Novo Nordisk 9M 2025 Key Update

Financial Performance:

• Sales grew 15% at CER (DKK 230B).
• Operating Profit (OP) increased 10% CER (DKK 95.9B), but was heavily burdened by ~DKK 9 billion in one-off restructuring costs from a company-wide streamlining plan (~9,000 job reductions). Without these charges, OP growth would have been 21% CER.
• Obesity care remains the primary driver, increasing 41% CER (driven by Wegovy®).

Guidance & Strategy:

• Full-year 2025 guidance narrowed: Sales expected 8-11% CER; OP 4-7% CER, reflecting lowered GLP-1 expec