Novo Nordisk faces slowing growth, new challenges

In the first half of 2025, Novo Nordisk’s sales increased to 154.9 billion Danish kroner and operating profit amounted to 72.2 billion kroner – an increase of 16 and 25 percent in Danish kroner, respectively. However, the increase fell short of analyst expectations, especially the decline in the US market compared to the previous dynamics.

The vast majority of the company’s revenues – about 145.4 billion kroner – continue to come from semaglutide-based products (Wegovy, Ozempic), which play a role in the treatment of diabetes and obesity. The strong market focus also makes the company vulnerable, which is also exacerbated by global competition and the spread of counterfeits.

The US market position is particularly key for the Danish drugmaker. The company says its local manufacturing base means its products are largely duty-free in the US market, and it is also preparing for the possibility of a 250 percent safeguard tariff. According to the company’s CFO, regulatory compliance is progressing at a good pace, but negotiations are currently underway with US authorities on the expected price reduction for Wegovy.

Competition is also intensifying in the oral consumer drug market, where Eli Lilly is one step ahead of Novo Nordisk. The Danish company’s new developments – including the active ingredients amikretin and CagriSema – are already in the clinical phase, and a higher dose of Wegovy is also in the process of being approved in Europe.

Although revenues from the treatment of rare diseases have also increased (by 14 percent), the company’s outlook continues to be determined by sales of weight loss products. According to the latest forecast, sales revenue in 2025 could grow by 8–14 percent, and operating profit by 10–16 percent – which is a significant slowdown compared to previous years.