Key Takeaways
- Novo Nordisk cuts 2025 sales outlook for the fourth time this year
- Q3 net profit falls 27% to 20 billion kroner
- Company announces 9,000 job cuts amid restructuring
- Engaged in $10 billion bidding war with Pfizer for Metsera
Danish pharmaceutical giant Novo Nordisk reported disappointing third-quarter results, with net profit declining 27% and revenue growth missing expectations. The maker of popular obesity drugs Ozempic and Wegovy also announced plans to cut 9,000 jobs as part of a major restructuring effort.
Financial Performance and Outlook
The company lowered its 2025 sales outlook for the fourth time this year, now expecting full-year sales growth of 8-11%, down from the previous forecast of 8-14%. Revenue for Q3 2025 rose 5% to 75 billion kroner ($11.5 billion), falling short of market expectations.
Net profit declined 27% to 20 billion kroner, though this was in line with analyst forecasts. The company attributed the earnings impact to one-off restructuring costs linked to its “company-wide transformation” initiative.
Strategic Moves and Competition
Novo Nordisk is engaged in a high-stakes bidding war with Pfizer to acquire US weight-loss treatment specialist Metsera. After Novo’s initial $6 billion unsolicited bid topped Pfizer’s offer, Pfizer countered with $8 billion, prompting Novo to raise its bid to $10 billion.
The company faces increasing competition in the US market, where its share of new GLP-1 prescriptions fell to 38.8% in the third quarter. Pharmacies were allowed to produce copycat versions of Ozempic and Wegovy during shortages, further slowing growth.
Product Performance
Sales of Ozempic increased 13% between January and September 2025 compared to the same period last year, representing a slower growth pace than previous years. Wegovy sales showed stronger performance with 54% growth in the first nine months of 2025.
“Our company-wide transformation has already driven operational efficiencies, and we have a renewed focus that can deliver a range of potential treatment options that will serve millions more patients, mainly in obesity,” said CEO Mike Doustdar.
“We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets,” Doustdar added.
The company maintains a 45.1% share of total GLP-1 prescriptions in the US, but faces significant market pressure as competition intensifies in the obesity treatment space.
