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Novo Nordisk's sales increased by 12% in Danish kroner and by 15% at CER in the first nine months of 2025; R&D pipeline progress continues

1. Operating profit rose 5%, impacted by DKK 9 billion restructuring costs. 2. Sales in US Operations increased by 12%, driven by gross-to-net adjustments. 3. Diabetes and Obesity care sales grew 12%, led by 37% growth in Obesity care. 4. FDA approved Wegovy for MASH; company acquiring Akero Therapeutics. 5. Full-year sales growth outlook is lowered to 8-11% due to GLP-1 treatment concerns.

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Why Neutral?

Though sales increased, lowered guidance on GLP-1 treatments raises concerns over future performance.

How important is it?

The article contains significant financial performance details that directly relate to NVO's operations and future performance expectations.

Why Long Term?

Restructuring costs and lower growth expectations may dampen long-term investor sentiment despite immediate sales growth.

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Bagsværd, 5 November, 2025 - Financial report for the period 1 January 2025 to 30 September 2025                                                                                                                      Operating profit increased by 5% in Danish kroner and 10% at constant exchange rates (CER) to DKK 95.9 billion, impacted by one-off restructuring costs of around DKK 9 billion related to the company-wide transformation with the aim of streamlining Novo Nordisk's operations to reinvest for growth. Had Novo Nordisk not incurred such restructuring costs amounting to around DKK 9 billion, operating profit would have increased by 15% in Danish kroner and 21% at CER.Sales in US Operations increased by 12% in Danish kroner (15% at CER). Sales in the US were positively impacted by gross-to-net sales adjustments. Sales in International Operations increased by 13% in Danish kroner (16% at CER).Sales within Diabetes and Obesity care increased by 12% in Danish kroner to DKK 215.7 billion (15% at CER), mainly driven by Obesity care growth of 37% in Danish kroner to DKK 59.9 billion (41% at CER) and GLP-1 diabetes sales growing 7% in Danish kroner (10% at CER). Rare disease sales increased by 10% in Danish kroner (13% at CER).Within R&D, Novo Nordisk announced that the US FDA had approved an indication for Wegovy® for the treatment of MASH. Further, Novo Nordisk agreed to acquire Akero Therapeutics, Inc. and its phase 3 FGF21 analogue in MASH and Omeros’ clinical-stage MASP-3 inhibitor zaltenibart within Rare blood disorders. Also within Rare disease, Novo Nordisk submitted Mim8 for regulatory approval in the EU and in the US. Finally, cagrilintide phase 3 development was initiated, with the potential to be the first amylin monotherapy treatment on the market for weight management.For the full-year 2025 outlook, sales growth is now expected to be 8-11% at CER with operating profit growth now expected to be 4-7% also at CER, including a negative full-year impact of around DKK 8 billion from the company-wide transformation. Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 6 percentage points lower than at CER, respectively. The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk's GLP-1 treatments within diabetes and obesity.In October, Novo Nordisk announced that the Board of Directors decided to convene an extraordinary general meeting, to be held on 14 November 2025 to elect new members of the Board of Directors of Novo Nordisk. PROFIT AND LOSS9M 20259M 2024Growthas reportedGrowthat CER*DKK million    Net sales        229,920        204,720        12%      15%Operating profit        95,922        91,602        5%        10%Net profit        75,543        72,758        4%N/ADiluted earnings per share (in DKK)16.9916.29        4%N/A* CER: Constant exchange rates (average 2024).     "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. While we delivered robust sales growth in the first nine months of 2025, the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance. We agreed to acquire Akero Therapeutics Inc., adding a potential first-and-best-in-class asset within F4 in MASH, and initiated our phase 3 programme with cagrilintide for weight management. We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets," said Mike Doustdar, president and CEO.On 5 November 2025 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under 'Investors' (the contents of the company's website do not form a part of this Form 6-K) About Novo Nordisk Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 78,500 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube. Contacts for further information Media: Ambre James-Brown+45 3079 9289globalmedia@novonordisk.comLiz Skrbkova (US)+1 609 917 0632lzsk@novonordisk.com   Investors: Jacob Martin Wiborg Rode+45 3075 5956jrde@novonordisk.comSina Meyer+45 3079 6656azey@novonordisk.comMax Ung+45 3077 6414mxun@novonordisk.comAlex Bruce+45 3444 2613axeu@novonordisk.comChristoffer Sho Togo Tullin+45 3079 1471cftu@novonordisk.comFrederik Taylor Pitter (US)+1 609 613 0568fptr@novonordisk.com Company announcement No 31 / 2025 CA251105-Q3-2025

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