Novo Nordisk

FY Revenues: $48.7 billion +6%

FY Earnings: $16.1 billion +1%

Comments: Total GLP-1 sales for the full year 2025, which includes Ozempic, Victoza and Rybelsus, were $24.0 billion, up 2%. Ozempic sales were up 6% while Victoza sales were down 45% and Rybelsus sales were down 5%. Total insulin sales were $8.4 billion, down 4%. Obesity drug sales were up 26% to $12.97 billion and includes Wegovy and Saxenda. Rare disease sales totaled $3.1 billion, up 5%.

Sales growth was driven by both US Operations and International Operations. The volume growth of the global branded GLP-1 obesity market was 104%, where Novo Nordisk has a branded volume market share of 59.6%.