Annual Report 2025

Strategic Aspirations 2025

The 2025 Strategic Aspirations were introduced in 2019 and are set to conclude this year:

  • Sales have more than doubled, reaching DKK 309 billion in 2025 with a compound annual growth rate (CAGR) of 17%.

  • Operating profit has more than doubled, reaching DKK 128 billion in 2025 with a CAGR of 16%.

  • Obesity care sales have increased from DKK 6 billion in 2019 to DKK 82 billion in 2025.

  • Rare Disease positioned for sustained growth with late-stage pipeline of denecimig (Mim8) and etavopivat.

  • DKK 306 billion has been returned to shareholders from 2020 to 2025.

  • Treatment provided to 46 million people living with obesity and diabetes, an increase of ~16 million patients since 2019.

Novo Nordisk expects to introduce new Strategic Aspirations as part of Capital Markets Day on 21 September 2026. Until that time, reporting and tracking of progress will continue across key dimensions of the Novo Nordisk business.

Strategic Aspirations 2025

 

 

 

 

Strategic Aspirations 2025

 

Progress in 2025

 

 

Financials

 

Deliver solid sales and operating profit growth

 
  • Sales growth of 10% (CER)
  • Operating profit growth of 6% (CER), impacted by one-off restructuring costs related to a company-wide transformation as well as acquisition of three former Catalent sites
  • Had Novo Nordisk not incurred such restructuring costs, of around DKK 8 billion, operating profit would have increased by 13% (CER).

 

 

 

Drive operational efficiencies

 
  • Operational leverage reflecting sales growth when adjusting for restructuring costs

 

 

 

Enable attractive capital allocation to shareholders

 
  • Free cash flow of DKK 28.3 billion
  • DKK 52 billion returned to shareholders

 

 

Innovation and therapeutic focus

 

Develop superior treatment solutions for Obesity

 
  • In-license agreements of a triple agonist and two oral molecules
  • Novo Nordisk to advance subcutaneous and oral zenagamtide (amycretin) for weight management into phase 3
  • Semaglutide 2.4 mg approved in the US for the treatment of MASH
  • Phase 3 programme with cagrilintide initiated
  • Closing of Akero acquisition and its phase 3 FGF21 analogue in MASH
  • Semaglutide 7.2 mg submitted in the EU and in the US
  • Wegovy® pill for weight management approved in the US and submitted in the EU
  • Phase 1a/2b trial initiated with UBT251, a triple agonist
  • CagriSema submitted for regulatory approval in the US

 

 

 

Further raise innovation bar for Diabetes treatment

 
  • Ozempic® approved by EMA for the treatment of peripheral arterial disease in the EU
  • Resubmission of Awiqli® in the US for treatment of type 2 diabetes
  • Phase 3 trial with coramitug initiated in people living with Amyloid Transthyretin (ATTR) cardiomyopathy
  • IcoSema (Kyinsu®) approved in the EU for the treatment of type 2 diabetes in adults
  • Evoke phase 3 trials did not demonstrate a statistically significant reduction in Alzheimer’s disease progression
  • Phase 3 trial with CagriSema, REIMAGINE 2 and 3, in diabetes successfully completed
  • Phase 2 trial successfully completed with subcutaneous and oral zenagamtide (amycretin)

 

 

 

Strengthen and progress Rare disease pipeline

 
  • Alhemo® approved in the US for the treatment of haemophilia A and B without inhibitors
  • Sogroya® non-replacement indications submitted in the US and Japan
  • Denecimig (Mim8) submitted for regulatory approval in the EU and in the US
  • Closing of the acqusition of clinical-stage MASP-3 inhibitor zaltenibart
  • Sogroya® approved in China

 

 

Commercial execution

 

Strengthen Diabetes leadership to more than one-third

 
  • Diabetes value market share declined by 3.6 percentage points to 30.1% (MAT)

 

 

 

More than DKK 25 billion in Obesity care sales by 2025

 
  • Obesity care sales increased by 31% (CER) to DKK 82.3 billion

 

 

 

Secure a sustained growth outlook for Rare disease

 
  • Rare disease sales increased by 9% (CER) to DKK 19.6 billion

 

 

Purpose and sustainability

 

Progress towards zero environmental impact

 
  • Overall CO2e emissions (scope 1, 2 and full scope 3) increased by 19% compared to 2024

 

 

 

Adding value to society and being recognised as a sustainable employer

 
  • Medical treatment provided to 42.0 million people living with diabetes and 3.6 million people living with obesity