Novo Nordisk FY2025 Second Quarter Earnings Preview
Market Expectations
Novo Nordisk’s Q2 2025 earnings report is expected to be released before the U.S. market opens on August 6. Below are the market expectations for Novo Nordisk’s Q2 2025 revenue and earnings per share (EPS):
- Revenue Expectation: Novo Nordisk’s total revenue for Q2 2025 is projected to reach $11.88 billion, an approximately 21% increase compared to $9.82 billion in Q2 2024, reflecting continued market optimism about demand for GLP-1 drugs in the second quarter.
- EPS Expectation: Novo Nordisk’s earnings per share (EPS) for Q2 2025 is expected to be $0.94, a nearly 45% increase from $0.65 in Q2 2024, reflecting market optimism about improved profitability of the company’s main product lines in the second quarter.
Key Investor Focus Areas
The recent sharp decline in Novo Nordisk's stock price has drawn additional attention from investors, particularly following the company's announcement on July 29, 2025, of a leadership change and the appointment of new CEO Maziar Mike Doustdar, while also lowering its full-year 2025 sales growth guidance (from 13%-21% to 8%-14%), primarily due to slower growth in the U.S. GLP-1 market. The following are key points investors should focus on:
U.S. Market Performance: The company noted that growth in the U.S. GLP-1 market has been below expectations, possibly due to increased competition (such as Eli Lilly’s multi-target GLP-1 drugs and HIMS’s low-cost compounded drugs), regulatory changes, or supply chain bottlenecks. Investors should focus on the earnings report’s detailed analysis of this issue to assess short-term risks and long-term impacts.
Competitive Response Strategies: The company has taken steps to address competition, including legal actions against illegal compounded drug sales and launching new patient access programs (e.g., the Wegovy $499 plan) and an exclusive agreement with CVS. Investors should monitor the effectiveness of these strategies.
Leadership Change: CEO Maziar Mike Doustdar, with 33 years of experience at the company and a background in leading international operations, may introduce strategic shifts. Investors should pay attention to his vision for the company’s future development, particularly in R&D and market expansion strategies.
Second-Half 2025 Outlook: Following the downward revision of full-year guidance, investors need to understand the Q2 earnings report’s expectations for the second half of the year, particularly whether the company can achieve the upper end of the guidance range through commercial execution and market expansion.
Pipeline Progress: Novo Nordisk’s innovative pipeline in diabetes, obesity, and rare diseases is a source of its long-term value. Investors should focus on new drug development progress, clinical trial results, and potential future revenue contributions.
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