Novo Nordisk 2025H1 Financial Report Analysis: Semaglutide Drives Growth, Intermediates Face Market Opportunities
Publish Time:
2025-08-20
On August 6, 2025, Novo Nordisk released its financial report for the first half of 2025, Sales increased by 16% year-on-year to DKK 154.9 billion (USD 22.85 billion), operating profit grew by 25% to DKK 72.2 billion, and net profit increased by 22% to DKK 55.5 billion. By region, sales in the US market grew by 16%, revenue in China was DKK 9.9 billion (a 6% year-on-year increase), and the international market grew by 16%.
The semaglutide series became the core driving force, linked to the demand for semaglutide intermediates
In segmented business, the diabetes and obesity care sector sales increased by 16% to DKK 145.4 billion, among which Obesity care grew by 56% to DKK 38.8 billion, with the core driver coming from the semaglutide product series. In the first half of the year, sales of the semaglutide series reached DKK 112.75 billion (USD 16.6 billion), specifically:
Ozempic (injectable glucose-lowering version) Sales were DKK 64.52 billion (USD 9.5 billion), a 15% year-on-year increase; sales in the Chinese market were DKK 2.762 billion (USD 400 million), a slight 5% decrease year-on-year.
Rybelsus (oral glucose-lowering version) Sales were DKK 11.348 billion (USD 1.7 billion), a 5% year-on-year increase; in the Chinese market, sales were DKK 116 million (USD 17 million), a 7% year-on-year increase.
Wegovy (weight loss version) Sales were DKK 36.888 billion (USD 5.4 billion), a sharp 78% year-on-year increase; sales in China were DKK 842 million (USD 120 million).
The continuous volume increase of the semaglutide series directly drives the upstream semaglutide intermediates market demand growth, semaglutide intermediate suppliers are presented with business expansion opportunities.
R&D and registration progress: consolidating GLP-1 field advantages
On the R&D side, Novo Nordisk continues to increase investment in the GLP-1 field: advancing subcutaneous and oral amycretin into Phase III clinical trials, initiating the REDEFINE 11 study for CagriSema, and submitting a registration application to the EU for 7.2 mg semaglutide (Wegovy® high dose). The advancement of the R&D pipeline will further stabilize the long-term demand for semaglutide intermediates and provide long-term market support for semaglutide intermediate suppliers .
2025 full-year outlook: supply chain opportunities under adjusted expectations
The company expects full-year sales growth of 8–14% (constant exchange rates) and operating profit growth of 10–16% in 2025. However, due to the impact of GLP-1 combination drugs in the second half, slower-than-expected market expansion, and intensified competition, sales forecasts have been lowered. The growth rates of Wegovy® and Ozempic® in the US and some international markets will slow. Nevertheless, the company will continue to promote the global launch of Wegovy® and expand its penetration, which means semaglutide intermediates the demand for supply chain stability will increase, and high-quality semaglutide intermediate suppliers is expected to gain an advantage in market competition.
