Novo Nordisk narrows outlook amid board overhaul, slower GLP-1 growth

Novo Nordisk on Wednesday narrowed its full-year financial outlook, citing slowing growth for its key obesity and diabetes drugs, as the company prepares for a board overhaul following a dispute with its controlling shareholder.

The Danish drugmaker now expects 2025 sales growth of 8% to 11% at constant exchange rates, with operating profit growth projected at 4% to 7%.

The company attributed the change to "lowered growth expectations for Novo Nordisk's GLP-1 treatments within diabetes and obesity."

For the first nine months of the year, sales rose 12% to 229.9 billion Danish kroner, boosted by a 37% jump in its Obesity care division.

Operating profit for the period grew 5% to 95.9 billion Danish kroner, a figure that includes about 9 billion Danish kroner in one-off restructuring costs.

The update comes ahead of a Nov. 14 extraordinary general meeting to elect new board members, which was called after a disagreement with its majority shareholder, the Novo Nordisk Foundation, over the board's future composition.

"While we delivered robust sales growth in the first nine months of 2025, the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance," said President and CEO Mike Doustdar.

"We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets," he added.