K72807140 Filings — Novo Nordisk A/s

K72807140 Filings — Novo Nordisk A/s - FilingSpy

20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗

Novo Nordisk revenue rose 20.2% to $48.6B in 2025 as GLP-1 growth met US pricing pressure and a 9,000-job cut

Novo Nordisk cut about 9,000 jobs in 2025 to refocus on obesity and diabetes growth. rose 20.2% to $48.6B and rose 14.9% to $3.62 as GLP-1 products drove sales past US price declines and a $4.2B for . The company enters 2026 with capacity expanding but market share slipping to competitors.

Key takeaways

A company-wide transformation in 2025 simplified the organization and cut around 9,000 jobs globally to reallocate resources toward obesity and diabetes growth opportunities.
rose 20.2% to $48.6B and rose 15.9% to $20.5B, with at 42.2%, down 1.6 points from 2024 as R&D costs expanded.
Obesity and Diabetes care held more than 90% of sales; Wegovy grew 36% to DKK 79 billion in its fifth launch year, while the company lost volume market share in GLP-1 markets to Eli Lilly.

Section summaries

Quantitative and Qualitative Disclosures About Market Risk

Financial exposure and financial risk management For a description and discussion of the Company’s foreign exchange risk management, interest rate risk management, liquidity risk management and credit risk management, reference is made to Note 4.4 ‘Financial risks’ in the consolidated financial statements and the section ‘Risk management’ on pages 41-42 of our Annual Report 2025. Sensitivity analysis When conducting a sensitivity analysis, the Group assesses the change in fair value on the market-sensitive instruments following hypothetical changes in market rates and prices. The rates used to mark-to-market the instruments are market data as of 31 December 2025. Interest rate sensitivity analysis For information on Interest rate sensitivity analysis in the financial year of 2025, reference is made to Note 4.4 ‘Financial risks’ in the consolidated financial statements in our Annual Report 2025. 27 Novo Nordisk Form 20-F 2025

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Risk Factors

Cybersecurity breaches and climate-related physical/transition risks could materially disrupt operations, supply chains, and reputation.

K72807140

K72807140

Novo Nordisk revenue rose 20.2% to $48.6B in 2025 as GLP-1 growth met US pricing pressure and a 9,000-job cut

Key takeaways

Section summaries

Quantitative and Qualitative Disclosures About Market Risk

Risk Factors

What changed

What to watch

Business

Management's Discussion and Analysis