Strong sales of its weight loss and diabetes medications, Ozempic and Wegovy, have continued to boost pharmaceutical giant Novo Nordisk, fueling its growth throughout the past year.
The company performed better than expected. However, CEO Lars Fruergaard Jørgensen and his management team have issued a cautious forecast for 2025. In 2024, revenue rose by 25% compared to the previous year (26% adjusted for currency effects), reaching approximately 290 billion Danish kroner ($38.9 billion), the company announced on Wednesday in Bagsværd. Net profit increased by 21% to 101 billion kroner, surpassing analysts’ expectations. Sales of the widely discussed weight loss drug Wegovy met forecasted projections.
“In 2025, we will continue focusing on commercial execution, advancing our early and late-stage research pipeline, and expanding our production capacity,” Jørgensen stated in the announcement. For the upcoming year, Novo Nordisk expects revenue growth between 16% and 24% on a currency-adjusted basis, which, even at its highest, would be two percentage points lower than in 2024. Operating profit in 2025 is projected to grow between 19% and 27% at constant exchange rates. In the previous year, Novo Nordisk’s core business generated approximately 128 billion kroner, reflecting a 26% currency-adjusted increase from the year before.
Stock Market Reaction Novo Nordisk shares saw a strong uptick in early Wednesday trading. However, the overall chart pattern remained largely unchanged, with the stock continuing to fluctuate between approximately 550 and 650 kroner.
UBS analysts described the fourth-quarter figures as strong in an initial assessment. Both revenue and adjusted operating profit (EBIT) exceeded expectations. According to JPMorgan, the outlook for 2025 suggests continued strong growth in the weight loss drug sector. The consensus estimates for the period beyond 2025 may need to be significantly revised upward.