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Novo Nordisk has unveiled its financial outcomes for the initial nine months of 2025, revealing a 15% surge in revenue and a 10% rise in operational earnings. Despite these gains, the company has adjusted its yearly projections downwards, citing an expected deceleration in the expansion of its GLP-1 therapies for both diabetes and obesity. In response, Novo Nordisk is sharpening its strategic focus on these vital therapeutic sectors, undertaking organizational restructuring, and actively pursuing significant acquisitions such as Medsera and Akira. These initiatives are designed to fortify its developmental pipeline and enhance its competitive standing in the market. The firm is also channeling substantial investments into research and development, alongside commercial strategies, including the enhancement of telehealth services and the introduction of novel product variants, all while contending with market rivalries and evolving regulatory landscapes.

During the first three quarters of 2025, Novo Nordisk achieved a 15% increase in total sales and a 10% rise in operating profit. However, the company has adjusted its sales growth forecast to between 8% and 11% and operating profit growth to between 4% and 7%, attributing this revision to an anticipated moderation in the growth of its GLP-1 treatments for diabetes and obesity. The company also announced a comprehensive transformation initiative aimed at simplifying its operational structure, accelerating decision-making processes, and reallocating resources towards its highest growth opportunities. This program is expected to lead to a reduction of approximately 9,000 positions globally, generating an estimated 8 billion DKK in annual savings by the end of 2026. These savings are slated for reinvestment into expanding the diabetes and obesity franchises and funding other strategic priorities.

Novo Nordisk is actively pursuing several strategic acquisitions and agreements to enhance its research and development capabilities, particularly in the diabetes and obesity sectors. Notable among these is the proposed acquisition of Medsera, a company with an innovative pipeline that includes a potential best-in-class once-monthly GLP-1 treatment, MET-97, and a next-generation amylin asset, MET-233. The Medsera deal is valued at approximately US$6.7 billion upfront, with an additional US$2.8 billion in contingent value rights tied to clinical and regulatory milestones. Furthermore, the company announced an agreement to acquire Akira and Nephroxy Ferment, which includes a once-weekly subcutaneous long-acting FGF21 analog with the potential to be a first-to-market treatment for F4 and best-in-class for Froxy Fermin, complementing Novo Nordisk’s existing MASH pipeline. Another acquisition involves celtinibar from Ameris, a Phase 2 asset for rare blood and kidney disorders, aligning with Novo Nordisk's focus on rare blood diseases.

The company also provided updates on its internal pipeline, highlighting positive Phase 3 data for Cagillinside from the Redefine1 trial, which showed an 11.8% weight loss at 68 weeks. Further studies are planned, including the ReNew program to evaluate higher doses. Additionally, Novo Nordisk anticipates an FDA decision on the Wegovy pill's new drug application by year-end and expects results from the evoke trials for early Alzheimer's disease. Commercially, the company faces intensifying competition in the GLP-1 market, particularly from Eli Lilly, leading to some market share shifts. Novo Nordisk is responding by expanding its market reach through new product launches, such as the Wegovy pill, and increasing commercial partnerships with entities like Costco, Walmart, and GoodRx. The company is also investing in direct-to-patient initiatives and telehealth capabilities to improve access for patients.

In terms of financial outlook, Novo Nordisk expects net financial items to generate a gain of approximately 2.6 billion Danish krona, primarily due to gains on hedge currencies. Capital expenditure is projected to be around 60 billion Danish krona, reflecting adjustments to expansion plans. The free cash flow is estimated between 20 to 30 billion Danish krona, impacted by lower-than-expected trade receivables in the US and reduced capital expenditure. The company has also addressed the Inflation Reduction Act's maximum fair price for Ozempic, Rybelsus, and Wegovy in Medicare Part D, which will be effective from January 1, 2027. This is expected to have a low single-digit negative impact on global sales growth for the full year 2025, had it been introduced earlier. Despite competitive headwinds and regulatory changes, Novo Nordisk remains committed to its core areas of diabetes and obesity, with a long-term vision of addressing significant unmet medical needs globally.