Performance Quick Read: Revenue Hits High, but Market Focuses on "2026 Variables"
Novo Nordisk disclosed that its net sales for 2025 amounted to DKK 309.164 billion, marking a 10% growth at constant exchange rates (CER); operating profit stood at DKK 127.658 billion, reflecting a 6% growth at CER. However, the company also provided a forecast for 2026 with an "adjusted" sales and operating profit growth range of -5% to -13% (at CER), citing price pressures, patent expirations, and competitive factors as key concerns—these were also central to the weakening market sentiment on the day.
Semaglutide Remains the Main Engine: Ozempic, Wegovy, and Oral Formulations Together Hold the Fort
From a product perspective, the total sales for the entire line of semaglutide in 2025 were approximately DKK 228.288 billion (around USD 36.1 billion):
- Ozempic (injection for diabetes): DKK 127.089 billion
- Wegovy (injection for weight loss): DKK 79.106 billion
- Oral Semaglutide (for diabetes): DKK 22.093 billion
The company also emphasized in its annual disclosure that the combined sales of its obesity and diabetes businesses reached DKK 289.5 billion (growing 10% at CER), with the obesity segment showing the highest growth at CER.
Oral Wegovy "Launch Data" Amplified: About 50,000 Weekly Prescriptions in the First Three Weeks of Launch
Novo Nordisk stated that the US regulators have approved its "once-daily oral semaglutide 25mg" for weight loss, and its US commercialization began on January 5. As of January 23, the total weekly prescriptions were about 50,000, mainly driven by initial doses in the self-pay channel. Within the company's narrative, this product is seen as a key lever for "expanding patient access."
Pipeline and Regulatory Milestones: Higher Dose, Next-Generation Weight Loss and Hemophilia Treatments in the Queue
Beyond its blockbuster products, Novo Nordisk disclosed:
- It has submitted a supplemental application to the US FDA for a higher dose of Wegovy 7.2mg;
- The next-generation obesity treatment asset CagriSema is also in critical advancement stages;
- In the hemophilia field, Mim8 has been highlighted by the company as an important regulatory focus for the coming year.
In his statement, CEO Lars Fruergaard Jørgensen mentioned that despite stronger pricing headwinds expected in 2026, the early performance of oral Wegovy is encouraging, and the company hopes to counteract pressure through volume expansion.
Why Stock Prices Fluctuated Dramatically: Drug Pricing Policies and Competition Bring the "High-Growth Narrative" Back to Reality
Externally, Reuters reported that the company's expected decline in 2026 is related to US drug pricing policy pressures, intensified competition, and patent expirations in some markets; following the announcement, the stock price noticeably retracted.
Greater China: Diabetes and GLP-1 Remain Key Focus Areas
Novo Nordisk stated in its disclosure that it maintains a leading position in the diabetes-related GLP-1 and insulin markets in Greater China, while also achieving rapid growth in the obesity and rare disease sectors.
