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• Sales Growth: 18% in the first three months of 2025.

• Operating Profit Growth: 20% in the first three months of 2025.

• US Operations Sales Growth: 17% in the first three months of 2025.

• International Operations Sales Growth: 19% in the first three months of 2025.

• GLP-1 Diabetes Sales Growth: 11%, with US operations growing 10% and International Operations growing 13%.

• Obesity Care Sales Growth: 65%, with US operations growing 40% and International Operations growing 137%.

• Rare Disease Sales Growth: 3%, with International Operations growing 5% and US operations growing 1%.

• Gross Margin: Decreased to 83.5% from 84.8% in the first three months of 2024.

• Net Profit Increase: 14% in the first three months of 2025.

• Diluted Earnings Per Share: Increased by 15% to DKK6.53.

• Free Cash Flow: DKK9.5 billion compared to DKK5 billion in the first three months of 2024.

• Capital Expenditure: DKK13.4 billion compared to DKK8.4 billion in 2024.

• Return to Shareholders: DKK36.7 billion, mainly as dividends in the first three months of 2025.

• Warning! GuruFocus has detected 1 Warning Sign with NVO.

Release Date: May 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Novo Nordisk AS (NYSE:NVO) reported an 18% sales growth and 20% operating profit growth in the first quarter of 2025.

• The company is serving nearly 46 million patients with diabetes and obesity treatments, an increase of almost 4 million from the previous year.

• Novo Nordisk AS (NYSE:NVO) completed the pivotal trial REDEFINE 2 for its next-generation obesity treatment, CagriSema, and remains on track for submission in early 2026.

• The US FDA accepted the application for Wegovy 2.4 mg for treating metabolic dysfunction-associated steatohepatitis (MASH) and granted it priority review.

• Novo Nordisk AS (NYSE:NVO) has expanded its presence in the US with over 10,000 full-time employees and significant investments in manufacturing sites.

Negative Points

• Total carbon emissions increased by 37% due to the acquisition of new production sites and capital expenditure activities.

• The company reduced its full-year outlook due to lower-than-planned branded GLP-1 penetration, impacted by the rapid expansion of compounding in the US.

• Novo Nordisk AS (NYSE:NVO) faces challenges with unlawful compounding of semaglutide in the US, affecting the uptake of Wegovy prescriptions.

• The gross margin decreased to 83.5% from 84.8% in the first quarter of 2024, mainly due to amortizations and depreciations related to Catalent.

• Net financial items showed a net loss of DKK1.8 billion, primarily reflecting losses on hedge currencies and financing costs related to the Catalent transaction.