Novo Nordisk (NVO.US) Annual Report Outlook: Continuous Leadership in Innovation, Differentiated Moat Demonstrating Long-Term Value

On February 4th, Danish pharmaceutical giant Novo Nordisk (NVO.US) released its 2025 financial report, with annual sales reaching 309.1 billion Danish kroner, representing a 10% year-over-year increase at fixed exchange rates, demonstrating steady growth. Among these, the performance of the full range of semaglutide medications was particularly outstanding, with sales of 228.288 billion Danish kroner, accounting for over 70% of total sales, becoming the core engine driving performance growth.

Looking back at 2025, Novo Nordisk’s growth trajectory was clear and strong: against the backdrop of intensified competition in the global pharmaceutical market, the company continued to consolidate its industry-leading position through deep cultivation in core therapeutic areas, a rich R&D pipeline, and the deepening of its localization strategy, injecting strong momentum for long-term growth.

Innovation and R&D have always been Novo Nordisk’s core competitive advantages. The company is not content to lead the existing market with flagship drug semaglutide but is building a comprehensive R&D pipeline around obesity, diabetes, and metabolic diseases: from technological breakthroughs to combination therapies, along with innovative drug development, the pipeline’s “depth” and “breadth” are accelerating.

A key breakthrough is the oral formulation: in December 2025, Wegovy tablets (25mg oral semaglutide taken once daily) received FDA approval, becoming the first oral GLP-1 product for weight management. Since its US launch on January 5th, the total weekly prescriptions have reached approximately 50,000. The OASIS 4 study results showed that Wegovy tablets achieved an average weight loss of 16.6%, with one in three subjects losing more than 20%, marking a new stage of “oral convenience” in weight loss therapy.

Even more noteworthy, Novo Nordisk is actively making breakthroughs in its advantageous fields. In obesity, the company has developed a multi-level, three-dimensional product layout: currently, the 7.2mg dose of semaglutide injection has received a positive opinion from the European Medicines Agency (EMA), has been approved in the UK, and has submitted a supplemental new drug application to the US FDA. The STEP UP trial showed that this dose could bring an average 21% weight reduction in obesity patients, with one-third losing over 25%, further solidifying its leading position in obesity management.

The new generation candidate drug in the metabolic field, CagriSema, is expected to become a “heavyweight product” succeeding semaglutide. This highly anticipated GLP-1/peptide YY (PYY) combination candidate performed excellently in the REDEFINE 1 trial. Under continuous treatment, CagriSema achieved greater weight loss, with a 22.7% reduction at 68 weeks. It is understood that the once-weekly CagriSema has submitted a new drug application to the FDA in December 2025.

In addition, the world’s first dual-agonist molecule of GLP-1 and peptide YY, Amycretin (generic name Zenagamtide), has entered phase 3 clinical trials for weight management. Its rich product portfolio further strengthens the company’s long-term competitiveness in obesity.

In the diabetes treatment field, results were also fruitful. In November 2025, the European Medicines Agency approved the company’s Kyinsu (once-weekly IcoSema), a combination of basal insulin and GLP-1 receptor agonist semaglutide, the first approved fixed-dose combination of basal insulin and GLP-1RA. The once-weekly dosing significantly improves patient adherence and provides a more convenient treatment option for adults with type 2 diabetes.

Recently, Novo Nordisk announced the main results of the REIMAGINE 2 global phase 3 clinical trial. At 68 weeks, CagriSema demonstrated superior efficacy over semaglutide in reducing HbA1c and body weight across all tested doses, fully validating the synergistic potential of the “GLP-1 + peptide YY” dual pathway combination therapy.

Furthermore, the company has deepened cooperation with Aspect Biosystems to jointly develop advanced cell therapies for diabetes, exploring new pathways toward a cure. In expanding into metabolic-related diseases, the company acquired Akero Therapeutics, gaining a phase 3 FGF21 analog, entering the non-alcoholic steatohepatitis (NASH) treatment field. This disease is highly synergistic with Novo Nordisk’s core business and has huge market potential.

In market expansion, deepening the Chinese market is a key part of Novo Nordisk’s global strategy. Through full industry chain deployment and business model innovation, the company continues to deepen localization operations and unlock growth potential. Currently, Novo Nordisk has established a “three-engine” full industry chain layout in China: Tianjin manufacturing, Beijing R&D, and Shanghai commercial operations and innovation, working synergistically. In 2025, to further enhance innovation and collaboration, Novo Nordisk China launched an open innovation center, closely linking the three engines to promote full-chain collaborative innovation.

In recent years, Novo Nordisk has actively built a digital ecosystem to improve accessibility and service depth, partnering with leading domestic digital health platforms such as Tencent Health, JD Health, Alibaba Health, and Ping An Health to create a comprehensive digital obesity prevention and control system. This initiative leads the industry in collaboration with online healthcare platforms, improving the accessibility and convenience of high-quality medical and health services.

Meanwhile, the “China Co-creation”成果 has accelerated its implementation to benefit patients. In 2025, several of Novo Nordisk’s innovative products achieved key progress in China: the weight loss drug Nobesein was approved for cardiovascular indications, becoming the first weight management drug in China with evidence for weight loss and cardiovascular protection; core product NovoThain expanded its indications to include type 2 diabetes, cardiovascular disease, and chronic kidney disease; additionally, in the rare disease field, the long-acting growth hormone Novezoo was successfully approved in China, serving children aged 2.5 years and older with growth delay due to endogenous growth hormone deficiency. Global innovative drugs like IcoSema have also submitted applications to the NMPA, aiming to benefit Chinese type 2 diabetes patients as soon as possible.

Overall, from the launch of oral formulations to the development of innovative mechanism drugs, from expanding indications to extending into related disease areas, Novo Nordisk is building a multi-layered, broad-coverage product matrix, strengthening its differentiated competitive moat and laying a foundation for long-term global competition. Amid the wave of innovation and upgrading in the healthcare industry, Novo Nordisk continues its steady growth, forward-looking strategic layout, and innovation, anchoring sustainable long-term development and forging ahead.