Danish pharmaceutical giant Novo Nordisk has revised its 2025 financial outlook downward, citing slower-than-expected sales of its flagship obesity drug, Wegovy, in the U.S. market.
The company now anticipates sales growth between 13% and 21%, and operating profit growth between 16% and 24%, both reduced from previous estimates of 16%–24% and 19%–27%, respectively.
A significant factor contributing to the lowered forecast is the proliferation of compounded versions of Wegovy and Ozempic in the U.S. Novo Nordisk estimates that approximately one-third of the U.S. obesity drug market has been affected by these compounded alternatives.
The U.S. Food and Drug Administration (FDA) had previously allowed the production of compounded versions to address supply shortages. However, with supply levels stabilizing, the FDA has set a deadline of May 22 for pharmacies to cease the sale of these compounded drugs.
Novo Nordisk reported robust first-quarter results. Sales increased by 18% year-over-year to DKr78.1 billion ($11.9 billion), and operating profit rose by 20% to DKr38.8 billion. Also, despite the lowered forecast, Novo Nordisk’s stock experienced a positive response, rising by approximately 6.8%.
Wegovy sales surged 83% to DKr17.36 billion ($2.64 billion), though this figure fell short of analyst expectations. Ozempic sales grew by 15%, slightly surpassing forecasts.