Wegovy, Ozempic maker Novo Nordisk Q3 earnings

Danish pharmaceutical large Novo Nordisk stated Wednesday it’s trimming its development expectations for its main weight problems and diabetes remedies as competitors intensifies and pricing pressures mount within the weight reduction market.

Internet revenue for the quarter got here in at 20 billion Danish kroner ($3.1 billion) consistent with the 20.12 billion Danish kroner anticipated by analysts in a FactSet ballot.

Diabetes and weight problems care have been a key development driver following the uptake of Wegovy and Ozempic, nevertheless the corporate lowered its expectations for development, citing prescription tendencies, competitors and pricing stress.

Novo narrowed its full-year steerage for the fourth time this 12 months, saying it now expects gross sales development throughout the vary of 8% to 11% at fixed alternate charges, in comparison with a earlier forecast of 8% to 14%. It additionally lowered its expectations for working revenue development of 4% to 10% to a brand new forecast of 4% to 7%.

Gross sales of its blockbuster weight reduction drug Wegovy rose 18% year-on-year to hit 20.35 billion Danish kroner within the three months to September, barely beneath the 21.35 billion kroner anticipated by analysts.

Working revenue for the primary 9 months of 2025 got here in 10% larger in comparison with the identical interval the 12 months prior, at 95.9 billion kroner, although the corporate famous that this may have elevated by 21% if it wasn’t for restructuring prices of round 9 billion kroner.

“Whereas we delivered sturdy gross sales development within the first 9 months of 2025, the decrease development expectations for our GLP-1 remedies have led to a narrowing of our steerage,” Mike Doustdar, president and CEO stated in a press release.

“We goal to speed up on all fronts to have the ability to compete higher in dynamic and more and more aggressive markets,” he added, noting the acquisition of Akero Therapeutics Inc. and progress testing one other weight administration drug.

Novo’s Copenhagen-listed shares have tumbled greater than 50% over the course of this 12 months, as a slew of headwinds has shaken investor confidence in what was as soon as Europe’s most precious agency.

Alongside a collection of disappointing trial outcomes, growing competitors within the weight problems drug area and challenges arising from U.S. insurance policies on drug pricing and tariffs, Novo has been contending with management shakeups and pushback towards a key acquisition.

Analysts, in consequence, have been blended on the inventory. Jefferies lately reduce its score to underperform whereas Berenberg is optimistic on the inventory, saying Novo has hit “peak uncertainty.”

“Novo’s superior development profile and best-in-class R&D returns warrants the next valuation premium to its friends,” the financial institution stated.

Novo launched a rival bid to accumulate American weight problems biotech agency Metsera final week, superseding a suggestion for the agency from U.S. pharma large Pfizer. On Monday, Pfizer stated it had filed a second lawsuit towards Novo and Metsera, arguing that Novo’s bid for the smaller firm was anticompetitive.

A spokesperson for Novo stated in a press release that Pfizer’s allegations have been “false and with out benefit.”

Novo then ramped up its bid for Metsera on Tuesday, saying it was now providing as much as $10 billion in comparison with the sooner provide of round $9 billion.

“Novo Nordisk believes that the proposal, together with the construction of the transaction, complies with all relevant legal guidelines and is in one of the best curiosity of sufferers who will profit from our dedication to innovation, in addition to Metsera’s shareholders,” the corporate stated in a press release, noting that the deal was additionally topic to the time period’s of Pfizer’s merger settlement with Metsera.

Metsera stated on Tuesday that the revised provide was “superior” to a revised bid made by Pfizer.