By Fineline Cube 
Denmark‑based biopharma Novo Nordisk A/S (NYSE: NVO) disclosed Q1‑Q3 2025 financials that show a 15 % year‑over‑year (YoY) rise in global group net sales, reaching DKK 229,920 million (USD 35.4 billion). For the June‑September quarter, net sales grew 11 % YoY to DKK 74,976 million (USD 11.55 billion).
Why the Numbers Matter
- Third consecutive slowdown: The growth trajectory, driven by the anti‑obesity portfolio, has cooled for the third straight quarter.
- Guidance revision: Novo Nordisk slashed its full‑year sales guidance by 4 percentage points to 8–11 % and operating‑profit growth guidance by 6 percentage points to 4–7 %.
- Cost‑related hit: Q3 earnings factored in a one‑off DKK 9 billion restructuring expense aimed at streamlining the company for future growth.
Pillar Products and Geography
| Product | 9‑Month Gross (USD m) | YoY Growth |
|---|---|---|
| Injectable GLP‑1 Ozempic (semaglutide) – diabetes | 14,670 m | +13 % |
| Oral GLP‑1 Rybelsus (semaglutide) – diabetes | 2,630 m | +5 % |
| Anti‑obesity Wegovy (semaglutide) | 8,820 m | +54 % (US +25 %; International +168 %) |
| Insulin portfolio | 6,120 m | +2 % (US supply constraints cited) |
Key take‑aways:
- Ozempic continues to be the flagship glucose‑control product, with sales climbing 13 % YoY.
- Rybelsus saw modest gains, reflecting early‑stage market penetration.
- Wegovy’s surge—especially international 168 % growth—remains the loudest driver behind the 15 % sales uptick.
Geographic Snapshot (9 Months)
| Region | Sales (USD m) | Constant‑Currency Growth |
|---|---|---|
| US operations | 19,778 | 15 % |
| International (non‑US) | 15,631 | 16 % |
| EU CAN | 7,389 | 18 % |
| Emerging markets | 3,537 | 8 % |
| Asia‑Pacific | 2,414 | 35 % |
| China | 2,290 | 8 % |
| Total | 35,409 | 15 % |
Bottom‑Line Performance
The anti‑obesity segment remains Novo Nordisk’s fastest‑growing area, while insulin sales plateaued due to U.S. supply constraints. The company’s proactive restructuring, combined with a sharpened focus on GLP‑1 therapeutics, signals a pivot toward more disciplined growth.-Fineline Info & Tech