Novo Nordisk
Health·NOVO-B · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Global market leader in diabetes and obesity treatment through GLP-1 medicines such as Ozempic, Wegovy and Rybelsus. Most of its revenue comes from the US and other international markets, with minimal dependence on the Danish home market. Competes closely with Eli Lilly in the GLP-1 market and is meeting rising competition and price pressure, particularly in the US, after several years of very high growth driven by the obesity indication.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
GLP-1 and obesity treatment
Technology
DriverPositive impact: strengthens
“We have also seen encouraging recognition from the World Health Organization, which has acknowledged the multiple health benefits of GLP-1 treatments and has committed to exploring ways to expand access globally.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“1 billion people living with obesity and around 600 million living with diabetes.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In 2026, the global GLP-1 market expansion is assumed to continue, enabling Novo Nordisk to increase patient reach and expand volumes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our strategy focuses on leading in Obesity, Diabetes & related comorbidities, through patient centricity, innovation and affordable access.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Reaching millions more people means we need a portfolio that works for everyone – from affordable options to cutting-edge treatments. In obesity, we are building a strong pipeline with higher-dose and oral formulations of Wegovy ® and exciting next-generation therapies like zenagamtide (amycretin) and CagriSema.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Novo Nordisk is the global market leader with a branded volume market share of 59.6%.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Sales and distribution costs increased by 4% measured in Danish kroner and by 7% at CER to DKK 64,310 million. The increase in costs is driven by both US Operations and International Operations. In US Operations, the cost increase is mainly driven by promotional activities related to Wegovy ® .”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In Obesity, we will lead by addressing patients’ diverse needs and supporting them throughout their care journey.”
Annual report 2025A · The company itself
Market
“Our entry into obesity treatment – a field we pioneered and shaped – thrust us into an era of unprecedented growth that, frankly, surprised even us.”
Annual report 2025A · The company itself
Market
“Just as we serve people living with diabetes with multiple insulin formulations, we will build a comprehensive obesity portfolio offering diverse treatment options. This means developing therapies that address the full spectrum of patient circumstances – from those seeking the highest efficacy outcomes to those who need different delivery methods, dosing frequencies or treatment profiles that better suit their individual needs.”
Annual report 2025A · The company itself
Market
“A significant milestone has been the record-breaking launch of the Wegovy ® pill – the world’s first and only once-daily oral GLP-1 therapy approved for weight management. This breakthrough addresses patient preferences whilst leveraging the proven efficacy and safety profile of semaglutide, positioning us uniquely in an increasingly competitive field.”
Annual report 2025A · The company itself
Market
“Advanced pipeline programmes and submitted new medicines for approval. Key progress included advancing zenagamtide (amycretin) to initiate phase 3 trials in 2026, and filing weight management medicine CagriSema to the FDA.”
Annual report 2025A · The company itself
Market
“Powered by semaglutide, these game-changing medicines address two of the world’s most pressing health challenges: obesity, impacting over 1 billion people worldwide, and diabetes, affecting around 600 million. Semaglutide is the only molecule that demonstrates cardiovascular protection in both diseases.”
Annual report 2025A · The company itself
Market
“Sales of Obesity care products increased by 26% measured in Danish kroner and by 31% at CER.”
Annual report 2025A · The company itself
Market
“Sales of GLP-1-based products for type 2 diabetes increased by 2% measured in Danish kroner and by 6% at CER to DKK 152,202 million.”
Annual report 2025A · The company itself
Market
“Our pipeline across obesity, type 2 diabetes and related comorbidities continues to advance, whilst we enhance optionality by tailoring solutions to individual needs.”
Annual report 2025A · The company itself
Market
“In 2025, our obesity portfolio delivered 31% sales growth at constant exchange rates (CER), reaching 3.6 million people worldwide.”
Annual report 2025A · The company itself
Market
“Novo Nordisk operates in two segments based on therapies: Obesity and Diabetes care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas: • Obesity and Diabetes care: obesity, diabetes, cardiovascular and emerging therapy areas • Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.”
Annual report 2025A · The company itself
Market
“In 2025, we reached an all-time high of 45.6 million people with obesity and diabetes care products.”
Annual report 2025A · The company itself
Market
“Every decision and every innovation must ultimately serve the health and wellbeing of the more than 45.6 million patients who depend on us today, and the hundreds of millions more we aim to serve in future.”
Annual report 2025A · The company itself
Market
“We discovered that people living with obesity face completely different challenges than those living with diabetes. Instead of fear, they often feel shame or stigmatisation.”
Annual report 2025A · The company itself
Market
“We have refocused our strategy on these core therapeutic areas – not as a limitation, but as recognition that serving the two billion people living with obesity, overweight or diabetes provides massive opportunities for growth and impact.”
Annual report 2025A · The company itself
Chains in: US drug pricing policy weakens
Chains out: this mixed effect Healthcare and hospitals
Diabetes care
Technology
DriverPositive impact: strengthens
“We have also seen encouraging recognition from the World Health Organization, which has acknowledged the multiple health benefits of GLP-1 treatments and has committed to exploring ways to expand access globally.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“1 billion people living with obesity and around 600 million living with diabetes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our strategy focuses on leading in Obesity, Diabetes & related comorbidities, through patient centricity, innovation and affordable access.”
Annual report 2025A · The company itself
Market
“For decades, Novo Nordisk flourished in the diabetes market, building expertise patient by patient, innovation by innovation.”
Annual report 2025A · The company itself
Market
“We are also focused on diabetes with the continued rollout of Awiqli ® and the EU approval of Kyinsu ® (IcoSema), plus we are preparing for the launch of denecimig (Mim8) for people living with haemophilia A.”
Annual report 2025A · The company itself
Market
“Powered by semaglutide, these game-changing medicines address two of the world’s most pressing health challenges: obesity, impacting over 1 billion people worldwide, and diabetes, affecting around 600 million. Semaglutide is the only molecule that demonstrates cardiovascular protection in both diseases.”
Annual report 2025A · The company itself
Market
“Sales in Diabetes care remained unchanged in Danish kroner and increased by 4% at CER.”
Annual report 2025A · The company itself
Market
“Sales of GLP-1-based products for type 2 diabetes increased by 2% measured in Danish kroner and by 6% at CER to DKK 152,202 million.”
Annual report 2025A · The company itself
Market
“Our pipeline across obesity, type 2 diabetes and related comorbidities continues to advance, whilst we enhance optionality by tailoring solutions to individual needs.”
Annual report 2025A · The company itself
Market
“In 2025, we reached 42 million people with our diabetes portfolio, delivering 4% sales growth at CER.”
Annual report 2025A · The company itself
Market
“Novo Nordisk operates in two segments based on therapies: Obesity and Diabetes care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas: • Obesity and Diabetes care: obesity, diabetes, cardiovascular and emerging therapy areas • Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.”
Annual report 2025A · The company itself
Market
“In 2025, we reached an all-time high of 45.6 million people with obesity and diabetes care products.”
Annual report 2025A · The company itself
Market
“Every decision and every innovation must ultimately serve the health and wellbeing of the more than 45.6 million patients who depend on us today, and the hundreds of millions more we aim to serve in future.”
Annual report 2025A · The company itself
Market
“We have refocused our strategy on these core therapeutic areas – not as a limitation, but as recognition that serving the two billion people living with obesity, overweight or diabetes provides massive opportunities for growth and impact.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“In US Operations, the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition as well as negative impact from reduced obesity medication coverage in Medicaid.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Demand for GLP‑1 medicines is surging, while access remains limited by uneven insurance coverage, affordability barriers and administrative hurdles.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Complex market dynamics and intensified competition from branded and generic competitors and compounders lead to risks of price pressure, lowered sales volumes and supply rebalancing.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Expanded affordability options to bring our GLP-1s to more Americans. Expanding access and affordability for our semaglutide medicines on top of existing initiatives such as lower self-pay prices and collaborations with select telehealth providers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Since 2019, we have partnered with UNICEF to advance childhood obesity prevention, combining policy advocacy, robust data and implementation support to create healthier environments for children and adolescents.”
Annual report 2025A · The company itself
Market
“From 2024 to 2025, more than 468,000 young people benefited directly via local programmatic activities.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Rare diseases and orphan drugs
End markets
Market
“In Diabetes, we will strengthen leadership with a cardiorenal focus.”
Annual report 2025A · The company itself
Market
“Rare disease sales increased by 5% measured in Danish kroner and by 9% at CER.”
Annual report 2025A · The company itself
Market
“Sales of rare endocrine disorder products increased by 19% measured in Danish kroner and by 24% at CER to DKK 5,959 million.”
Annual report 2025A · The company itself
Market
“Sales of rare blood disorder products decreased by 2% measured in Danish kroner and increased by 2% at CER to DKK 11,955 million.”
Annual report 2025A · The company itself
Market
“In 2025, our rare disease portfolio delivered 9% sales growth at CER, with Sogroya ® leading in the long‑acting growth hormone segment across launch markets and Alhemo ® expanding its presence in haemophilia prophylaxis.”
Annual report 2025A · The company itself
Market
“Novo Nordisk operates in two segments based on therapies: Obesity and Diabetes care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas: • Obesity and Diabetes care: obesity, diabetes, cardiovascular and emerging therapy areas • Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Market
“Changing Diabetes ® in Children (CDiC) supports children under 25 living with type 1 diabetes in low‑ and middle‑income countries; since 2009, we have reached almost 82,000 children with life‑saving care delivered through a holistic model.”
Annual report 2025A · The company itself
Geography
“Sales in Emerging Markets increased by 3% measured in Danish kroner and by 8% at CER.”
Annual report 2025A · The company itself
Geography
“Sales in APAC increased by 19% measured in Danish kroner and by 25% at CER.”
Annual report 2025A · The company itself
Geography
“This complements ongoing work to scale production across our global manufacturing network, with major expansions underway in Denmark, France, Brazil and China.”
Annual report 2025A · The company itself
E-commerce
Technology
StrategyPositive impact: strengthens
“Novo Nordisk further focuses on expanding access to Wegovy ® , particularly in the self-pay channel through NovoCare ® Pharmacy and collaborations with telehealth organisations. Uptake related to the launch of Wegovy ® pill in January 2026 is reflected in the outlook, based on a range of assumptions related hereto such as market penetration, potential negative impact on the growth of the injectable obesity medication category as well as channel mix.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are transforming our position through multiple direct-to-consumer pathways by rapidly expanding our NovoCare ® direct-to-patient platform to simplify access and reduce costs, forging new telehealth collaborations and securing retail pharmacy agreements including CVS to improve continuity of care.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In the US, we are expanding practical pathways to treatment across multiple channels. Through NovoCare ® – our patient assistance programme – patients can check coverage, access savings and, where eligible, receive assistance.”
Annual report 2025A · The company itself
Market
“For example, we have learned that some people living with obesity prefer accessing treatment through online providers from the privacy of their homes rather than in traditional clinical settings.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“This approach allows us to explore novel biological pathways, exemplified by our exclusive licence for UBT251, a GLP-1/GIP/ glucagon triple receptor agonist that targets yet another mechanism for tackling obesity’s complex biology.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our exclusive Septerna partnership targets GLP-1, GIP and glucagon receptors across four programmes, whilst we have licensed LX9851 from Lexicon Pharmaceuticals, a first-in-class oral ACSL5 inhibitor. Preclinical data demonstrate that when combined with semaglutide, LX9851 enhanced weight reduction, limited weight regain and showed positive steatosis effects after discontinuation – addressing the critical challenge of weight maintenance.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Following FDA approval of Wegovy ® for noncirrhotic MASH with moderate to advanced fibrosis, we acquired Akero Therapeutics and efruxifermin (EFX), a onceweekly FGF21 analogue now in phase 3 development and the only investigational drug ever to have demonstrated reversal of fibrosis in patients with cirrhosis due to MASH.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Key assets include CagriSema, a once-weekly combination therapy in phase 3 trials, and zenagamtide, a novel unimolecular GLP-1 and amylin receptor agonist in phase 3 development for obesity and diabetes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“This integrated approach, enhanced by AI and digital technologies, accelerates our pipeline and decision-making, while bringing manufacturability and supply considerations into drug development earlier to enhance speed and efficiency.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Public investment and infrastructure
Regulation
StrategyPositive impact: strengthens
“To ensure consistent, sustainable access to authentic, FDA‑approved medicines, we are continuing to expand US manufacturing capacity and to strengthen our supply chain.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“These investments will add new lines, increase fill‑finish and packaging capacity, and significantly expand multiple US sites to address national supply needs. This complements ongoing work to scale production across our global manufacturing network, with major expansions underway in Denmark, France, Brazil and China.”
Annual report 2025A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“More than 3,000 suppliers have committed to renewable electricity sourcing, accounting for 54% of our total CO e emissions.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Digitalisation
Technology
StrategyPositive impact: strengthens
“This integrated approach, enhanced by AI and digital technologies, accelerates our pipeline and decision-making, while bringing manufacturability and supply considerations into drug development earlier to enhance speed and efficiency.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Retail
End markets
Market
“We are transforming our position through multiple direct-to-consumer pathways by rapidly expanding our NovoCare ® direct-to-patient platform to simplify access and reduce costs, forging new telehealth collaborations and securing retail pharmacy agreements including CVS to improve continuity of care.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Telecoms and 5G
Technology
StrategyPositive impact: strengthens
“We are transforming our position through multiple direct-to-consumer pathways by rapidly expanding our NovoCare ® direct-to-patient platform to simplify access and reduce costs, forging new telehealth collaborations and securing retail pharmacy agreements including CVS to improve continuity of care.”
Annual report 2025A · The company itself
United States
Geography
DriverNegative impact: weakens
“This is countered by lower realised prices, including the MFN ("Most Favoured Nations") agreement in the US and the loss of exclusivity for the semaglutide molecule in certain markets in International Operations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In US Operations, the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition as well as negative impact from reduced obesity medication coverage in Medicaid.”
Annual report 2025A · The company itself
Geography
“Sales in US Operations increased by 3% measured in Danish kroner and by 8% at CER.”
Annual report 2025A · The company itself
Geography
““We are acting urgently to strengthen our portfolio through targeted investment in next‑generation therapies and business development” The US remains our biggest market and demands our boldest moves.”
Annual report 2025A · The company itself
Geography
“The latter is the world’s first and only oral GLP‑1‑based medicine to be approved for chronic weight management and is now being produced domestically in the US, with API manufactured at our Clayton, North Carolina site and tablets made and packed at our Durham, North Carolina site.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Patent expiry and generic competition
Regulation
DriverNegative impact: weakens
“The impending loss of exclusivity for semaglutide actually strengthens this approach. Generic competition will help establish an affordable foundation whilst we build differentiated innovations on top of that.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“As semaglutide nears loss of exclusivity in certain key markets, we are acting decisively, launching second brands in lower‑priced segments, fast‑tracking differentiated devices and sharpening our channel strategies, while reinforcing quality and pharmacovigilance as generics enter the market.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Novo Nordisk is exposed to portfolio dependency with multiple brands relying on semaglutide as the active pharmaceutical ingredient.”
Annual report 2025A · The company itself
Chains out: this weakens Biotech and drug development
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“This is driven by gains on hedged currencies, mainly the US dollar, partially countered by increased interest expenses related to net debt.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Adjusted sales growth is expected to be -5% to -13% at CER, with fluctuations in growth rates expected across quarters. Given the current exchange rates versus the Danish krone, adjusted sales growth reported in Danish kroner is expected to be 3 percentage points lower than at CER, primarily due to depreciation of the USD/DKK exchange rate.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“• Could lead to tax adjustments, fines and higher-than-expected tax level. • Could adversely impact sales and profits. • Geopolitical developments could lead to an increase in corporate taxes and duties. • Hedging for selected currencies. • Integrated treasury management. • Applicable taxes paid in jurisdictions where business activity generates profits and multi-year Advance Pricing Agreements with tax authorities.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Conflicts, geopolitical tensions and social unrest represent a volatile landscape, leading to risks of trade restrictions. Most notably, the US administration continues to assess a range of trade actions affecting US imports, including tariffs and reference pricing measures which may continue targeting pharmaceuticals, with potential spillover effects to other countries.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Product supply, quality and safety risks Higher-than-expected demand or disruption of product supply due to, e.g., geopolitical instability or quality issues, may compromise product availability, ultimately impacting patients and representing a lost commercial opportunity.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Included a global workforce reduction of around 9,000 positions with annualised savings of DKK 8 billion from 2026 and onwards redirected to obesity and diabetes growth opportunities.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“To enable faster decisions, sharper execution and improved efficiency, we made the difficult decision to reduce approximately 9,000 positions globally.”
Annual report 2025A · The company itself
US drug pricing policy
Regulation
DriverNegative impact: weakens
“This is countered by lower realised prices, including the MFN ("Most Favoured Nations") agreement in the US and the loss of exclusivity for the semaglutide molecule in certain markets in International Operations.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition, we have agreed to a framework with the US Administration to lower semaglutide prices across Medicare Part D (government insurance for seniors), Medicaid (government insurance for low-income Americans) and direct‑to‑patient channels from 2026 onwards, and to broaden coverage through a Medicare pilot programme for Part D beneficiaries with qualifying comorbidities.”
Annual report 2025A · The company itself
Chains out: this mixed effect Biotech and drug development, weakens GLP-1 and obesity treatment
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Our commitment to sustainable growth extends beyond organisational efficiency to environmental accountability. Our environmental performance demands urgent action.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Global trade volumes
Macro
DriverNegative impact: weakens
“Demand fluctuations, resource shortages, geopolitical instability, trade disputes and local manufacturing requirements strain global supply chains.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Conflicts, geopolitical tensions and social unrest represent a volatile landscape, leading to risks of trade restrictions. Most notably, the US administration continues to assess a range of trade actions affecting US imports, including tariffs and reference pricing measures which may continue targeting pharmaceuticals, with potential spillover effects to other countries.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“Novo Nordisk Annual Report 2025 / Annual review / Introducing Novo Nordisk / Message from the Chair and the CEO 5 Q&A WITH THE CEO Leading through change The soaring demand for obesity treatment has also highlighted critical patient safety issues with unapproved compounded products that do not undergo rigorous review for safety, effectiveness and quality. This reinforces why authentic, thoroughly tested medicines matter.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Disruption to IT systems, such as cyberattacks or infrastructure failure, resulting in business disruption or breach of data confidentiality. • Could limit our ability to produce and safeguard product quality. • Could compromise patients’ or other individuals’ privacy. • Could limit our ability to maintain operations or limit future business opportunities if proprietary information is lost. • Could have an adverse impact on sales, profits and market position. • Proactive company-wide information security awareness initiatives. • Continuity plans for non-availability of IT systems. • Company-wide internal audit of IT security controls. • Detection and protection mechanisms in IT systems and business processes.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Financial regulation
Regulation
DriverNegative impact: weakens
“Some governments are adopting changes to their pharmaceutical frameworks, increasing system complexity and regulatory uncertainty. This may increase price pressure and affect profitability.”
Annual report 2025A · The company itself
Inflation
Macro
InputNegative impact: weakens
“The cost of goods sold increased by 32% measured in Danish kroner and by 31% at CER to DKK 58,788 million, resulting in a gross margin of 81.0%, measured in Danish kroner, compared with 84.7% in 2024. The decline in gross margin is impacted by amortisations and depreciations related to the three former Catalent manufacturing sites as well as one-off restructuring costs related to the company-wide transformation.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Europe
Geography
Geography
“Sales in International Operations increased by 10% measured in Danish kroner and by 14% at CER.”
Annual report 2025A · The company itself
Geography
“Sales in EUCAN increased by 15% measured in Danish kroner and by 16% at CER.”
Annual report 2025A · The company itself
Geography
“In Sub‑Saharan Africa, our iCARE approach – integrating capacity, affordability, reach and empowerment across 49 countries – strengthens healthcare infrastructure, supports workforce development and improves product affordability through tiered pricing in collaboration with local partners.”
Annual report 2025A · The company itself
Geography
“This complements ongoing work to scale production across our global manufacturing network, with major expansions underway in Denmark, France, Brazil and China.”
Annual report 2025A · The company itself
China
Geography
Geography
“Sales in Region China increased by 1% measured in Danish kroner and by 5% at CER.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“Sales in Emerging Markets increased by 3% measured in Danish kroner and by 8% at CER.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“This complements ongoing work to scale production across our global manufacturing network, with major expansions underway in Denmark, France, Brazil and China.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 309.06 bn DKK |
| Revenue growth vs. the year before, same method | 6.4 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 104.49 bn DKK |
| Diluted EPS per share | 23.03 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.