Novo Nordisk reported Q3 2025 earnings on November 5, showing continued strong demand for its weight-loss drug Wegovy, despite rising costs and pricing pressure forcing the company to narrow its full-year guidance.Â
Novo Nordisk financial results
The drugmaker reported a 15% increase in U.S. sales at Constant Exchange Rates (CER) in the first nine months of 2025, with operating profit increasing 10% to Danish Kroner (DKK) 95.9 billion ($14.7 billion).
If one-time restructuring charges of approximately DKK 9 billion were excluded, the operating profit would have increased by 21%.
Free cash flow decreased to DKK 63.9 billion from DKK 71.8 billion in 2024, and the company announced DKK 53 billion in shareholder returns, primarily through dividend payments.
Obesity care growth, led by Wegovy, surged 41% to DKK 59.9 billion, while GLP-1 diabetes treatments grew 10%, with sales of rare disease treatments increasing 13%.
Despite the strong results, the company’s stock was down 3.9%, marking a 45% year-to-date decline.
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Novo Nordisk’s acquisition and expansion
Novo Nordisk stated that the obesity segment accounts for the bulk of its growth, with a global GLP-1 market share of 59%.Â
Yet, the company trimmed its full-year guidance, suggesting lower growth expectations for GLP-1 amid rising competition and pricing pressure in the U.S. market.Â
Now, the company has announced FDA’s approval of Wegovy for the treatment of MASH (Metabolic Dysfunction-Associated Steatohepatitis), a form of fatty-liver disease that can lead to liver failure.
The approval opens a new potential market for Wegovy, strengthening Novo Nordisk’s long-term growth prospects.
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In addition, Novo Nordisk agreed to acquire biotech Akero Therapeutics and its Phase 3 drug, an FGF21 analogue, for the treatment of MASH.
Bringing Wegovy and Akero together could give Nordisk a commanding position in the emerging market for metabolic liver diseases.
Novo Nordisk’s rare-disease portfolio
- Expanding its market in rare diseases, Novo is also buying Omeros’ MASP-3 inhibitor zaltenibart, a clinical-stage drug targeting rare blood disorders.
- Novo has submitted Mim8 for approval in the EU and the U.S. It’s a bispecific antibody used to prevent bleeding in people with hemophilia A, a rare genetic blood disorder.
- The drugmaker has also initiated phase 3 development of Cagrilintide, potentially the first amylin monotherapy for weight management.
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The company is also in talks about a potential buyout of U.S. biotech company Metsera, which focuses on treating obesity and liver disease, signaling an increase in market share.Â
Currently in a bidding war with Pfizer over its acquisition, Novo Nordisk has reportedly increased its bid to $10 billion, surpassing Pfizer’s $8 billion offer.
Eli Lilly remains a powerful Novo Nordisk rival
Novo Nordisk’s closest competitor, Eli Lilly, continues to challenge its dominance in the weight-loss drug market. Eli Lilly, which announced its Q3 2025 results on October 30, reported strong results, driven by its obesity and diabetes drug Zepbound and Mounjaro.Â
Eli Lilly’s stock, up 4.7% on Nov. 5, recorded a fresh high, extending its year-to-date rally by 22.8%. This intensifying rally has increased pricing pressure across the market, prompting Novo Nordisk to accelerate the launch of new drugs and acquisitions.Â
Discussions at the White House are also underway with Novo Nordisk and Eli Lilly to sell low-dose versions of weight loss drugs, under the proposed TrumpRx plan, which could make these eligible for Medicare and Medicaid coverage, according to a report from The Wall Street Journal.
