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    SEC Form 6-K filed by Novo Nordisk A/S

    5/7/25 8:01:16 AM ET
    $NVO
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $NVO alert in real time by email
    6-K 1 caq12025.htm 6-K Document

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549

    _________________________

    FORM 6-K

    _________________________


    REPORT OF FOREIGN PRIVATE ISSUER

    Pursuant to rule 13a-16 or 15d-16
    of the Securities Exchange Act of 1934


    May 7, 2025

    _________________________

    NOVO NORDISK A/S
    (Exact name of Registrant as specified in its charter)

    _________________________

    Novo Allé
    DK-2880 Bagsværd
    Denmark
    (Address of principal executive offices)

    Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

    Form 20-F x Form 40-F o


    Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

    Yes o No x


    If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-32(b):82-________






    newheader.jpg                          nn_logoxcmykxbluexsmall.jpg                        

    Financial report for the period 1 January 2025 to 31 March 2025

    7 May 2025                                                                                        
    Novo Nordisk's sales increased by 19% in Danish kroner and by 18% at constant exchange rates to DKK 78.1 billion in the first three months of 2025

    •Operating profit increased by 22% in Danish kroner and by 20% at constant exchange rates (CER) to DKK 38.8 billion.
    •Sales in US Operations increased by 20% in Danish kroner (17% at CER). Sales in International Operations increased by 18% in Danish kroner (19% at CER).

    •Sales within Diabetes and Obesity care increased by 21% in Danish kroner to DKK 73.5 billion (19% at CER), mainly driven by Obesity care growth of 67% in Danish kroner to DKK 18.4 billion (65% at CER) and GLP-1 diabetes sales growing 13% in Danish kroner (11% at CER) and. Rare disease sales increased by 5% measured in Danish kroner (3% at CER).

    •Within R&D, Novo Nordisk completed the REDEFINE 2 trial, where CagriSema demonstrated superior weight loss of 15.7% in adults with obesity or overweight and type 2 diabetes. Novo Nordisk still expects to file for the first regulatory approval of CagriSema during the first quarter of 2026.

    •Also within R&D, oral semaglutide 25 mg in obesity was submitted for regulatory review to the US FDA. In addition, once-weekly semaglutide 2.4 mg in MASH was submitted for regulatory approval in both the EU and US, and granted priority review in the US.

    •For the 2025 outlook, sales growth is now expected to be 13-21% at CER, and operating profit growth is now expected to be 16-24% at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 3 and 5 percentage points lower than at CER, respectively. The updated sales outlook reflects lower-than-planned penetration of branded GLP-1 treatments in the US, impacted by compounded GLP-1s. Novo Nordisk is focused on preventing unlawful compounding and further expanding access in the US. With around 1 billion people living with obesity globally and only few million on treatment, Novo Nordisk continues the global roll-out of Wegovy®.
    PROFIT AND LOSSQ1 2025Q1 2024Growth
    as reported
    Growth
    at CER*
    DKK million
    Net sales78,087 65,349 19 %18 %
    Operating profit38,791 31,846 22 %20 %
    Net profit29,034 25,407 14 %N/A
    Diluted earnings per share (in DKK)6.53 5.68 15 %N/A
    * CER: Constant exchange rates (average 2024).

    Lars Fruergaard Jørgensen, president and CEO: "In the first quarter of 2025, we delivered 18% sales growth and continued to expand the reach of our innovative GLP-1 treatments. However, we have reduced our full-year outlook due to lower-than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the US. We are actively focused on preventing unlawful and unsafe compounding and on efforts to expand patient access to our GLP-1 treatments. Within R&D, we are pleased to have completed the last pivotal trial for our next-generation obesity treatment, CagriSema, and to have filed for US approval of oral semaglutide 25 mg, with the potential to be the first oral GLP-1 treatment for obesity."

    On 7 May 2025 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under 'Investors' (the contents of the company's website do not form a part of this Form 6-K).
    Novo Nordisk A/S
    Investor Relations
    Novo Alle 1
    2880 Bagsværd
    Denmark
    Telephone:
    +45 4444 8888
    www.novonordisk.com
    CVR Number:
    24 25 67 90
     Company announcement No 14 / 2025



    Financial report for the period 1 January 2025 to 31 March 2025
    Page 2 of 36
    STRATEGIC ASPIRATIONS
    STRATEGIC ASPIRATIONS 2025
    The strategic aspirations are objectives that Novo Nordisk intends to work towards and are not a projection of Novo Nordisk's financial outlook or expected growth. Novo Nordisk intends to describe how its activities develop in relation to each of the four dimensions on an ongoing basis.

    Performance highlights for the first three months of 2025 (blue indicates first-quarter development)

    PERFORMANCE HIGHLIGHTS
    Purpose and sustainability (ESG)
    Progress towards zero environmental impact:
    –Overall CO2e emissions (scope 1, 2 and full scope 3) increased by 37% compared to the first three months of 2024
    Adding value to society:
    –Medical treatment provided to 43.1 million people living with diabetes and 2.6 million people living with obesity


    Being recognised as a sustainable employer:
    –Share of women in senior leadership positions has increased to 42% from 41% end of March 2024






    Innovation and therapeutic focus
    Further raise innovation bar for Diabetes treatment:
    –Submission of once-weekly IcoSema in Japan
    –Development of phase 1 once-weekly oral semaglutide terminated

    Develop superior treatment solutions for Obesity:
    –CagriSema demonstrated superior weight loss in the REDEFINE 2 trial
    –Wegovy® PDS290 multi-dose device variant submitted to the US regulatory authorities
    –Oral semaglutide 25 mg for weight management submitted to the US regulatory authorities
    –In-licensing of a GLP-1/GIP/Glucagon triple agonist and an oral small molecule inhibitor


    Strengthen and progress Rare disease pipeline:
    –Sogroya® non-replacement indications trials (main phases) and EU submission successfully completed

    Establish presence in Cardiovascular & Emerging Therapy Areas:
    –Once-weekly semaglutide 2.4 mg in MASH submitted for regulatory approval in the EU and US, and granted priority review in the US.
    Commercial execution
    Strengthen diabetes leadership to more than one-third:
    –Diabetes value market share declined by -0.6 percentage point to 33.3% (MAT)
    More than DKK 25 billion* in Obesity care sales by 2025:
    –Obesity care sales increased by 65% (CER) to DKK 18.4 billion

    Secure a sustained growth outlook for Rare Disease:
    –Rare disease sales increased by 3% (CER) to DKK 4.6 billion
    Financials
    Deliver solid sales and operating profit growth:
    –Sales growth of 18% (CER)
    –Operating profit growth of 20% (CER)
    Drive operational efficiencies:
    –Operational leverage reflecting sales growth

    Enable attractive capital allocation to shareholders:
    –Free cash flow of DKK 9.5 billion
    –DKK 36.7 billion returned to shareholders
    * on a full-year basis.







    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 3 of 36
    PERFORMANCE HIGHLIGHTS
    FINANCIAL HIGHLIGHTS FOR THE FIRST THREE MONTHS OF 2025
    PROFIT AND LOSSQ1 2025Q1 2024 % change
     Q1 2025 to
     Q1 2024
     % change
     Q1 2025 to
     Q1 2024 at CER¹
    (Amounts are in DKK million, except for earnings per share)
    Net sales
    78,08765,34919 %18 %
    Gross profit65,19755,43318 %16 %
    Gross margin83.5%84.8%
    Sales and distribution costs(14,892)(13,256)12 %10 %
    Percentage of sales19.1%20.3%
    Research and development costs(10,308)(8,606)20 %19 %
    Percentage of sales13.2%13.2%
    Administrative costs(1,220)(1,157)5 %5 %
    Percentage of sales1.6%1.8%
    Other operating income and expenses14(568)N/AN/A
    Operating profit (EBIT)
    38,79131,84622 %20 %
    Operating margin49.7%48.7%
    Financial items (net)(1,758)72N/A              N/A
    Profit before income taxes37,03331,91816 %              N/A
    Income taxes(7,999)(6,511)23 %              N/A
    Effective tax rate21.6%20.4%
    Net profit29,03425,40714 %              N/A
    Net profit margin37.2%38.9%
    OTHER KEY NUMBERS
    Depreciation, amortisation and impairment losses 3,8302,91431 %              N/A
    Capital expenditure (PP&E)13,4228,47458 %              N/A
    Net cash generated from operating activities24,59114,31472 %              N/A
    Free cash flow1
    9,4925,02089 %              N/A
    EBITDA1
    42,62134,76023 %21 %
    Adjusted net profit1
    30,30426,44915 %              N/A
    Total assets489,162298,92164 %              N/A
    Equity138,54098,91140 %              N/A
    Equity ratio28.3%33.1%
    Diluted earnings per share / ADR (in DKK)6.535.6815 %              N/A
    Full-time equivalent employees end of period77,40666,01517 %              N/A
    1) See appendix 7: Non-IFRS financial measures (additional information).

    These unaudited consolidated financial statements for the first three months of 2025 have been prepared in accordance
    with IAS 34 ‘Interim Financial Reporting’ and additional Danish disclosure requirements for listed companies.
    The accounting policies adopted in the preparation are consistent with those applied in the Annual Report 2024 of Novo
    Nordisk.




    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 4 of 36
    COMMERCIAL EXECUTION
    GEOGRAPHIC SALES DEVELOPMENT
    Sales increased by 19% measured in Danish kroner and by 18% at CER to DKK 78,087 million in the first three months of 2025. In US Operations, sales increased by 20% measured in Danish kroner and by 17% at CER. Sales in International Operations increased by 18% measured in Danish kroner and by 19% at CER. Sales growth has resulted in periodic supply constraints and related drug shortage notifications for certain products and geographies.

    As of January 2025, North America Operations and International Operations were reorganised and financial reporting has been divided into: US Operations and International Operations. International Operations cover the following Regions: EUCAN (covering Europe and Canada), Emerging Markets (covering mainly Latin America, Middle East, and Africa), APAC (covering Japan, Korea, Oceania and Southeast Asia) and Region China (covering Mainland China, Hong Kong and Taiwan). Please see appendix 8 for a breakdown of sales per area in 2024.

    Sales split per geographical area Sales Q1 2025
    DKK million
    Growth
    as reported
    Growth
    at CER
    Share of growth
    at CER
    US Operations44,316 20 %17 %53 %
    International Operations33,771 18 %19 %47 %
     - EUCAN14,765 13 %13 %15 %
     - Emerging Markets8,790 21 %24 %15 %
     - APAC4,594 24 %25 %8 %
     - Region China5,622 25 %22 %9 %
    Total sales78,087 19 %18 %100 %
    US Operations
    Sales in US Operations increased by 20% measured in Danish kroner and by 17% at CER. The sales increase reflects Obesity care sales growing by 40% at CER, negatively impacted by compounded GLP-1s, and GLP-1 diabetes sales growing by 10% at CER. Insulin sales are increasing by 13% at CER and Rare disease products growing by 1% at CER.

    International Operations
    Sales in International Operations increased by 18% measured in Danish kroner and by 19% at CER. Sales growth was driven by Obesity care sales growing by 137% at CER and GLP-1 diabetes sales growing by 13% at CER. GLP-1 diabetes sales growth was negatively impacted by periodic supply constraints. Insulin sales decreased by 1% at CER, also negatively impacted by periodic supply constraints, while Rare disease sales increased by 5% at CER.

    EUCAN
    Sales in EUCAN increased by 13% in both Danish kroner and at CER. Sales growth was driven by Obesity care growing by 66% at CER. Diabetes care sales increased by 4% at CER, driven by GLP-1 diabetes sales growing by 9% at CER, and insulin sales decreased by 4% at CER. Rare disease sales increased by 1% at CER.

    Emerging Markets
    Sales in Emerging Markets increased by 21% measured in Danish kroner and by 24% at CER. Sales growth was driven by Obesity care growing by 207% at CER. Diabetes care sales increased by 9% at CER, driven by GLP-1 diabetes sales growing by 16% at CER, and insulin sales increasing by 3% at CER. Rare disease sales decreased by 2% at CER.

    APAC
    Sales in APAC increased by 24% measured in Danish kroner and by 25% at CER. Sales growth was driven by Obesity care sales increasing by 250% at CER and Diabetes care growing by 5% at CER, reflecting GLP-1 diabetes sales growing 14% at CER. Rare diseases sales increased by 14% at CER.

    Region China
    Sales in Region China increased by 25% measured in Danish kroner and by 22% at CER. The sales increase at CER was driven by Obesity care sales amounting to DKK 704 million and GLP-1 diabetes sales growing by 26% at CER. Insulin sales were unchanged at CER. Rare disease sales increased by 157% at CER.
    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 5 of 36
    SALES DEVELOPMENT ACROSS THERAPEUTIC AREAS
    Sales grew by 19% measured in Danish kroner and by 18% at CER in the first three months of 2025, driven by Obesity care sales growth of 65% (CER) and Diabetes care sales growth of 8% (CER). Rare disease sales increased by 3% (CER).

    Sales split per therapy Sales Q1 2025
    DKK million
     Sales Q1 2024
    DKK million
    Growth
    as reported
    Growth
    at CER
    Share of growth
    at CER
    Diabetes and Obesity care segment
    Injectable GLP-133,879 29,969 13 %11 %28 %
     - Ozempic®
    32,721 27,810 18 %15 %37 %
     - Victoza®
    1,158 2,159 (46 %)(46 %)(9 %)
    Rybelsus®
    5,695 5,013 14 %13 %6 %
    Total GLP-139,574 34,982 13 %11 %34 %
    Long-acting insulin1
    5,388 5,165 4 %3 %2 %
    Premix insulin2
    2,813 2,968 (5 %)(7 %)(2 %)
    Fast-acting insulin3
    5,052 4,487 13 %10 %4 %
    Human insulin1,744 1,745 0 %2 %0 %
    Total insulin14,997 14,365 4 %3 %4 %
    Other Diabetes care4
    473 583 (19 %)(20 %)(1 %)
    Total Diabetes care55,044 49,930 10 %8 %37 %
    Wegovy®
    17,360 9,377 85 %83 %67 %
    Saxenda®
    1,064 1,658 (36 %)(35 %)(5 %)
    Total Obesity care18,424 11,035 67 %65 %62 %
    Diabetes and Obesity care total73,468 60,965 21 %19 %99 %
    Rare disease segment
    Rare blood disorders5
    2,921 2,888 1 %(1 %)0 %
    Rare endocrine disorders6
    1,312 1,113 18 %14 %1 %
    Other Rare disease7
    386 383 1 %1 %0 %
    Rare disease total4,619 4,384 5 %3 %1 %
    Total sales78,087 65,349 19 %18 %100 %
    1) Comprises Tresiba®, Xultophy®, Levemir® and Awiqli®.
    2) Comprises Ryzodeg® and NovoMix®.
    3) Comprises Fiasp® and NovoRapid®.
    4) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
    5) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo®.
    6) Primarily Norditropin® and Sogroya®.
    7) Primarily Vagifem® and Activelle®.



    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 6 of 36
    DIABETES AND OBESITY CARE
    Diabetes care, sales and market share development
    Sales in Diabetes care increased by 10% measured in Danish kroner and by 8% at CER to DKK 55,044 million driven by growth of GLP-1-based products and insulins. Novo Nordisk's global diabetes value market share decreased by 0.6% percentage point over the last 12 months to 33.3%. The market share development was driven by market share losses in US Operations and International Operations. In IO countries, tirzepatide is categorised under GLP-1 diabetes only in IQVIA data, despite having indications for Diabetes and Obesity in most launched countries. Novo Nordisk has a strategic aspiration of strengthening the Diabetes care leadership, aiming at reaching a global value market share of more than one-third in 2025.

    In the following sections, unless otherwise noted, market data are based on moving annual total (MAT) from February 2024 and February 2025 provided by the independent data provider IQVIA. EUCAN covers Europe and Canada, Emerging Markets covers mainly Latin America, Middle East, and Africa. APAC covers Japan, Korea, Oceania and Southeast Asia, and Region China covers Mainland China, Hong Kong, and Taiwan.
    Diabetes care, development per geographical areaNovo Nordisk’s share of the total diabetes market (value, MAT)Diabetes care, sales development
    FebruaryFebruary Sales Q1 2025
    DKK million
    Growth
    at CER
    20252024
    Global33.3 %33.9 %55,044 8 %
    US Operations34.5 %34.8 %30,286 10 %
    International Operations29.5 %30.8 %24,758 6 %
     - EUCAN *34.2 %35.9 %10,345 4 %
     - Emerging Markets **26.2 %28.5 %6,428 9 %
     - APAC ***18.3 %18.7 %3,179 5 %
     - Region China ****31.9 %32.8 %4,806 6 %
    Source: IQVIA, February 2025 data. *Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.

    GLP-1-based therapies for type 2 diabetes
    Sales of GLP-1-based products for type 2 diabetes (Rybelsus®, Ozempic® and Victoza®) increased by 13% measured in Danish kroner and by 11% at CER to DKK 39,574 million. The estimated global GLP-1 share of total diabetes prescriptions has increased to 6.8% compared with 6.2% 12 months ago. It is possible for a patient to have a prescription for more than one diabetes treatment. Novo Nordisk is the global market leader in the diabetes GLP-1 segment with a 54.0% value market share.
    GLP-1 diabetes, development per geographical areaNovo Nordisk's share of the diabetes GLP-1 market (value, MAT)GLP-1 diabetes, sales development
    FebruaryFebruary Sales Q1 2025
    DKK million
    Growth
    at CER
    20252024
    Global54.0 %55.3 %39,574 11 %
    US Operations52.3 %52.5 %25,552 10 %
    International Operations65.4 %74.6 %14,022 13 %
    - EUCAN *67.4 %74.0 %7,070 9 %
    - Emerging Markets **54.4 %74.0 %3,446 16 %
    - APAC ***61.8 %76.3 %1,705 14 %
    - Region China ****80.9 %77.7 %1,801 26 %
    Source: IQVIA, February 2025 data. Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan. Note: the estimated GLP-1 share of prescriptions is based on volume packs from IQVIA. Volume packs are converted into full-year patients/prescriptions based on WHO assumptions for average daily doses or if not available, Novo Nordisk assumptions. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.



    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 7 of 36
    Ozempic® sales increased by 18% measured in Danish kroner and by 15% at CER to DKK 32,721 million. Sales growth was driven by both US Operations and International Operations.

    Rybelsus® sales increased by 14% measured in Danish kroner and by 13% at CER to DKK 5,695 million. Sales growth was driven by EUCAN and APAC.

    Victoza® sales decreased by 46% in both Danish kroner and CER to DKK 1,158 million. The decline was driven by the GLP-1 diabetes market moving towards once-weekly treatments in both US Operations and International Operations.

    US Operations
    Sales of GLP-1 Diabetes care products in US Operations increased by 14% measured in Danish kroner and by 10% at CER. The sales increase was mainly driven by continued uptake of Ozempic®, partially countered by Victoza®. Novo Nordisk is the market leader with a 52.3% value market share. The estimated GLP-1 share of total diabetes prescriptions has increased to 18.4% compared with 16.2% 12 months ago.

    Sales growth in the US Operations was mainly driven by a prescription volume growth of the GLP-1 class above 15% in the first quarter of 2025 compared with the first quarter of 2024. Novo Nordisk is the market leader, with 50.4% measured by total monthly prescriptions. New-to-brand prescriptions amount to 44.9% for Novo Nordisk.

    International Operations
    Sales of GLP-1 Diabetes care products in International Operations increased by 12% measured in Danish kroner and by 13% at CER, driven by all Regions. The estimated GLP-1 share of total diabetes prescriptions has increased to 4.7% compared with 4.3% 12 months ago. Novo Nordisk is the market leader with a value market share of 65.4% compared with 74.6% 12 months ago.

    EUCAN
    Sales of GLP-1 Diabetes care products in EUCAN increased by 8% measured in Danish kroner and by 9% at CER. The sales growth mainly reflects the uptake of Rybelsus®. The estimated GLP-1 share of total diabetes prescriptions has increased to 9.0% compared with 8.3% 12 months ago. Novo Nordisk is the market leader in EUCAN with a value market share of 67.4%.

    Emerging Markets
    Sales of GLP-1 Diabetes care products in Emerging Markets increased by 11% measured in Danish kroner and by 16% at CER. The sales growth reflects increased sales of Ozempic® as well as higher sales of Victoza®. The estimated GLP-1 share of total diabetes prescriptions has increased to 2.5% compared with 1.9% 12 months ago. Novo Nordisk is the market leader in Emerging markets with a value market share of 54.4%.

    APAC
    Sales of GLP-1 Diabetes care products in APAC increased by 15% measured in Danish kroner and by 14% at CER. The sales growth reflects increased sales of Rybelsus® and Ozempic®, partially offset by lower sales of Victoza®. The estimated GLP-1 share of total diabetes prescriptions has increased to 2.6% compared with 2.2% 12 months ago. Novo Nordisk is the market leader with a value market share of 61.8%.

    Region China
    Sales of GLP-1 Diabetes care products in Region China increased by 28% measured in Danish kroner and by 26% at CER. The sales growth mainly reflects the uptake of Ozempic®, partially countered by lower sales of Victoza®. The GLP-1 share of total diabetes prescriptions has decreased to 3.2% compared with 3.6% 12 months ago. Novo Nordisk is the market leader in Region China with a value market share of 80.9%.





    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 8 of 36
    Insulin
    Sales of insulin increased by 4% measured in Danish kroner and by 3% at CER to DKK 14,997 million.
    Insulin, development per geographical areaNovo Nordisk’s share of the total insulin market (volume, MAT)Insulin, sales development
    FebruaryFebruary Sales Q1 2025
    DKK million
    Growth
    at CER
    20252024
    Global43.5 %45.1 %14,997 3 %
    US Operations31.0 %36.0 %4,693 13 %
    International Operations47.0 %47.9 %10,304 (1 %)
    - EUCAN *45.5 %45.5 %3,143 (4 %)
    - Emerging Markets **51.2 %52.1 %2,911 3 %
    - APAC ***54.6 %57.0 %1,404 (3 %)
    - Region China ****40.7 %40.6 %2,846 0 %
    Source: IQVIA, February 2025 data. Data for EUCAN available for 24 European markets and Canada representing approximately 99% of Novo Nordisk’s Diabetes care in the area. **Data for Emerging Markets available for ten markets representing approximately 74% of Novo Nordisk’s Diabetes care in the area. ***Data for APAC available for four markets representing approximately 76% of Novo Nordisk’s Diabetes care in the area ****Data for mainland China, excluding Hong Kong and Taiwan.

    US Operations
    Sales of insulin in US Operations increased by 17% measured in Danish kroner and by 13% at CER. The sales increase in US Operations was impacted by phasing of rebates in 2024 as well as channel and payer mix, partially countered by a decline in volume. Novo Nordisk has a volume market share of 31.0% of the total US insulin market.

    International Operations
    Sales of insulin in International Operations remained unchanged in Danish kroner and decreased by 1% at CER. The sales decrease at CER was mainly driven by EUCAN. Novo Nordisk has a volume market share of 47.0% of the total insulin market in International Operations.

    EUCAN
    Sales of insulin in EUCAN decreased by 4% in both Danish kroner and CER. The sales decrease at CER was mainly driven by long-acting insulin, fast-acting insulin and human insulin. Novo Nordisk has a volume market share of 45.5% of the total insulin market.

    Emerging Markets
    Sales of insulin in Emerging Markets increased by 4% measured in Danish kroner and by 3% at CER. The sales increase at CER was mainly driven by human insulin and long-acting insulin, partially countered by premix insulin. Novo Nordisk has a volume market share of 51.2% of the total insulin market.

    APAC
    Sales of insulin in APAC decreased by 4% measured in Danish kroner and by 3% at CER. The sales decrease at CER was mainly driven by premix insulin and long-acting insulin, partially countered by human insulin. Novo Nordisk has a volume market share of 54.6% of the total insulin market.

    Region China
    Sales of insulin in Region China increased by 2% measured in Danish kroner, and remained unchanged at CER. The unchanged increase at CER was mainly driven by increased sales of long-acting insulin, countered by fast-acting and premix insulin. Novo Nordisk has a volume market share of 40.7% of the total insulin market.







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     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 9 of 36
    Obesity care
    Sales of Obesity care products, Wegovy® and Saxenda®, increased by 67% measured in Danish kroner and by 65% at CER to DKK 18,424 million. Sales growth was driven by both US Operations and International Operations. The volume growth of the global branded obesity market was 135%. Novo Nordisk is the global market leader with a branded volume market share of 68.7%.
    Obesity care, development per geographical areaGlobal branded obesity market growth (Volume, MAT)Obesity care, sales development
    February Sales Q1 2025
    DKK million
    Growth
    at CER
    2025
    Global135 %18,424 65 %
    US Operations160 %11,939 40 %
    International Operations101 %6,485 137 %
    - EUCAN *81 %3,175 66 %
     - Emerging Markets **
    124 %1,660 207 %
     - APAC ***231 %946 250 %
     - Region China ****
    N/A704 — %
    Source: IQVIA, February 2025 data. *Data for EUCAN available for 18 European markets and Canada representing approximately 100% of Novo Nordisk’s Obesity care sales in the area. **Data for Emerging Markets available for 7 markets representing approximately 74% of Novo Nordisk’s Obesity care sales in the area. ***Data for APAC available for 3 market representing approximately 62% of Novo Nordisk’s Obesity care sales in the area. **** Branded obesity market data for mainland China, excluding Hong Kong and Taiwan , is not fully covered by global IQVIA data. In IO countries, tirzepatide is categorised under GLP-1 diabetes only, despite having indications for diabetes and obesity in most launched countries.

    Wegovy® sales increased by 85% measured in Danish kroner and by 83% at CER to DKK 17,360 million. Sales of Saxenda® decreased by 36% measured in Danish kroner and by 35% at CER to DKK 1,064 million as the obesity care market is moving towards once-weekly treatments.

    US Operations
    Sales of Obesity care products in US Operations increased by 45% measured in Danish kroner and by 40% at CER to DKK 11,939 million. Sales of Wegovy® increased by 44% measured in Danish kroner and by 39% at CER to DKK 11,854 million, driven by increased volumes, which were negatively impacted by wholesaler inventory movements. This was partially countered by lower realised prices. In the US, Wegovy® has around 200,000 weekly prescriptions, and the volume growth of the branded obesity market in the US was 160%. The volume of compounded GLP-1s in the US is estimated to have impacted the uptake of Wegovy® prescriptions as well as the growth of the branded obesity market during first quarter of 2025.

    In February 2025, the US FDA removed semaglutide injectables from the FDA drug shortage list and subsequently communicated that shortage-based (bulk) compounding of semaglutide would no longer be allowed, following a period of enforcement discretion. In April, a US federal court denied a motion for preliminary injunction filed by compounding-related organisations, thereby ending the period of enforcement discretion for 503A compounding pharmacies, effective 24 April. The period of enforcement discretion for 503B outsourcing facilities will end on 22 May and Novo Nordisk is actively focused on preventing unlawful and unsafe compounding.

    Novo Nordisk continues to work on expanding channels and access to Wegovy® in the US. In March, NovoCare® Pharmacy was introduced to provide direct-to-patient delivery for cash-paying patients and in April 2025, Novo Nordisk further expanded access to Wegovy® for cash-paying patients via collaborations with three telehealth organisations. Lastly, in May 2025, CVS announced that Wegovy® will be the only GLP-1 medicine covered for obesity on its national template formulary.

    International Operations
    Sales of Obesity care products in International Operations increased by 131% measured in Danish kroner and by 137% at CER to DKK 6,485 million. Sales of Wegovy® increased by 381% measured in Danish kroner and by 392% at CER to DKK 5,506 million. Wegovy® has now been launched in around 25 countries in International Operations. This was partially countered by sales of Saxenda® in International Operations decreased by 41% measured in Danish kroner and by 40% at CER to DKK 979 million. The volume growth of the branded obesity market in International Operations was 101%.



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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 10 of 36

    EUCAN
    Sales of Obesity care products in EUCAN increased by 65% measured in Danish kroner and by 66% at CER to DKK 3,175 million driven by Wegovy®, partially countered by declining Saxenda® sales. The volume growth of the branded obesity market in EUCAN was 81%.

    Emerging Markets
    Sales of Obesity care products in Emerging Markets increased by 185% measured in Danish kroner and by 207% at CER to DKK 1,660 million driven by Wegovy®, partially countered by declining Saxenda® sales. The volume growth of the branded obesity market in Emerging Markets was 124%.

    APAC
    Sales of Obesity care products in APAC increased by 242% measured in Danish kroner and by 250% at CER to DKK 946 million, driven by uptake of Wegovy®, partially countered by declining Saxenda® sales. The volume of the branded obesity market in APAC increased by 231%.

    Region China
    Sales of Obesity care products in Region China amounted to DKK 704 million, driven by the launch of Wegovy®.






























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    Page 11 of 36

    Rare disease, sales development
    Rare disease sales increased by 5% measured in Danish kroner and by 3% at CER to DKK 4,619 million. Sales of rare endocrine disorder products increased by 18% measured in Danish kroner and by 14% at CER to DKK 1,312 million. Sales of rare blood disorder products increased by 1% measured in Danish kroner and decreased by 1% at CER to DKK 2,921 million.
    Rare disease, development per geographical areaRare disease, sales development
     Sales Q1 2025
    DKK million
    Growth
    at CER
    Global4,619 3 %
    US Operations2,091 1 %
    International Operations2,528 5 %
     - EUCAN1,245 1 %
     - Emerging Markets702 (2 %)
     - APAC469 14 %
     - Region China112 157 %
    US Operations
    Rare disease sales in US Operations increased by 4% measured in Danish kroner and by 1% at CER. The sales increase was driven by rare blood disorder products which increased by 7% measured in Danish kroner and by 4% at CER, mainly driven by increased NovoSeven® and haemophilia B sales. This is partially countered by Rare endocrine disorder products decreasing by 2% measured in Danish kroner and by 5% at CER, mainly driven by Norditropin®.

    International Operations
    Rare disease sales in International Operations increased by 6% measured in Danish kroner and by 5% at CER. Rare endocrine disorder products increased by 55% measured in Danish kroner and by 51% at CER, driven by Norditropin® due to improvement in manufacturing output as well as Sogroya® launch uptake. Sales of rare blood disorder products decreased by 3% measured in Danish kroner and by 4% at CER, driven by lower sales of NovoSeven®.

    EUCAN
    Rare disease sales increased by 1% in both Danish kroner and at CER. Rare endocrine disorder products increased by 6% in both Danish kroner and at CER. Sales of rare blood disorder products decreased by 2% in both Danish kroner and CER, mainly driven by lower NovoSeven® sales.

    Emerging Markets
    Rare disease sales increased by 2% measured in Danish kroner and decreased by 2% at CER. Rare endocrine disorder products increased by 405% measured in Danish kroner and by 366% at CER, mainly related to Norditropin® due to improvement in manufacturing output. Sales of rare blood disorder products decreased by 20% measured in Danish kroner and by 22% at CER, driven by lower NovoSeven® and haemophilia A sales, partially countered by haemophilia B sales.

    APAC
    Rare disease sales increased by 14% in both Danish kroner and at CER. Sales of rare endocrine disorder products increased by 30% measured in Danish kroner and by 29% at CER. Sales of rare blood disorder products increased by 7% in both Danish kroner and at CER, driven by higher sales of NovoSeven®.

    Region China
    Rare disease sales increased by 167% measured in Danish kroner and by 157% at CER. This is driven by rare blood disorders which increased by 194% measured in Danish kroner and by 186% at CER, mainly due to by increased haemophilia A sales.

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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 12 of 36
    FINANCIALS
    DEVELOPMENT IN COSTS AND OPERATING PROFIT
    The cost of goods sold increased by 30% measured in Danish kroner and by 27% at CER to DKK 12,890 million, resulting in a gross margin of 83.5%, measured in Danish kroner, compared with 84.8% in the first quarter of 2024. The decline in gross margin mainly reflects amortisations and depreciations related to Catalent as well as costs related to ongoing capacity expansions. This is partially countered by a positive product mix driven by increased sales of GLP-1-based treatments.

    Sales and distribution costs increased by 12% measured in Danish kroner and by 10% at CER to DKK 14,892 million. The increase in costs is driven by both US Operations and International Operations. In US Operations, the cost increase is mainly driven by promotional activities related to Wegovy® and Ozempic®. In International Operations, the increase is mainly related to Wegovy® launch and promotional activities. Sales and distribution costs amounted to 19.1% as a percentage of sales.

    Research and development costs increased by 20% measured in Danish kroner and by 19% at CER to DKK 10,308 million, mainly driven by Obesity care and reflecting increased late-stage clinical trial activity as well as increased early research activities. Research and development costs amounted to 13.2% as a percentage of sales.

    Administration costs increased by 5% in both Danish kroner and at CER to DKK 1,220 million. Administration costs amounted to 1.6% as a percentage of sales.

    Other operating income and expenses (net) showed a gain of DKK 14 million compared to a loss of DKK 568 million in 2024. This is driven by an impairment of a partnership agreement in the first quarter of 2024 of a company previously acquired by Novo Nordisk.

    Operating profit increased by 22% measured in Danish kroner and by 20% at CER to DKK 38,791 million. EBITDA increased by 23% measured in Danish kroner and by 21% at CER.

    Financial items (net) showed a net loss of DKK 1,758 million, compared with a net gain of DKK 72 million in the first quarter of 2024. This primarily reflects losses on hedged currencies, mainly related to the US dollar, and financing costs related to the funding of the Catalent transaction.

    In line with Novo Nordisk’s treasury policy, the most significant foreign exchange risks for Novo Nordisk have been hedged, primarily through foreign exchange forward contracts. The foreign exchange result was a net loss of DKK 1,325 million compared with a net loss of DKK 76 million in the first quarter of 2024.

    As per the end of March 2025, a positive market value of financial contracts of approximately DKK 0.4 billion has been deferred for recognition in 2025 and 2026.

    The effective tax rate was 21.6% in the first three months of 2025, compared with an effective tax rate of 20.4% in the first three months of 2024.

    Net profit increased by 14% to DKK 29,034 million and diluted earnings per share increased by 15% to DKK 6.53.
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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 13 of 36
    CASH FLOW AND CAPITAL ALLOCATION
    FREE CASH FLOW IN THE FIRST THREE MONTHS OF 2025 AND CAPITAL EXPENDITURE
    Free cash flow in the first three months of 2025 was DKK 9.5 billion compared to DKK 5.0 billion in the first three months of 2024. Free cash flow is reflecting higher net cash generated from operating activities, partially countered by increased capital expenditure.

    Capital expenditure for property, plant and equipment was DKK 13.4 billion compared with DKK 8.5 billion in 2024, primarily reflecting investments in additional capacity for active pharmaceutical ingredient (API) production and fill-finish capacity for both current and future injectable and oral products. Capital expenditure related to intangible assets was DKK 1.2 billion in the first three months of 2025 compared with DKK 0.5 billion in 2024, reflecting business development activities.

    EQUITY
    Total equity was DKK 138,540 million at the end of March 2025, equivalent to 28.3% of total assets, compared with 33.1% at the end of March 2024. Please refer to appendix 5 for further elaboration of changes in equity.

    Treasury shares
    As disclosed in the Q4 2024 Company Announcement, Novo Nordisk owned as of 3 February 2025 a total of 25,947,151 B shares of DKK 0.10 as treasury shares. Transactions related to Novo Nordisk's employee share programmes including incentive programmes have resulted in a net transfer from Novo Nordisk of 4,323,469 B shares of DKK 0.10 in the period 4 February 2025 to 6 May 2025. With the transactions stated above, Novo Nordisk now owns a total of 21,623,682 B shares of DKK 0.10 as treasury shares, corresponding to 0.5% of the share capital. The total amount of A and B shares of DKK 0.10 in the company is 4,465,000,000 including treasury shares.

    Novo Nordisk’s capital allocation principles focus on attractive internal growth investments, including the significant supply chain expansion, and a dividend pay-out ratio around 50% of net profit. Following the step-up in CAPEX investments in 2025, Novo Nordisk is not conducting a share buyback programme. An authorisation to the Board of Directors to buy back shares was, however, in line with previous years, adopted by the Annual General Meeting on 27 March 2025, should the initiation of a share buyback programme later be deemed relevant.
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     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 14 of 36
    OUTLOOK
    The current expectations for 2025 are summarised in the table below:
    r
    Expectations are as reported, if not otherwise statedExpectations
    7 May 2025
    Expectations
    5 February 2025
    Sales growth
    at CER13% to 21%16% to 24%
    as reportedAround 3 percentage points lower than at CER
    Around 3 percentage points higher than at CER
    Operating profit growth
    at CER16% to 24%19% to 27%
    as reportedAround 5 percentage points lower than at CER
    Around 5 percentage points higher than at CER
    Financial items (net)Gain of around 0.9 bDKK
    Loss of around 9 bDKK
    Effective tax rate21% to 23%21% to 23%
    Capital expenditure (PP&E)
    Around 65 bDKK
    Around 65 bDKK
    Depreciation, amortisation and impairment lossesAround DKK 17 billionAround DKK 17 billion
    Free cash flow (excluding impact from business development)Between 56 and 66 bDKK
    Between 75 and 85 bDKK
    Sales growth is now expected to be 13% to 21% at CER. Given the current exchange rates versus the Danish krone, sales growth reported in DKK is expected to be 3 percentage points lower than at CER, primarily due to depreciation of the USD/DKK exchange rate. The updated sales outlook at CER reflects lower-than-planned penetration of branded GLP-1 treatments in the US, impacted by compounded GLP-1s.

    The outlook reflects expectations for sales growth in both US Operations and International Operations, mainly driven by volume growth of GLP-1-based treatments for obesity and diabetes. Following the US FDA removal of semaglutide injectables from the FDA drug shortage list, the sales outlook assumes a reduction in patients on compounded GLP-1 treatment during the second half of 2025. Novo Nordisk is focused on preventing unlawful and unsafe compounding and on further expanding access to Wegovy® such as through NovoCare® Pharmacy, collaborations with telehealth organisations as well as the CVS formulary decision, where Wegovy® will be the only GLP-1 medicine covered for obesity on its national template formulary. With around 1 billion people living with obesity globally and only a few million on treatment, the outlook reflects a continued global roll-out of Wegovy® to more markets. The outlook further reflects expected periodic supply constraints and related drug shortage notifications for certain products and geographies.

    Operating profit growth is now expected to be 16% to 24% at CER. Given the current exchange rates versus the Danish krone, growth reported in DKK is expected to be 5 percentage points lower than at CER, primarily due to depreciation of the USD/DKK exchange rate. The updated expectation for operating profit growth primarily reflects the lower sales growth outlook, partially countered by reduced spending. Novo Nordisk continues to invest in future and current growth drivers within Research, Development, Commercial and Manufacturing. Within R&D, investments are related to the continued expansion and progression of the early and late-stage pipeline. Commercial investments are mainly related to Obesity care market development and activities as well as investments within GLP-1 Diabetes care. Within Manufacturing, investments are mainly related to ongoing scaling of capacity efforts, and a negative mid-single-digit operating profit growth impact related to the acquisition of the three Catalent manufacturing sites is also included in the guidance.

    Novo Nordisk now expects financial items (net) for 2025 to amount to a gain of around DKK 0.9 billion. This is mainly driven by expected gains on hedged currencies, primarily the US dollar, partially offset by interest expenses related to funding of the debt-financed Catalent transaction.

    The effective tax rate for 2025 is still expected to be in the range of 21-23%.

    Capital expenditure is still expected to be around DKK 65 billion in 2025, reflecting expansion of the global supply chain. The investments will create additional capacity across the supply chain, including manufacturing of active pharmaceutical ingredients (API), additional aseptic production and finished production processes as well as packaging capacity. In the coming years, the capital expenditure to sales ratio is still expected to be low double-digit.

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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 15 of 36
    Depreciation, amortisation and impairment losses are still expected to be around DKK 17 billion and include depreciations and amortisations related to the Catalent transaction.

    The free cash flow is now expected to be DKK 56-66 billion reflecting the lower-than-planned sales growth, mainly driven by lower volume growth of GLP-1-based treatments in the US and related gross-to-net cash flow implications.

    All of the above expectations are based on assumptions that the global or regional macroeconomic and political environment will not significantly change business conditions for Novo Nordisk during 2025, including energy and supply chain disruptions, the potential implications from major healthcare reforms and legislative changes, taxation changes, including changes in tariffs and duties, as well as outcome of legal cases including litigations related to the 340B Drug Pricing Program in the US, and that the currency exchange rates, especially the US dollar, will remain at the current level versus the Danish krone. The guidance is also based on assumptions in relation to the estimation of gross-to-net developments in the US gross sales. Finally, the guidance does not include the financial implications of any new significant business development transactions and significant impairments of intangible assets during 2025.
    FX (average rates)Q1 2025Q1 2024% changeSpot rate
    30 April 2025
    USD709 687 3 %656 
    CNY97 96 1 %90 
    JPY4.65 4.63 0 %4.59 
    CAD494 509 (3 %)475 
    BRL121 139 (13 %)117 
    Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies, and, all other things being equal, movements in key invoicing currencies will impact Novo Nordisk’s operating profit as outlined in the table below.
    Key invoicing currenciesImpact on Novo Nordisk's operating profit in the next 12 months of a 5% movement in currency
    Hedging period (months)1
    USDDKK 6,800 million12 
    CNY2
    DKK 620 million12
    CADDKK 460 million0
    BRLDKK 270 million0
    JPYDKK 210 million12 
    1) As of 30 April 2025.
    2) Chinese yuan traded offshore (CNH) used as proxy when hedging Novo Nordisk’s CNY currency exposure.

    The financial impact from foreign exchange hedging is included in Financial items (net).



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    Page 16 of 36
    INNOVATION AND THERAPEUTIC FOCUS
    Diabetes care
    Once-weekly IcoSema submitted for regulatory approval in Japan
    In February 2025, Novo Nordisk submitted IcoSema, a once-weekly combination of basal insulin icodec and semaglutide, for regulatory approval in Japan.

    Development of phase 1 once-weekly oral semaglutide terminated
    In April 2025, Novo Nordisk terminated the development of once-weekly oral semaglutide due to portfolio considerations.

    Obesity care
    CagriSema demonstrates superior weight loss in adults with obesity or overweight and type 2 diabetes in the REDEFINE 2 trial
    In March 2025, Novo Nordisk announced headline results from REDEFINE 2, a 68-week efficacy and safety trial investigating subcutaneous CagriSema (a fixed dose combination of cagrilintide 2.4 mg and semaglutide 2.4 mg) compared to placebo. The REDEFINE 2 trial was based on a flexible protocol, allowing patients to modify their dosing throughout the trial. After 68 weeks, 61.9% of patients treated with CagriSema were on the highest dose. The mean baseline body weight was 102 kg. When evaluating the effects of treatment if all people adhered to treatment, people treated with CagriSema achieved a superior weight loss of 15.7% after 68 weeks. In the trial, CagriSema appeared to have a safe and well-tolerated profile. For further information, please see the company announcement here: https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=915294 (the contents of the company's website do not form a part of this Form 6-K).

    Wegovy® PDS290 multi-dose device variant submitted to the US regulatory authorities
    In February 2025, Novo Nordisk submitted a Supplemental New Drug Application (sNDA) to the US FDA for PDS290 device variant for Wegovy®. Novo Nordisk expects the regulatory review to be completed around mid-year 2025.

    Oral semaglutide 25 mg for weight management submitted to the US regulatory authorities
    In February 2025, Novo Nordisk submitted oral semaglutide 25 mg to the US FDA. The submission is based on OASIS 4, a 64-week efficacy and safety trial comparing once-daily oral semaglutide 25 mg to placebo in 307 adults with obesity or overweight with one or more comorbidities. From a baseline bodyweight of 105.9 kg, oral semaglutide 25 mg achieved 16.6% weight loss compared to a 2.7% reduction with placebo in adults with obesity or overweight (if all participants adhered to treatment). In the trial, oral semaglutide 25 mg appeared to have a safe and well-tolerated profile. Novo Nordisk expects the regulatory review to be completed around the turn of the year.

    Cardiovascular & Emerging Therapy
    Once-weekly semaglutide 2.4 mg in MASH submitted for regulatory approval in the EU and US
    In February 2025, Novo Nordisk submitted once-weekly semaglutide 2.4 mg for regulatory approval in the EU and US for the treatment of MASH (F2-F4). The submissions are based on part I of the ESSENCE trial, where, at week 72, 36.8% of people treated with semaglutide 2.4 mg achieved improvement in liver fibrosis with no worsening of steatohepatitis compared to 22.4% on placebo. 62.9% of people treated with semaglutide 2.4 mg achieved resolution of steatohepatitis with no worsening of liver fibrosis compared to 34.3% on placebo. In the trial, semaglutide 2.4 mg appeared to have a safe and well-tolerated profile in line with previous semaglutide 2.4 mg trials. In the US, the submission has been granted priority review by the FDA.

    Rare disease
    Sogroya® non-replacement indications trials (main phases) and EU submission successfully completed
    In February 2025, the Sogroya® (once-weekly somapacitan) phase 3a trial, REAL 8, successfully completed the main phase of three sub-studies in children born small for gestational age (SGA), Noonan syndrome (NS) and idiopathic short stature (ISS), respectively. All sub-studies met the primary endpoint of demonstrating non-inferiority in height velocity at week 52 for Sogroya® vs daily Norditropin®. In the trial, Sogroya® appeared to have a safe and well-tolerated profile, consistent with the known safety profile of daily Norditropin®. REAL 8, the fourth sub-study in children with Turner Syndrome (TS) is expected to read out later in 2025. Likewise, in February 2025, the 26-week main phase of the phase 3a trial, REAL 9 in adolescents aged 10-18 years of age in similar indications as REAL 8, was successfully completed. REAL 9 met the primary objective of establishing the safety profile of once-weekly Sogroya®.

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    Page 17 of 36
    In April 2025, based on above data from REAL 8 and REAL 9, Novo Nordisk has submitted for regulatory approval in the EU, including the three indications SGA, NS and ISS. Submission for approval in the US is expected during the first half of 2025.

    Business development
    Novo Nordisk announced exclusive license agreement for a GLP-1/GIP/glucagon triple receptor agonist (UBT251)
    In March 2025, The United Laboratories International Holdings Limited and Novo Nordisk announced that the parties have entered into an exclusive license agreement for UBT251, a triple agonist of the receptors for GLP-1, GIP, and glucagon in early-stage clinical development for the treatment of obesity, type 2 diabetes and other diseases. Under the license agreement, Novo Nordisk will obtain exclusive worldwide rights (excluding Chinese mainland, Hong Kong, Macau and Taiwan) to develop, manufacture, and commercialise UBT251. United Biotechnology will retain the rights for UBT251 in Chinese mainland, Hong Kong, Macau and Taiwan. United Biotechnology is eligible to receive an upfront payment of USD 200 million and potential milestone payments of up to USD 1.8 billion from Novo Nordisk, as well as tiered royalties on net sales outside of Chinese mainland, Hong Kong, Macau, and Taiwan. For further information, please see the press release here: https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=915958 (the contents of the company's website do not form a part of this Form 6-K).

    Novo Nordisk entered exclusive license agreement with Lexicon Pharmaceuticals for LX9851
    In March 2025, Lexicon Pharmaceuticals announced that it had entered into an exclusive license agreement with Novo Nordisk for LX9851, a first-in-class, oral non-incretin pre-clinical candidate in obesity and associated metabolic disorders. Under the terms of the agreement, Novo Nordisk obtains an exclusive, worldwide license to develop, manufacture and commercialise LX9851 in all indications. Lexicon is eligible to receive upfront and near-term milestone payments of up to USD 75 million. In total, Lexicon will be eligible to receive USD 1 billion in upfront and potential development, regulatory and sales milestones payments. Lexicon is also entitled to tiered royalties on net sales of LX9851.


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    Page 18 of 36
    PURPOSE AND SUSTAINABILITY
    ENVIRONMENT
    ENVIRONMENTAL PERFORMANCEUnitQ1 2025Q1 2024 % change
     Q1 2025 to
     Q1 2024
    Total CO2e emissions
    1,000 tonnes CO2e
    66748637 %
     - Scope 1 CO2e emissions
    1,000 tonnes CO2e
    331974 %
     - Scope 2 CO2e emissions
    1,000 tonnes CO2e
    176183 %
     - Scope 3 CO2e emissions1
    1,000 tonnes CO2e
    61746134 %
    Plastic footprint (absolute)2
    tonnes 15,67315,0764 %
    Plastic footprint per patient2
    Kg/patient0.340.35(3 %)
    1) Figure has been restated from 1,007 in Q1 2024 Company announcement due to updated calculation methodology.
    2) Plastic footprint over a 12-month period, calculated as a moving annual total.

    Emissions
    Novo Nordisk is committed to reaching net zero emissions across scope 1, scope 2 and scope 3 greenhouse gas emissions by 2045. In February 2025, the Science-Based Targets initiative (SBTi) approved Novo Nordisk’s new near-term target of 33% absolute reduction of scope 3 CO2e emissions by 2033 compared to base-year of 2024. The target covers approximately 2/3 of Novo Nordisk’s scope 3 emissions in accordance with SBTi provisions. In addition, Novo Nordisk has a target of zero scope 1 and scope 2 CO2e emissions by 2030.

    In the first three months of 2025, scope 1 CO2e emissions increased by 74% compared to the first three months of 2024, mainly due to the acquisition of new production sites and increased consumption of natural gas related hereto.

    Scope 2 CO2e emissions increased by 183% compared to the first three months of 2024 primarily due to use of non-renewable electricity at the newly acquired sites, mainly related to Catalent. Novo Nordisk has sourced 100% renewable electricity for production sites since 2020. As of March 2025, the overall share of renewable electricity sourced at Novo Nordisk’s production sites is 86% driven by recent acquisition of new sites without a renewable electricity setup.

    Scope 3 CO2e emissions increased by 34% compared to the first three months of 2024 due to an increase in raw material supply and increased investments in capital expenditure for property, plant and equipments.

    Plastic target
    In 2024, a global target was set to reduce the plastic footprint per patient from Diabetes and Obesity care products by 30% by 2033, compared to a baseline of 0.35 kg per patient in 2024. Due to increased production volumes, the absolute plastic footprint rose by 4%, while the relative footprint per patient decreased by 3%. This reduction was mainly driven by an increase in once-weekly treatments compared to once-daily treatments.


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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 19 of 36
    SOCIAL
    SOCIAL PERFORMANCEUnitQ1 2025Q1 2024 % change
     Q1 2025 to
     Q1 2024
    Patients
    Total numbers of patients reached
    Estimate in millions1
    45.741.89 %
    –Patients reached with Novo Nordisk's Diabetes care products
    Estimate in millions1
    43.140.66 %
    –Patients reached with Novo Nordisk's Obesity care products
    Estimate in millions1
    2.61.2117 %
    Vulnerable patients reached with Diabetes care products2
    Estimate in millions1
    8.18.8(8 %)
    Children reached through the Changing Diabetes® in Children programme
    Number of children3
    68,93554,09227 %
    Sustainable employer
    Total number of employees (FTEs)Number77,40666,01517 %
    Gender in senior leadership positions4
    Men:women58:4259:41N/A
    1) Calculated as a moving annual total. The estimated total number of full-year patients reached over a 12-month period.
    2) Patients reached either through products sold under local affordability thresholds, or public tenders in low-, lower middle- or upper middle-income countries (LMICs), or through specific diabetes access and affordability programmes or humanitarian donations.
    3) Total cumulative number of children. The number of children reached with Diabetes care treatment through the Changing Diabetes® in Children programme since the initiation of the partnership in 2009.
    4) Defined as chief executive officer (CEO), executive vice presidents (EVP), senior vice presidents (SVP), corporate vice presidents (CVP) and vice presidents (VP).

    Patients
    The number of people reached with Novo Nordisk products, across Diabetes and Obesity care, was 45.7 million. This is an increase of 3.9 million patients compared to end of March 2024.

    By the end of March 2025, the number of vulnerable patients treated with Diabetes care products reached 8.1 million. This is a 8% decline compared to the same period last year, driven by fewer tender sales.

    The Changing Diabetes® in Children programme aims to reach 100,000 children by 2030. By the end of March 2025, 68,935 children were reached with Diabetes care treatment, an increase of 27% compared to the end of March 2024.

    Sustainable employer
    Novo Nordisk aspires to be a sustainable employer. At the end of March 2025, 42% of leaders in senior leadership positions were women, compared to 41%, at the end of March 2024. While Novo Nordisk maintains our global aspiration of a minimum 45% representation for each gender by the end of 2025, Novo Nordisk's operations in the U.S. will no longer participate in this global initiative due to evolving legal requirements. We remain committed to non-discrimination and innovation through diverse perspectives, always in compliance with local regulations.

    The number of full-time employees at the end of March 2025, increased by 17% compared to 12 months ago. The total number of full-time employees was 77,406. The increase is mainly driven by Product Supply. The acquisition of Catalent account for around 3000 full-time employees compared to 12 months ago.

    International crises, geopolitical tensions and natural disasters
    Novo Nordisk is committed to supporting the safety of our employees and ensuring uninterrupted access to essential medicines during humanitarian crises. Our priorities include safeguarding our workforce and collaborating with humanitarian organisations to provide critical medications to affected regions.

    In recent crises, including the Israel-Hamas conflict and Russia's invasion of Ukraine, we have maintained essential supplies to ensure patients can continue their treatments, underscoring our dedication to supporting communities in need.



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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 20 of 36
    CORPORATE GOVERNANCE
    Changes in Executive Management
    In April, Novo Nordisk announced changes in Executive Management. After a distinguished career of 28 years with Novo Nordisk, hereof seven years as executive vice president of Commercial Strategy & Corporate Affairs, Camilla Sylvest has decided to leave the company. Consequently, as of 3 April 2025, the following organisational changes were implemented:

    Ludovic Helfgott, executive vice president, Rare Disease, assumed the responsibility for Product & Portfolio Strategy, including commercial strategy, medical affairs and business development across all therapy areas. Ludovic joined Novo Nordisk in 2019 as executive vice president and has led the establishment of a strategic Rare Disease portfolio.

    Thilde Hummel Bøgebjerg, senior vice president, Product Supply Emerging Technologies, was promoted to executive vice president, Quality, IT & Environmental Affairs. Thilde has been with Novo Nordisk for 18 years and has held various leadership roles with increasing responsibility, mainly within Product Supply and CMC development.

    Lastly, Tania Sabroe, executive vice president of People & Organisation, assumed responsibility for Global Communication in addition to her current responsibilities.





























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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 21 of 36
    LEGAL MATTERS
    Litigation in relation to the FDA drug shortage list
    On 21 February 2025, the US FDA removed semaglutide injectables from the FDA drug shortage list. On 24 February 2025,
    the Outsourcing Facilities Association (“OFA”) and North American Custom Laboratories (“NACL”) filed a lawsuit in Federal
    Court in Texas against FDA, challenging FDA’s resolution of the semaglutide injectables shortage. Novo Nordisk Inc. intervened in the litigation to oppose the relief sought by OFA and NACL. On 20 March 2025, OFA and NACL filed a motion for preliminary injunction against FDA in the litigation. Novo Nordisk and FDA opposed the motion. Following the resolution of the shortage, FDA communicated that it would not be taking action against 503A compounding pharmacies and 503B outsourcing facilities for shortage-based semaglutide compounding until after 22 April and 22 May, respectively. FDA subsequently clarified that this period of enforcement discretion would end on each of these dates or on the date the Federal Court in Texas issued a decision on OFA and NACL’s motion for preliminary injunction, whichever is later. On 24 April, the court denied OFA and NACL’s motion for preliminary injunction, thereby ending the period of enforcement discretion for 503A compounding pharmacies. The period of enforcement discretion for 503B outsourcing facilities will end on 22 May.

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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 22 of 36
    STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
    The Board of Directors and Executive Management have today considered and approved this financial report of Novo Nordisk A/S containing condensed financial information and condensed sustainability information for the first three months of 2025. This financial report has not been audited or reviewed by the company's independent auditors.

    The condensed financial information in this financial report has been prepared in accordance with the recognition and measurement requirements in the IFRS Accounting Standards as adopted by the EU and the accounting policies are consistent with those applied in the Annual Report 2024.

    The condensed sustainability information in this financial report has been prepared in accordance with the ESRS and the accounting policies are consistent with those applied in the Annual Report 2024.

    In our opinion, the accounting policies used are appropriate, and the overall presentation of this financial report is
    adequate. Furthermore, in our opinion, this financial report includes a true and fair view of the financial position at 31 March 2025 as well as of the results of the operations, the cash flows and the sustainability performance for the period 1 January - 31 March 2025. Furthermore, in our opinion, Management's Review contains a fair review of the development of the Group's business and financial matters, the results for the period and of the financial position, together with a description of the principal risks and uncertainties that the Group faces in accordance with Danish disclosure requirements for listed companies.


    Bagsværd, 7 May 2025
    Executive Management:
    Lars Fruergaard Jørgensen
    President and CEO
    Karsten Munk Knudsen
    CFO
    Board of Directors:
    Helge Lund
    Chair
    Henrik Poulsen
    Vice chair
    Elisabeth Dahl Christensen
    Laurence DebrouxAndreas FibigSylvie Grégoire
    Liselotte HyveledMette Bøjer JensenKasim Kutay
    Christina LawMartin MackayThomas Rantzau

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    Page 23 of 36
    About Novo Nordisk
    Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.

    Financial Calendar
    6 August 2025Financial results for the first six months of 2025
    15 August 2025 (updated)Ex-dividend, B shares
    5 November 2025Financial results for the first nine months of 2025
    4 February 2026Financial statement for 2025
    Contacts for further information
    Media:
    Ambre James-Brown
    +45 3079 9289
    [email protected]
    Liz Skrbkova (US)
    +1 609 917 0632
    [email protected]
      
    Investors:
    Jacob Martin Wiborg Rode
    +45 3075 5956
    [email protected]
    Sina Meyer
    +45 3079 6656
    [email protected]
    Ida Schaap Melvold
    +45 3077 5649
    [email protected]
    Frederik Taylor Pitter (US)
    +1 609 613 0568
    [email protected]
    Max Ung
    +45 3077 6414
    [email protected]
    Forward-looking statements
    Novo Nordisk’s statutory Annual Report 2024, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain certain forward-looking statements relating to the operating, financial and sustainability performance and results of Novo Nordisk and/or the industry in which it operates. Forward-looking statements can be identified by the fact that they do not relate to historical or current facts and include guidance. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘transition plan’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating, financial or sustainability performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:
    Statements of targets, future guidance, (transition) plans, objectives or goals for future operations, including those related to operating, financial and sustainability matters, Novo Nordisk’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto;

    •Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures;
    •Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings; and
    •Statements regarding the assumptions underlying or relating to such statements.
    •These statements are based on current plans, estimates, opinions, views and projections. Although Novo Nordisk believes that the expectation reflected in such forward-looking statements are reasonable, there can be no assurance that such expectation will prove to be correct. By their very nature, forward-looking statements involve risks, uncertainties and assumptions, both general and specific, and actual results may differ materially from those contemplated, expressed or implied by any forward-looking statement.

    Factors that may affect future results include, but are not limited to, global as well as local political, economic and environmental conditions, such as interest rate and currency exchange rate fluctuations or climate change, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, including as a result of interruptions or delays affecting supply chains on which Novo Nordisk relies, shortages of supplies, including energy supplies, product recalls, unexpected contract breaches or terminations, government- mandated or market-driven price decreases for Novo Nordisk’s products, introduction of competing products, reliance on information technology including the risk of cybersecurity breaches, Novo Nordisk’s ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, and taxation changes, including changes in tariffs and duties, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, strikes and other labour market disputes, failure to recruit and retain the right employees, failure to maintain a culture of compliance, epidemics, pandemics or other public health crises, the effects of domestic or international crises, civil unrest, war or other conflict and factors related to the foregoing matters and other factors not specifically identified herein.

    For an overview of some, but not all, of the risks that could adversely affect Novo Nordisk’s results or the accuracy of forward-looking statements in the Annual Report 2024, reference is made to the overview of risk factors in ‘Risks’ of the Annual Report 2024.

    None of Novo Nordisk or its subsidiaries or any such person's officers, or employees accept any responsibility for the future accuracy of the opinions expressed in the Annual Report 2024, Form 20-F, any quarterly financial reports, and written information released, shown, or oral statements made, to the public in the future by or on behalf of Novo Nordisk or the actual occurrence of the forecasted developments.

    Unless required by law, Novo Nordisk has no duty and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 24 of 36
    APPENDIX 1: QUARTERLY NUMBERS IN DKK
    (Amounts in DKK million, except number of full-time equivalent employees, earnings per share and number of shares outstanding).
    % change
    20252024Q1 2025 vs.
    Q1Q4Q3Q2Q1Q1 2024
    Net sales78,08785,68371,31168,06065,34919 %
    Gross profit65,19772,65960,00357,78655,43318 %
    Gross margin83.5%84.8%84.1%84.9%84.8%
    Sales and distribution costs(14,892)(18,701)(15,210)(14,934)(13,256)12 %
    Percentage of sales19.1%21.8%21.3%21.9%20.3%
    Research and development costs1
    (10,308)(13,802)(9,488)(16,166)(8,606)20 %
    Percentage of sales13.2%16.1%13.3%23.8%13.2%
    Administrative costs(1,220)(1,580)(1,382)(1,157)(1,157)5 %
    Percentage of sales1.6%1.8%1.9%1.7%1.8%
    Other operating income and expenses14(1,839)(101)405(568)N/A
    Operating profit (EBIT)38,79136,73733,82225,93431,84622 %
    Operating margin49.7%42.9%47.4%38.1%48.7%
    Financial income3,4253,913(821)9602,14660 %
    Financial expenses(5,183)(5,093)1,383(1,562)(2,074)150 %
    Financial items (net)(1,758)(1,180)562(602)72N/A
    Profit before income taxes37,03335,55734,38425,33231,91816 %
    Income taxes(7,999)(7,327)(7,083)(5,282)(6,511)23 %
    Net profit29,03428,23027,30120,05025,40714 %
    Depreciation, amortisation and impairment losses3,8305,1982,1508,8452,91431 %
    Capital expenditure (PP&E)13,42216,10112,11910,4708,47458 %
    Net cash flows from operating activities
    24,59112,30143,85050,50314,31472 %
    Free cash flow9,492(86,467)30,45136,2895,02089 %
    EBITDA42,62141,93535,97234,77934,76023 %
    Adjusted net profit30,30430,51627,79725,79526,44915 %
    Total assets489,162465,795397,441369,383298,92164 %
    Total equity138,540143,486120,522112,52298,91140 %
    Equity ratio28.3%30.8%30.3%30.5%33.1%
    Full-time equivalent employees end of period77,40676,30271,88069,26066,01517 %
    Basic earnings per share/ADR (in DKK)6.546.346.134.505.7015 %
    Diluted earnings per share/ADR (in DKK)6.536.346.124.495.6815 %
    Average number of shares outstanding (million)4,439.54,446.24,452.34,457.74,459.60 %
    Average number of diluted shares outstanding (million)4,446.44,455.54,460.54,465.44,470.5(1 %)
    Sales by business segment:
       Total GLP-139,57442,17334,93537,03534,98213 %
       Long-acting insulin5,3885,1584,0354,7375,1654 %
       Premix insulin2,8132,8672,5182,4362,968(5 %)
       Fast-acting insulin5,0526,0174,1503,8684,48713 %
       Human insulin1,7441,8451,8061,5711,7450 %
       Total insulin14,99715,88712,50912,61214,3654 %
       Other Diabetes care473512492533583(19 %)
       Total Diabetes care55,04458,57247,93650,18049,93010 %
       Wegovy®
    17,36019,86617,30411,6599,37785 %
       Saxenda®
    1,0641,5401,4972,2451,658(36 %)
       Total Obesity care
    18,42421,40618,80113,90411,03567 %
       Diabetes and Obesity care total73,46879,97866,73764,08460,96521 %
       Rare blood disorders2,9213,3982,9882,8642,8881 %
       Rare endocrine disorders1,3121,9231,2277301,11318 %
       Other Rare disease3863843593823831 %
       Rare disease total4,6195,7054,5743,9764,3845 %
    Sales by geographic segment:
    US Operations44,31652,37139,84738,40436,78220 %
    International Operations33,77133,31231,46429,65628,56718 %
     - EUCAN14,76516,41814,09813,91013,11913 %
     - Emerging Markets8,7907,1948,3236,7587,24021 %
     - APAC4,5945,3764,3354,0253,70224 %
     - Region China5,6224,3244,7084,9634,50625 %
    Segment operating profit:
       Diabetes and Obesity care38,24736,04433,47326,98431,21823 %
       Rare disease544693349(1,050)628(13 %)
    1) Research and development costs include an impairment loss of DKK 5.7 billion in the second quarter of 2024 related to ocedurenone. The impairment loss is recognised in the segment Diabetes and Obesity.

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    Page 25 of 36
    APPENDIX 2: INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
    DKK millionQ1 2025Q1 2024
    Income statement
    Net sales78,08765,349
    Cost of goods sold(12,890)(9,916)
    Gross profit65,19755,433
     
    Sales and distribution costs(14,892)(13,256)
    Research and development costs(10,308)(8,606)
    Administrative costs(1,220)(1,157)
    Other operating income and expenses14(568)
    Operating profit38,79131,84631846000000
    Financial income3,4252,146
    Financial expenses(5,183)(2,074)
    Profit before income taxes37,03331,918
    Income taxes(7,999)(6,511)
    NET PROFIT29,03425,40725407000000
    Basic earnings per share (DKK)6.545.70
    Diluted earnings per share (DKK)6.535.68
    Segment Information
    Segment sales:
       Diabetes and Obesity care73,46860,965
       Rare disease4,6194,384
    Segment operating profit:
       Diabetes and Obesity care38,24731,218
        Operating margin52.1%51.2%
       Rare disease544628
        Operating margin11.8%14.3%
    Total segment operating profit38,79131,846
    Statement of comprehensive income
    Net profit
    29,03425,407
    Other comprehensive income
    Remeasurements of defined benefit obligations
    82(73)
    Items that will not be reclassified subsequently to the income statement
    82(73)
    Exchange rate adjustments of investments in subsidiaries
    (2,519)425
    Cash flow hedges:
        Realisation of previously deferred (gains)/losses
    1,771(1,612)
        Deferred gains/(losses) on hedges, incurred during the period
    4,436(1,247)
    Tax and other items
    (1,505)573
    Items that will be reclassified subsequently to the income statement
    2,183(1,861)
     Other comprehensive income
    2,265(1,934)
    TOTAL COMPREHENSIVE INCOME
    31,29923,473

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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 26 of 36
    APPENDIX 3: CASH FLOW STATEMENT
    DKK millionQ1 2025Q1 2024
    Net profit 29,034 25,407 
    Adjustment for non-cash items:
        Income taxes in the income statement
    7,999 6,511 
        Depreciation, amortisation and impairment losses3,830 2,914 
        Other non-cash items2,966 874 
    Change in working capital(16,428)(9,608)
    Interest received694 480 
    Interest paid(833)(140)
    Income taxes paid(2,671)(12,124)
    Net cash flows from operating activities
    24,591 14,314 
     
    Purchase of intangible assets(1,164)(535)
    Purchase of property, plant and equipment(13,422)(8,474)
    Purchase of other financial assets (115)(15)
    Purchase of marketable securities— (1,145)
    Sale of marketable securities8,028 14,125 
    Net cash flows from investing activities
    (6,673)3,956 
    Purchase of treasury shares(1,388)(2,836)
    Dividends declared1
    (35,274)(28,557)
    Dividends paid after the reporting date
    20,244 — 
    Withheld dividend tax6,538 5,328 
    Proceeds from borrowings27,363 — 
    Repayment of borrowings(12,032)(317)
    Net cash flows from financing activities
    5,451 (26,382)
    Net cash generated from activities
    23,369 (8,112)
    Cash and cash equivalents at the beginning of the year15,655 14,392 
    Exchange gain/(loss) on cash and cash equivalents(86)44 
    Cash and cash equivalents at the end of the period38,938 6,324 
    1) On 27 March 2025, a final dividend of DKK 7.90 for each Novo Nordisk A and B share (amounting to DKK 35,274 million) was approved at the Annual General Meeting 2025. Dividend on A shares (DKK 8,492 million) was paid on 28 March 2025 and dividends on B shares (DKK 26,782 million including withheld taxes) was paid in April 2025. Accordingly, dividend on B shares was recognised as a current liability within ‘Other liabilities’ in balance sheet.


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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 27 of 36
    APPENDIX 4: BALANCE SHEET
    DKK million31 Mar 202531 Dec 2024
    ASSETS
    Intangible assets109,379 111,090 
    Property, plant and equipment172,376 162,488 
    Investments in associated companies394 400 
    Deferred income tax assets26,275 24,627 
    Other receivables and prepayments4,037 4,016 
    Other financial assets2,306 2,277 
    TOTAL NON-CURRENT ASSETS314,767 304,898 
    Inventories42,853 40,849 
    Trade receivables69,459 71,949 
    Tax receivables2,983 2,853 
    Other receivables and prepayments13,924 12,612 
    Marketable securities2,612 10,653 
    Derivative financial instruments3,626 6,326 
    Cash at bank38,938 15,655 
    TOTAL CURRENT ASSETS174,395 160,897 
    TOTAL ASSETS489,162 465,795 
    EQUITY AND LIABILITIES
    Share capital446 446 
    Treasury shares(2)(2)
    Retained earnings137,319 144,448 
    Other reserves777 (1,406)
    TOTAL EQUITY138,540 143,486 
    Borrowings96,310 89,674 
    Deferred income tax liabilities8,705 5,426 
    Retirement benefit obligations836 903 
    Other liabilities21 23 
    Provisions8,633 8,755 
    Total non-current liabilities114,505 104,781 
    Borrowings22,413 13,113 
    Trade payables19,576 28,846 
    Tax payables15,501 9,716 
    Other liabilities58,585 37,993 
    Derivative financial instruments2,392 7,531 
    Provisions 117,650 120,329 
    Total current liabilities236,117 217,528 
    TOTAL LIABILITIES350,622 322,309 
    TOTAL EQUITY AND LIABILITIES489,162 465,795 

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    Financial report for the period 1 January 2025 to 31 March 2025
    Page 28 of 36
    APPENDIX 5: EQUITY STATEMENT
    DKK millionShare
    capital
    Treasury
    shares
    Retained
    earnings
    Other reservesTotal
    Q1 2025
    Balance at the beginning of the year446 (2)144,448 (1,406)143,486 
    Net profit
    29,034 29,034 
    Other comprehensive income for the period82 2,183 2,265 
    Total comprehensive income for the period29,116 2,183 31,299 
    Transactions with owners:
    Dividends1
    (35,274)(35,274)
    Share-based payments453 453 
    Purchase of treasury shares0 (1,388)(1,388)
    Tax related to transactions with owners
    (36)(36)
    Balance at the end of the period446 (2)137,319 777 138,540 
    1) On 27 March 2025, a final dividend of DKK 7.90 for each Novo Nordisk A and B share (amounting to DKK 35,274 million) was approved at the Annual General Meeting 2025. Dividend on A shares (DKK 8,492 million) was paid on 28 March 2025 and dividends on B shares (DKK 26,782 million including withheld taxes) was paid in April 2025. Accordingly, dividend on B shares was recognised as a current liability within ‘Other liabilities’ in balance sheet.
    DKK millionShare
    capital
    Treasury
    shares
    Retained
    earnings
    Other reservesTotal
    Q1 2024
    Balance at the beginning of the year451 (5)104,839 1,276 106,561 
    Net profit25,407 25,407 
    Other comprehensive income for the period(73)(1,861)(1,934)
    Total comprehensive income for the period25,334 (1,861)23,473 
    Transactions with owners:
    Dividends(28,557)(28,557)
    Share-based payments368 368 
    Purchase of treasury shares0 (2,836)(2,836)
    Tax related to transactions with owners
    (98)(98)
    Balance at the end of the period451 (5)99,050 (585)98,911 



    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 29 of 36
    APPENDIX 6: SALES SPLIT PER AREA
    Q1 2025 sales split per area
    DKK millionTotalUS OperationsInternational
     Operations
    EUCANEmerging MarketsAPACRegion China
    Diabetes and Obesity care segment
    Injectable GLP-133,87923,14310,7365,1892,9198841,744
    % change at CER11%11%10%2%19%7%27%
    Ozempic®
    32,72122,8699,8524,9382,5748301,510
    % change at CER15%17%12%2%14%15%56%
    Victoza®
    1,15827488425134554234
    % change at CER(46%)(78%)(6%)(1%)75%(50%)(42%)
    Rybelsus®
    5,6952,4093,2861,88152782157
    % change at CER13%0%25%36%1%23%5%
    Total GLP-139,57425,55214,0227,0703,4461,7051,801
    % change at CER11%10%13%9%16%14%26%
    Long-acting insulin5,3881,7893,5991,560865339835
    % change at CER3%4%3%(2%)4%(6%)16%
    Awiqli®
    59—5913—244
    % change at CER———————
    Tresiba®
    3,5771,7001,877863520218276
    % change at CER27%78%2%1%6%(3%)0%
    Xultophy®
    1,209891,1204828889461
    % change at CER7%(9%)9%(1%)(13%)(16%)40%
    Levemir®
    543—5432022573054
    % change at CER(58%)(100%)(15%)(20%)6%3%(52%)
    Premix insulin2,8131372,6762405434941,399
    % change at CER(7%)(33%)(5%)(10%)(2%)(14%)(2%)
    Ryzodeg®
    1,432—1,43257219299857
    % change at CER12%—12%24%31%(10%)17%
    NovoMix®
    1,3811371,244183324195542
    % change at CER(21%)(33%)(20%)(17%)(17%)(18%)(22%)
    Fast-acting insulin5,0522,4332,6191,153789290387
    % change at CER10%31%(5%)(4%)2%0%(19%)
    Fiasp®
    8344064283126254—
    % change at CER44%120%9%3%49%15%—
    NovoRapid®
    4,2182,0272,191841727236387
    % change at CER5%21%(7%)(6%)(1%)(2%)(19%)
    Human insulin1,7443341,410190714281225
    % change at CER2%(9%)5%(16%)6%20%6%
    Total insulin14,9974,69310,3043,1432,9111,4042,846
    % change at CER3%13%(1%)(4%)3%(3%)0%
    Other Diabetes care1
    473414321327170159
    % change at CER(20%)(33%)(19%)(7%)0%6%(37%)
    Total Diabetes care55,04430,28624,75810,3456,4283,1794,806
    % change at CER8%10%6%4%9%5%6%
    Wegovy®
    17,36011,8545,5062,6791,288853686
    % change at CER83%39%392%150%———
    Saxenda®
    1,064859794963729318
    % change at CER(35%)0%(40%)(41%)(24%)(66%)(28%)
    Total Obesity care 18,42411,9396,4853,1751,660946704
    % change at CER65%40%137%66%207%250%—
    Diabetes and Obesity care total73,46842,22531,24313,5208,0884,1255,510
    % change at CER19%18%20%14%27%26%21%
    Rare disease segment
    Rare blood disorders2
    2,9211,3191,602792466241103
    % change at CER(1%)4%(4%)(2%)(22%)7%186%
    Haemophilia A55491463253725682
    % change at CER(10%)(52%)9%3%(30%)(2%)344%
    Haemophilia B34214220013521395
    % change at CER27%64%10%2%—3%0%
    NovoSeven®
    1,87999388638436612016
    % change at CER(5%)4%(14%)(9%)(22%)(3%)25%
    Rare endocrine disorders3
    1,3127145982141921866
    % change at CER14%(5%)51%6%366%29%100%
    Other Rare disease4
    3865832823944423
    % change at CER1%17%(2%)8%(33%)(2%)(50%)
    Rare disease total4,6192,0912,5281,245702469112
    % change at CER3%1%5%1%(2%)14%157%
    Total sales78,08744,31633,77114,7658,7904,5945,622
    % change at CER18%17%19%13%24%25%22%
    % change as reported19%20%18%13%21%24%25%
    Share of growth100%53%47%15%15%8%9%
    1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
    2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo®.
    3) Primarily Norditropin® and Sogroya®.
    4) Primarily Vagifem® and Activelle®.


    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 30 of 36
    APPENDIX 7: NON-IFRS FINANCIAL MEASURES (ADDITIONAL INFORMATION)
    In this Company Announcement, Novo Nordisk discloses certain financial measures of the Group’s financial performance, financial position and cash flows that reflect adjustments to the directly comparable measures calculated and presented in accordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in the same manner and may thus not be comparable with such measures. The non-IFRS financial measures presented in the Company Announcement are Net sales and operating profit at CER, EBITDA, EBITDA at CER, Adjusted net profit and Free cash flow.

    Net sales and operating profit growth at CER
    'Growth at CER’ means that the effect of changes in exchange rates is excluded. It is defined as Net sales/Operating profit for the period measured at the average exchange rates for the same period prior year compared with Net sales/Operating profit for the same period prior year. Price adjustments within hyperinflation countries, as defined in IAS 29 ‘Financial reporting in hyperinflation economies’, are excluded from the calculation to avoid growth at CER being artificially inflated.

    Growth at CER is considered to be relevant information for investors in order to understand the underlying development in net sales and operating profit by adjusting for the impact of currency fluctuations.

    Net sales at CER
    DKK millionQ1 2025Q1 2024 % change
    Q1 2025 to
    Q1 2024
    Net sales78,08765,349 19 %
    Effect of exchange rates (1,229)958 
    Net sales at CER
    76,85866,307 N/A
    Net sales previous period65,349
    % increase/(decrease) in constant exchange rates18 %
    Operating profit at CER
    DKK millionQ1 2025Q1 2024 % change
    Q1 2025 to
    Q1 2024
    Operating profit38,79131,846 22 %
    Effect of exchange rates(630)748 
    Operating profit at CER38,16132,594 N/A
    Operating profit previous period31,846
    % increase/(decrease) in constant exchange rates20 %


    EBITDA and EBITDA at CER
    Novo Nordisk has significantly increased its Business Development M&A activities and Capital expenditure for property, plant and equipment during recent years. Novo Nordisk defines EBITDA as ’Net profit’ adjusted for 'income taxes', 'financial items', 'depreciation and amortisation' and 'impairment losses and reversals'. EBITDA is a measure that is widely used by investors and analysts as it helps analyse operating results from core business operations without including the effects of capital structure, tax rates and depreciation and amortisation and impairment losses. These factors can vary substantially between companies. 'EBITDA at CER’ means that the effect of changes in exchange rates is excluded by measuring EBITDA (as defined above) at the average exchange rates for the same period prior year.

    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 31 of 36
    EBITDA and EBITDA at CER
    DKK millionQ1 2025Q1 2024 % change
    Q1 2025 to
    Q1 2024
    Net profit29,03425,407 14 %
    Income taxes7,9996,511 23 %
    Financial income
    (3,425)(2,146)60 %
    Financial expenses
    5,1832,074 150 %
    Operating profit (EBIT)38,79131,846 22 %
    Depreciation, amortisation, impairment losses and reversals
    3,8302,914 31 %
    EBITDA42,62134,760 23 %
    Effect of exchange rates(652)767 
    EBITDA at CER41,96935,527 N/A
    EBITDA previous period34,760
    % increase/(decrease) in constant exchange rates21 %

    Adjusted net profit
    Novo Nordisk defines Adjusted net profit as ’Net profit’ excluding 'impairment losses and reversals on intangible assets', 'amortisations on intangible assets' and the related 'Tax effects of impairment losses and reversals and amortisations of intangible assets'. Adjusted net profit is considered to be relevant information for investors to enhance the comparability as it helps analyse financial performance from core business operations without including the effects of amortisation and impairment losses. These factors can vary substantially between companies and from year to year.

    Adjusted net profit
    DKK millionQ1 2025Q1 2024 % change
    Q1 2025 to
    Q1 2024
    Net profit29,03425,407 14 %
    Impairment losses and reversals on intangible assets2757 N/A
    Amortisations on intangible assets1,623586 177 %
    Tax effects of impairments and amortisations of intangible assets(355)(301)18 %
    Adjusted net profit30,30426,449 15 %
    Free cash flow
    Novo Nordisk defines free cash flow as ’net cash generated from operating activities’, less ‘net cash used in investing activities’, less repayment on lease liabilities and excluding net change of marketable securities. Free cash flow is a measure of the amount of cash generated in the period which is available for the Board of Directors to allocate between Novo Nordisk's capital providers, through e.g. dividends, share repurchases and repayment of debt (excluding lease liability repayments) or for retaining in the business to fund future growth.

    The following table shows a reconciliation of Free cash flow with Net cash generated from operating activities, the most directly comparable IFRS financial measure:

    Free cash flow
    DKK millionQ1 2025Q1 2024
    Net cash generated from operating activities24,591 14,314 
    Net cash used in investing activities(6,673)3,956 
    Add-back of net purchase (net sale) of marketable securities(8,028)(12,980)
    Repayment on lease liabilities(398)(270)
    Free cash flow9,492 5,020 
    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 32 of 36
    APPENDIX 8: NEW SALES SPLIT PER AREA (ADDITIONAL INFORMATION)
    As of January 2025, North America Operations and International Operations were reorganised and the sales split per area was restated to reflect the new organisation consisting of US Operations and International Operations. International Operations cover the following Regions: EUCAN (covering Europe and Canada), Emerging Markets (covering mainly Latin America, Middle East, and Africa), APAC (covering Japan, Korea, Oceania and Southeast Asia) and Region China (covering Mainland China, Hong Kong and Taiwan).

    Q1 2024 sales split per area
    DKK millionTotalUS OperationsInternational
     Operations
    EUCANEmerging MarketsAPACRegion China
    Diabetes and Obesity care segment
    Injectable GLP-129,96920,1339,8365,1582,5078231,348
    Ozempic®
    27,81018,9448,8664,9042,294716952
    Victoza®
    2,1591,189970254213107396
    Rybelsus®
    5,0132,3362,6771,37758765855
    Total GLP-134,98222,46912,5136,5353,0941,4811,403
    Long-acting insulin5,1651,6673,4981,600829364705
    Awiqli®
    ———————
    Tresiba®
    2,7639241,839859480228272
    Xultophy®
    1,123941,029490109107323
    Levemir®
    1,27964963025124029110
    Premix insulin2,9681962,7722645295731,406
    Ryzodeg®
    1,267—1,26745166335721
    NovoMix®
    1,7011961,505219363238685
    Fast-acting insulin4,4871,8002,6871,194732291470
    Fiasp®
    5671793883023947—
    NovoRapid®
    3,9201,6212,299892693244470
    Human insulin1,7453561,389227717238207
    Total insulin14,3654,01910,3463,2852,8071,4662,788
    Other Diabetes care1
    583585251426966248
    Total Diabetes care49,93026,54623,3849,9625,9703,0134,439
    Wegovy®
    9,3778,2321,1451,075691—
    Saxenda®
    1,658(2)1,66084551427625
    Total Obesity care 11,0358,2302,8051,92058327725
    Diabetes and Obesity care total60,96534,77626,18911,8826,5533,2904,464
    Rare disease segment
    Rare blood disorders2
    2,8881,2301,65881258522635
    Haemophilia A603185418245995618
    Haemophilia B262851771322385
    NovoSeven®
    1,9529241,02842147012512
    Rare endocrine disorders3
    1,113728385201381433
    Other Rare disease4
    3834833522464434
    Rare disease total4,3842,0062,3781,23768741242
    Total sales65,34936,78228,56713,1197,2403,7024,506
    1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
    2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo®.
    3) Primarily Norditropin® and Sogroya®.
    4) Primarily Vagifem® and Activelle®.
    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 33 of 36
    APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
    Q2 2024 sales split per area
    DKK millionTotalUS OperationsInternational
     Operations
    EUCANEmerging MarketsAPACRegion China
    Diabetes and Obesity care segment
    Injectable GLP-131,11720,70910,4084,9632,2429752,228
    Ozempic®
    28,87519,4489,4274,6641,9148661,983
    Victoza®
    2,2421,261981299328109245
    Rybelsus®
    5,9182,9093,0091,65353576853
    Total GLP-137,03523,61813,4176,6162,7771,7432,281
    Long-acting insulin4,7371,3843,3531,699701329624
    Awiqli®
    2—22———
    Tresiba®
    2,2975471,750925405202218
    Xultophy®
    1,067541,0135077894334
    Levemir®
    1,3717835882652183372
    Premix insulin2,436632,3732614425311,139
    Ryzodeg®
    1,163—1,16345157306655
    NovoMix®
    1,273631,210216285225484
    Fast-acting insulin3,8681,2042,6641,279732312341
    Fiasp®
    5651444213184954—
    NovoRapid®
    3,3031,0602,243961683258341
    Human insulin1,5712861,285220589261215
    Total insulin12,6122,9379,6753,4592,4641,4332,319
    Other Diabetes care1
    533474861377974196
    Total Diabetes care50,18026,60223,57810,2125,3203,2504,796
    Wegovy®
    11,6599,9071,7521,648104——
    Saxenda®
    2,2453921,85377970134231
    Total Obesity care13,90410,2993,6052,42780534231
    Diabetes and Obesity care total64,08436,90127,18312,6396,1253,5924,827
    Rare disease segment
    Rare blood disorders2
    2,8641,2551,609859402217131
    Haemophilia A6131025112985245116
    Haemophilia B36115820315311354
    NovoSeven®
    1,80293287040432712811
    Rare endocrine disorders3
    7301965341741921662
    Other Rare disease4
    3825233023839503
    Rare disease total3,9761,5032,4731,271633433136
    Total sales68,06038,40429,65613,9106,7584,0254,963
    1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
    2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo®.
    3) Primarily Norditropin® and Sogroya®.
    4) Primarily Vagifem® and Activelle®.



    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 34 of 36
    APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
    Q3 2024 sales split per area
    DKK millionTotalUS OperationsInternational
     Operations
    EUCANEmerging MarketsAPACRegion China
    Diabetes and Obesity care segment
    Injectable GLP-129,48219,7979,6854,9032,0147861,982
    Ozempic®
    29,80421,0748,7304,5671,6457061,812
    Victoza®
    (322)(1,277)95533636980170
    Rybelsus®
    5,4532,4343,0191,72049376343
    Total GLP-134,93522,23112,7046,6232,5071,5492,025
    Long-acting insulin4,0358443,1911,637636318600
    Awiqli®
    7—77———
    Tresiba®
    2,1103831,727891396205235
    Xultophy®
    1,039579825176389313
    Levemir®
    8794044752221772452
    Premix insulin2,518962,4222485325331,109
    Ryzodeg®
    1,153—1,15344153314642
    NovoMix®
    1,365961,269204379219467
    Fast-acting insulin4,1501,5092,6411,170844267360
    Fiasp®
    394(5)3993064944—
    NovoRapid®
    3,7561,5142,242864795223360
    Human insulin1,8063781,428213750251214
    Total insulin12,5092,8279,6823,2682,7621,3692,283
    Other Diabetes care1
    492574351356274164
    Total Diabetes care47,93625,11522,82110,0265,3312,9924,472
    Wegovy®
    17,30412,4884,8162,2111,806633166
    Saxenda®
    1,497891,40860950427322
    Total Obesity care18,80112,5776,2242,8202,310906188
    Diabetes and Obesity care total66,73737,69229,04512,8467,6413,8984,660
    Rare disease segment
    Rare blood disorders2
    2,9881,4581,53080047520946
    Haemophilia A568125443269955623
    Haemophilia B3059321215414395
    NovoSeven®
    2,0031,17682736334610018
    Rare endocrine disorders3
    1,2276755522201511792
    Other Rare disease4
    359223372325649—
    Rare disease total4,5742,1552,4191,25268243748
    Total sales71,31139,84731,46414,0988,3234,3354,708
    1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
    2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo®.
    3) Primarily Norditropin® and Sogroya®.
    4) Primarily Vagifem® and Activelle®.



    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 35 of 36
    APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
    Q4 2024 sales split per area
    DKK millionTotalUS OperationsInternational
     Operations
    EUCANEmerging MarketsAPACRegion China
    Diabetes and Obesity care segment
    Injectable GLP-135,25625,2629,9945,9631,9499031,179
    Ozempic®
    33,85324,7369,1175,6831,5958241,015
    Victoza®
    1,40352687728035479164
    Rybelsus®
    6,9173,1163,8012,033567841360
    Total GLP-142,17328,37813,7957,9962,5161,7441,539
    Long-acting insulin5,1581,6443,5141,762637348767
    Awiqli®
    10—104——6
    Tresiba®
    2,7359531,782957361211253
    Xultophy®
    1,274761,19855497103444
    Levemir®
    1,1396155242471793464
    Premix insulin2,8672772,5902665646301,130
    Ryzodeg®
    1,346—1,34652151379764
    NovoMix®
    1,5212771,244214413251366
    Fast-acting insulin6,0173,2612,7561,319803331303
    Fiasp®
    343(104)4473435549—
    NovoRapid®
    5,6743,3652,309976748282303
    Human insulin1,8455151,330208689263170
    Total insulin15,8875,69710,1903,5552,6931,5722,370
    Other Diabetes care1
    512504621396782174
    Total Diabetes care58,57234,12524,44711,6905,2763,3984,083
    Wegovy®
    19,86615,1434,7232,7716981,22430
    Saxenda®
    1,5402991,24156247617924
    Total Obesity care21,40615,4425,9643,3331,1741,40354
    Diabetes and Obesity care total79,97849,56730,41115,0236,4504,8014,137
    Rare disease segment
    Rare blood disorders2
    3,3981,4451,953920578304151
    Haemophilia A6701265443001026379
    Haemophilia B37815022817511393
    NovoSeven®
    2,2261,1031,12342546116869
    Rare endocrine disorders3
    1,9231,32260122313021434
    Other Rare disease4
    3843734725236572
    Rare disease total5,7052,8042,9011,395744575187
    Total sales85,68352,37133,31216,4187,1945,3764,324
    1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
    2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo®.
    3) Primarily Norditropin® and Sogroya®.
    4) Primarily Vagifem® and Activelle®.



    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    Financial report for the period 1 January 2025 to 31 March 2025
    Page 36 of 36
    APPENDIX 8: NEW SALES SPLIT PER AREA - CONTINUED (ADDITIONAL INFORMATION)
    2024 sales split per area
    DKK millionTotalUS OperationsInternational
     Operations
    EUCANEmerging MarketsAPACRegion China
    Diabetes and Obesity care segment
    Injectable GLP-1125,82485,90139,92320,9878,7123,4876,737
    Ozempic®
    120,34284,20236,14019,8187,4483,1125,762
    Victoza®
    5,4821,6993,7831,1691,264375975
    Rybelsus®
    23,30110,79512,5066,7832,1823,030511
    Total GLP-1149,12596,69652,42927,77010,8946,5177,248
    Long-acting insulin19,0955,53913,5566,6982,8031,3592,696
    Awiqli®
    19—1913——6
    Tresiba®
    9,9052,8077,0983,6321,642846978
    Xultophy®
    4,5032814,2222,0683473931,414
    Levemir®
    4,6682,4512,217985814120298
    Premix insulin10,78963210,1571,0392,0672,2674,784
    Ryzodeg®
    4,929—4,9291866271,3342,782
    NovoMix®
    5,8606325,2288531,4409332,002
    Fast-acting insulin18,5227,77410,7484,9623,1111,2011,474
    Fiasp®
    1,8692141,6551,269192194—
    NovoRapid®
    16,6537,5609,0933,6932,9191,0071,474
    Human insulin6,9671,5355,4328682,7451,013806
    Total insulin55,37315,48039,89313,56710,7265,8409,760
    Other Diabetes care1
    2,1202121,908553277296782
    Total Diabetes care206,618112,38894,23041,89021,89712,65317,790
    Wegovy®
    58,20645,77012,4367,7052,6771,858196
    Saxenda®
    6,9407786,1622,7952,1951,070102
    Total Obesity care65,14646,54818,59810,5004,8722,928298
    Diabetes and Obesity care total271,764158,936112,82852,39026,76915,58118,088
    Rare disease segment
    Rare blood disorders2
    12,1385,3886,7503,3912,040956363
    Haemophilia A2,4545381,9161,112348220236
    Haemophilia B1,3064868206143815117
    NovoSeven®
    7,9834,1353,8481,6131,604521110
    Rare endocrine disorders3
    4,9932,9212,07281851170241
    Other Rare disease4
    1,5081591,3499461951999
    Rare disease total18,6398,46810,1715,1552,7461,857413
    Total sales290,403167,404122,99957,54529,51517,43818,501
    1) Primarily NovoNorm®, needles and GlucaGen® HypoKit®.
    2) Comprises NovoSeven®, NovoEight®, Esperoct®, Refixia®, NovoThirteen® and Alhemo®.
    3) Primarily Norditropin® and Sogroya®.
    4) Primarily Vagifem® and Activelle®.




    Strategic aspirationsPerformance highlightsCommercial executionFinancialsCash flow and capital allocationOutlookInnovation and therapeutic focusPurpose and sustainabilityCorporate GovernanceLegalFinancial Information
     Company announcement No 14 / 2025


    SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.

    Date: May 7, 2025
    Novo Nordisk A/S

    Lars Fruergaard Jørgensen
    Chief Executive Officer





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