Q1 2025 Novo Nordisk A/S Earnings Call Transcript

May 07, 2025 / 11:00AM GMT

Transcript

Key Points

Positve

Novo Nordisk AS (NVO) reported an 18% sales growth and 20% operating profit growth in the first quarter of 2025.
The company is serving nearly 46 million patients with diabetes and obesity treatments, an increase of almost 4 million from the previous year.
Novo Nordisk AS (NVO) completed the pivotal trial REDEFINE 2 for its next-generation obesity treatment, CagriSema, and remains on track for submission in early 2026.
The US FDA accepted the application for Wegovy 2.4 mg for treating metabolic dysfunction-associated steatohepatitis (MASH) and granted it priority review.
Novo Nordisk AS (NVO) has expanded its presence in the US with over 10,000 full-time employees and significant investments in manufacturing sites.

Negative

Total carbon emissions increased by 37% due to the acquisition of new production sites and capital expenditure activities.
The company reduced its full-year outlook due to lower-than-planned branded GLP-1 penetration, impacted by the rapid expansion of compounding in the US.
Novo Nordisk AS (NVO) faces challenges with unlawful compounding of semaglutide in the US, affecting the uptake of Wegovy prescriptions.
The gross margin decreased to 83.5% from 84.8% in the first quarter of 2024, mainly due to amortizations and depreciations related to Catalent.
Net financial items showed a net loss of DKK1.8 billion, primarily reflecting losses on hedge currencies and financing costs related to the Catalent transaction.

Operator

Good day, and thank you for standing by. Welcome to the Q1 2025 Novo Nordisk A/S earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Jacob Rode, Head of Investor Relations.

Jacob Rode;S;Head of Investor Relations

Novo Nordisk A

/-

Thank you and welcome to this Novo Nordisk Earnings call for the first three months of 2025. My name is Jacob Rode, and I'm the Head of Investor Relations at Novo Nordisk. And with me today, I have CEO of Novo Nordisk, Lars Jorgensen, Executive Vice President, US Operations; Dave Moore, Executive Vice President, International Operations, Mike Doustdar, Executive Vice President and Head of Development, Martin Houslanger; and finally, Chief Financial Officer, Karsten Knudsen. All speakers will be available for the Q&A session.

Today's announcement and the slides for this call are available on our website, novonordisk.com. Please note that the call is

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