Q4 2025 Novo Nordisk A/S Earnings Call Transcript

Feb 04, 2026 / 12:00PM GMT

Release Date Price: $47.19 (-6.18%)

Transcript

Key Points

Positve

Novo Nordisk AS (NVO) delivered a 10% sales growth and a 6% operating profit growth in 2025.
Obesity care sales increased significantly from DKK6 billion in 2019 to DKK82 billion in 2025.
The company received FDA approval for the Wegovy pill, the first oral GLP-1 for obesity, and saw encouraging early uptake.
Novo Nordisk AS (NVO) expanded its reach by treating nearly 46 million people with its innovative medicines.
The company returned over DKK 300 billion to shareholders since 2019, showcasing strong shareholder value.

Negative

Insulin sales decreased by 1%, with international operations impacted by market share losses.
The gross margin decreased to 81% from 84.7% in 2024, affected by amortization and restructuring costs.
Operating profit decreased by 1% in Danish krone, reflecting higher sales and distribution costs.
The 2026 guidance reflects a year of pricing headwinds, with expected sales decline in U.S. operations.
There are concerns about the sustainability of Wegovy pill demand and potential supply outages in 2026.

Operator

Good day and thank you for standing by. Welcome to the Q4 2025 Novo Nordisk earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to turn the conference over to your first speaker today, Michael Novod, Head of Investment Relations.

Michael Novod;S;Head of Investor Relation

Novo Nordisk A

/-

Thank you very much, and welcome to this Novo Nordisk Earnings call for the full year of 2025. My name is Michael Novod. I'm the Head of Investor Relations at Novo Nordisk. With me today, I have CEO of Novo Nordisk, Maziar Doustdar; EVP, Product and Portfolio Strategy, Ludovic Helfgott; EVP, U.S. Operations, David Moore; EVP, Research and Development and Chief Scientific Officer; Martin Holst Lange; and Chief Financial Officer, Karsten Knudsen.

All speakers will be available for the Q&A session. Today's call is being

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