Novo Nordisk ended 2025 with solid full-year growth at constant exchange rates, even as reported results and fourth-quarter performance reflected mounting pricing pressure, transformation costs, and the early effects of intensifying competition in the global GLP-1 market.

The company also enters 2026 with a notable leadership transition, adding another layer of change as it resets expectations.

Novo’s sales, profits, and reductions in 2025

Novo Nordisk reported sales growth upwards of 10% at constant exchange rates for the full year in 2025, with operating profits up 6%, landing within previously issued guidance ranges.¹ Net sales reached $43.27 billion, while operating profit totaled $17.88 billion at CER.² In reported U.S. dollars, operating profit declined 1%, reflecting currency effects and approximately $1.12 billion in costs tied to a company-wide transformation program.¹ Excluding those transformation costs, operating profit growth would have been materially higher.

The company’s performance varied between geographies, as U.S. operations posted 8% sales growth at CER and was aided by favorable gross-to-net sales adjustments, while international operations grew 14% at CER.² Growth was concentrated in Obesity care, where sales rose 31% at CER, offsetting more modest expansion in GLP-1 diabetes treatments and slower growth in rare disease.

In the fourth quarter, sales declined 2% and operating profit fell 4% at CER, underscoring the impact of pricing dynamics and competitive intensity.² Novo’s management signaled that these pressures will become more pronounced in 2026, particularly in the U.S., where lower realized prices, Medicaid coverage reductions for obesity treatments, and the “Most Favored Nations” pricing agreement are expected to weigh on results.¹

Novo Nordisk’s 2026 outlook reflects this shift with an adjusted basis excluding the non-recurring reversal of $4.2 billion in 340B Drug Pricing Program rebate provisions.¹ Sales and operating profit are both expected to decline between 5% and 13% at CER.

The company’s 2026 outlook also factors in the loss of exclusivity for its semaglutide molecule in certain international markets and the absence of favorable U.S. gross-to-net adjustments that boosted 2025 results.¹ While the global GLP-1 market is expected to continue expanding, management acknowledged that volume growth will be increasingly offset by lower prices and heightened competition.

Mike Doustdar, who assumed the role of president and CEO of Novo Nordisk in July 2025, framed the year as both resilient and challenging, “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,” Doustdar said. “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 U.S. launch of Wegovy pill, and we remain confident in our ability to drive volume growth over the coming years.”

Early uptake of the recently launched oral Wegovy pill, approved by the FDA in late December and launched in January, is being closely watched as a test of the company’s ability to broaden access while navigating reimbursement and channel mix challenges.

At the same time, Novo Nordisk continues to signal longer-term confidence through capital returns, proposing a higher dividend and launching a new $2.1 billion share repurchase program.³ The program is expected to reduce the company’s share capital and allow it to meet obligations arising from share-based incentive programs.³

Sources

1. Novo Nordisk's sales increased by 6% in Danish kroner and by 10% at constant exchange rates to DKK 309.1 billion in 2025 Novo Nordisk February 3, 2026 https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916483
2. Novo Nordisk releases 2026 sales and operating profit outlook Novo Nordisk February 3, 2026 https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916482
3. Novo Nordisk initiates 2026 share repurchase program Novo Nordisk February 4, 2026 https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916486