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Business Philosophy12 Aug 2025
Maziar Mike Doustdar: Novo Nordisk's New CEO
A portrait of the pharmaceutical giant's new CEO, who assumes the position at a critical time for the company in its competition with Eli Lilly.
Novo Nordisk
Novo Nordisk (NOVO) investor relations material
Novo Nordisk Q4 2025 London conference call earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 London conference call earnings summary5 Feb, 2026
Executive summary
Sales and profit more than doubled over five years, with 2025 sales up 10% at CER to DKK 309.1 billion and operating profit up 6% at CER, driven by GLP-1 and obesity care, especially WegovyⓇ.
Obesity care sales surged 31% at CER to DKK 82.3 billion, with international operations up 73% and the Wegovy pill launch marking a record in new prescriptions.
Rare disease sales increased 9% at CER, while diabetes care was flat in DKK but up 4% at CER, led by GLP-1 products.
Major R&D milestones included phase 3 completion for CagriSema, phase 2 for zenagamtide, and multiple regulatory submissions.
Executive management changes and a 10% workforce reduction were announced, effective February 2026.
Financial highlights
Net profit for 2025 reached DKK 102.4 billion, with diluted EPS up 2% to DKK 23.03 and free cash flow of DKK 28.3–29 billion.
Gross margin declined to 81.0% from 84.7% due to restructuring and acquisition costs; operating margin was 41.3%.
DKK 52–53 billion was paid in dividends, with a 30th consecutive year of increases and a payout ratio around 50%.
CAPEX spending was DKK 60 billion, mainly for manufacturing, and DKK 30 billion on business development/M&A, including the Akero acquisition.
Share buyback program of DKK 15 billion was initiated for 2026.
Outlook and guidance
2026 guidance: adjusted sales and operating profit growth expected at -5% to -13% CER, reflecting price declines, LOE, and US rebate provision reversal.
Non-adjusted 2026 guidance: sales growth -1% and operating profit growth 11% at CER, boosted by a USD 4.2 billion 340B provision reversal.
Free cash flow for 2026 projected at DKK 35–45 billion; CAPEX around DKK 55 billion.
Effective tax rate expected at 21–23%.
Margin discipline maintained through budget cuts in non-priority areas and focus on R&D and key growth drivers.
What impacts 2026 adjusted sales growth?
R&D portfolio strategy after recent terminations?
Diabetes market share decline drivers?
Oral Wegovy: new patient profile impact
Wegovy pill pricing: long-term strategy
Beyond GLP-1s: portfolio diversification
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Next Novo Nordisk earnings date
Q1 20266 May, 2026
Novo Nordisk
Next Novo Nordisk earnings date
Q1 20266 May, 2026
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Frequently asked questions
Experts in treatment of chronic illnesses
Novo Nordisk is a Danish global healthcare company focused on treatment of serious chronic conditions. They specialize in developing and manufacturing innovative pharmaceutical products, including insulin, GLP-1 analogs, and other treatments. With a strong commitment to R&D within the field of medical science and through a focus on helping chronically ill patients, Novo Nordisk aims to improve the lives of people living with serious diseases.
A Scandinavian giant
Novo Nordisk, a Danish company founded in 1923, is one of the global leaders in healthcare dedicated to addressing diabetes and chronic diseases. Headquartered just outside of Copenhagen, Novo Nordisk operates around 80 offices in over 160 countries, serving patients and healthcare professionals with the help of over 50.000 staff. The company has a rich history of pioneering research and innovation in the field of diabetes care, providing a range of pharmaceutical products and treatment solutions. Novo Nordisk is one of the largest companies in Denmark, and acts as a key player in the Danish economy together with companies such as Carlsberg and Maersk.
Known for their work with diabetes
Novo Nordisk is renowned for its significant contributions in the field of diabetes treatment. With a strong focus on research and innovation, the company develops and provides a wide range of pharmaceutical products and therapies to help manage diabetes and improve patients' quality of life. Novo Nordisk's range of products for diabetes care includes insulin products, injectable and oral glucose-lowering medications, as well as devices for insulin administration. The company is committed to advancing diabetes care through ongoing research, development of new treatments, and educational initiatives for healthcare professionals and patients. Diabetes treatment is in huge demand worldwide, and other companies providing insulin for patients across the globe include companies like Eli Lilly and Sanofi.
A strong focus on medical innovation
Experts in chronic illness, Novo Nordisk is dedicated to addressing a range of health conditions beyond just diabetes. Their portfolio of products includes treatments for obesity, hemophilia, growth disorders, and rare diseases. By focusing on patient needs and utilizing their experience and scientific expertise, Novo Nordisk strives to provide the best possible solutions and care for patients who rely on medication in their day-to-day lives.
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