 (Q2)	0.71 / 0.66	0.638	3.13% (+0.02)
May 02, 2024	2024 (Q1)	0.75 / 0.81	0.648	25.62% (+0.17)	―
Jan 31, 2024	2023 (Q4)	0.67 / 0.72	0.432	65.74% (+0.28)	―
Nov 02, 2023	2023 (Q3)	0.68 / 0.71	0.42	69.29% (+0.29)
Aug 10, 2023	2023 (Q2)	0.68 / 0.64	0.399	59.90% (+0.24)

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

NVO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$46.85	$45.02	-3.91%
May 07, 2025	$65.77	$67.02	+1.90%
Feb 05, 2025	$81.00	$84.05	+3.77%
Nov 06, 2024	$107.97	$103.30	-4.33%

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.