Novo Nordisk | Q2 2025: Competitors hinder revenue and profit growth

Novo Nordisk continues the extraordinarily successful growth story that has made the Danish pharmaceutical group one of the world's most valuable companies. The first half of 2025 has once again delivered strong revenue and earnings growth, driven primarily by the division's Diabetes & Obesity Carewhose products such as Wegovy® a Ozempic® remain synonymous with modern treatments for obesity and type 2 diabetes. However, growth is accompanied by the first signs of a cooling of momentum, particularly in the US market, where competition is intensifying and the market for GLP-1 drugs is approaching short-term saturation.

The company continues to demonstrate exceptional profitability and financial stability. Operating profit is up more than a quarter year-on-year, net profit has surpassed DKK 55 billion and free cash flow remains exceptionally strong. At the same time, however, management notes continued pressure in the GLP-1 segment, mainly due to the boom in non-original composites and…