Novo Nordisk's second-quarter performance was mixed, with its star weight-loss drug Wegovy exceeding market expectations in sales, but this highlight could not mask the fact that the company's overall profitability was below expectations. At the same time, the company lowered its growth forecast for the key GLP-1 drug business, casting a shadow over future growth prospects.
On August 6, Novo Nordisk announced its second-quarter results:
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<li>Sales of DKK 76.86 billion, compared to market estimates of DKK 76.99 billion.</li>
<li>Earnings before interest and taxes (EBIT) of DKK 33.45 billion, below analysts' estimates of DKK 34.45 billion.</li>
<li>Net profit of DKK 26.5 billion, also below the expected DKK 27.01 billion.</li>
<li>Total sales of GLP-1 drugs, including Ozempic and Wegovy, were DKK 38.37 billion, also falling short of the estimated DKK 39.45 billion.</li>
<li>Among them, Wegovy sales reached DKK 19.53 billion, exceeding market expectations of DKK 19.2 billion.</li>
<li>Total sales of the core diabetes and obesity care business were DKK 71.94 billion, below the expected DKK 73.04 billion.</li>
</ul>
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<h2>Mixed Performance, Company Lowers Growth Forecast</h2>
CEO Lars Fruergaard Jørgensen stated in a statement that the company is lowering its full-year outlook for the business due to expectations that growth for its GLP-1 drugs will slow in the second half of this year.
Jørgensen mentioned in the statement:
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“We are taking steps to further strengthen our commercial execution and ensure the efficiency of our cost base while continuing to invest in future growth.”
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While addressing short-term challenges, Novo Nordisk continues to invest heavily in the development of its product pipeline to ensure long-term competitiveness. The company revealed that a trial named Refedfine 11 has been launched to further investigate the potential efficacy and safety of its combination therapy CagriSema.
Notably, a higher dose Wegovy at 7.2 mg has been submitted for approval to EU regulatory authorities, which may provide new treatment options for patients. Meanwhile, the market is closely watching the regulatory approval progress of Wegovy for the treatment of MASH, which is expected to reach a decision in the third quarter.
Novo Nordisk reiterated its commitment to future investments. The company still expects capital expenditures of around DKK 65 billion in 2025 and anticipates that the capital expenditure to sales ratio will remain in the &#34;low double digits&#34; range in the coming years.
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- Novo Nordisk's Q2 performance showed mixed results, with Wegovy sales exceeding expectations but overall profitability falling short.  
- The company lowered its growth forecast for key GLP-1 drugs, citing anticipated slowdowns in the second half of the year.  
- Despite short-term challenges, Novo Nordisk continues to invest in product development and has submitted a higher dose of Wegovy for EU approval, while maintaining a commitment to future capital expenditures.

Novo Nordisk's Q2 sales exceeded expectations, and the company plans to lower its full-year sales outlook