Novo Nordisk's Q2 2025: Contradictions Unveiled on GLP-1 Strategies, CVS Impact, and Supply Dynamics

Sales and Profit Growth in Q2 2025:
- Novo Nordisk reported an 18% sales growth and 29% operating profit growth for the first half of 2025.
- The growth was driven by strong performance in U.S. operations and international markets, particularly in GLP-1 products.

Impact of Formulary Changes and Compounders:
- Wegovy sales increased by 37% in U.S. operations, despite facing challenges from compounders offering GLP-1s.
- The impact of compounders on the uptake of Wegovy prescriptions and branded obesity market growth was significant.

Diabetes and Obesity Market Expansion:
- GLP-1 diabetes sales increased by 10% globally, with U.S. operations growing 9% and international operations 10%.
- Obesity care sales rose 58% driven by U.S. operations growing 36% and international operations 125%.

Challenges and Outlook Adjustment:
- The company lowered its full-year outlook due to lower growth expectations for Wegovy in the U.S. and select international markets.
- These expectations were related to lower-than-expected penetration and gross to net sales adjustments, impacting the sales outlook.