Ozempic maker Novo Nordisk lowers 2025 outlook after tepid results

Denmark's Novo Nordisk, the maker of Ozempic and Wegovy obesity drugs, said on Wednesday it was lowering its 2025 outlook for the third time this year, after posting tepid third-quarter results.

It marked the latest bad news for the pharmaceutical giant, which has recently changed its CEO, announced plans to lay off 9,000 employees and replaced more than half of its board.

The group now expects full-year sales in 2025 to grow by eight to 11 percent, versus the eight to 14 percent range it had expected previously, the company said in an earnings statement.

Third quarter revenue increased five percent to 75 billion kroner ($11.5 billion), but it was lower than expected.

Its net profit declined by 27 percent to 20 billion kroner -- in line with expectations from analysts surveyed by financial data firm FactSet.

Novo Nordisk said its earnings were impacted by one-off restructuring costs related to its "company-wide transformation" aimed at streamlining operations and spurring growth.

The popularity of Novo Nordisk's weight-loss injections had once made it a darling of investors, boosting its share price and at one point making it Europe's most valuable company.

But its share price has been tanking since last year as competition grows from rival treatments in its key market, the United States.

"Our company-wide transformation has already driven operational efficiencies, and we have a renewed focus that can deliver a range of potential treatment options that will serve millions more patients, mainly in obesity," said chief executive Mike Doustdar, who took over in August.