Novo Nordisk Q3 results: Ozempic maker's profit falls 27%; cuts 9,000 jobs

Danish pharmaceutical giant Novo Nordisk, the maker of obesity drugs Ozempic and Wegovy, lowered its 2025 sales outlook for the fourth time this year on Wednesday after reporting tepid third-quarter results.The company, which appointed Mike Doustdar as CEO in August, now expects full-year sales growth of 8 to 11 per cent, down from a previous forecast of 8 to 14 per cent. Novo Nordisk said the downgrade “reflects lowered growth expectations” for its diabetes and obesity treatments.Amid these challenges, Novo Nordisk announced plans to cut 9,000 jobs. The company is also engaged in a bidding war with Pfizer to acquire US weight-loss treatment specialist Metsera, reported AFP.Novo Nordisk initially made an unsolicited $6 billion bid for Metsera last week, topping Pfizer’s earlier offer. Pfizer countered with $8 billion, prompting Novo Nordisk to raise its bid to $10 billion.Revenue for the third quarter rose 5 per cent to 75 billion kroner ($11.5 billion), but fell short of expectations. Net profit declined 27 per cent to 20 billion kroner, in line with analyst forecasts, according to FactSet.The company said earnings were affected by one-off restructuring costs linked to its “company-wide transformation”, aimed at streamlining operations and boosting growth.Doustdar said, “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.”Novo Nordisk’s weight-loss injections, once a major driver of its share price, have faced increasing competition in the US. Pharmacies were allowed to produce copycat versions of Ozempic and Wegovy during shortages, slowing growth.Sales of Ozempic increased 13 per cent between January and September 2025 compared to the same period last year, a slower pace than previous years. Wegovy sales grew 54 per cent in the first nine months of 2025.The company’s share of total GLP-1 prescriptions in the US was 45.1 per cent in the third quarter, but its share of new prescriptions fell to 38.8 per cent.Doustdar said, “We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets.”