Novo Nordisk (NYSE:NVO) shares moved lower after the drugmaker posted weaker-than-expected revenue growth for Q3 and adjusted its full-year guidance, citing reduced growth expectations for its diabetes and obesity products amid increased competition and pricing pressure.
Novo Nordisk downwardly revised its guidance, now expecting full-year 2025 sales growth of 8% to 11% at constant exchange rates (CER), down from its earlier guidance of 8% to 14%.
It expects operating profit growth of 4% to 7% at CER, down from earlier expectations of 4% to 10%, including a negative full-year impact of around 8 billion Danish kroner (DKK) from company-wide transformation efforts.
“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,” Novo Nordisk CEO Mike Doustdar said in a statement.
For Q3, the company recorded revenue of 74.98 billion Danish kroner (DKK), up 5.1% from the same period last year but below the consensus estimate of 76.68 billion DKK.
Earnings per share (EPS) came in at DKK 4.50, compared with analysts’ expectations of DKK 4.79 and down from DKK 6.12 in Q3 2024.
Net profit fell 27% year-over-year to 20.01 billion DKK, while adjusted net profit rose 5% to 29.18 billion DKK.
Operating profit increased 5% in DKK and 10% at CER to 95.9 billion DKK, impacted by one-off restructuring costs of around 9 billion DKK aimed at streamlining operations. Excluding these costs, operating profit would have increased 15% in Danish kroner and 21% at CER.
Sales in US operations grew 12% in Danish kroner (15% at CER), supported by gross-to-net adjustments, while international operations rose 13% in Danish kroner (16% at CER).
Within Novo Nordisk’s Diabetes and Obesity care segment, sales increased 12% in Danish kroner to 215.7 billion DKK (15% at CER), driven by a 37% rise in Obesity care sales and 7% growth in GLP-1 diabetes treatments. Rare disease sales increased 10% in Danish kroner (13% at CER).
Shares of Novo Nordisk traded down 4.2% at about $46 following its Q3 report, down more than 46% so far in 2025.