Novo Nordisk is a Danish drugmaker best known for semaglutide, the molecule in Ozempic, Wegovy and Rybelsus. It reported net sales of DKK 309.1 billion (about $46 billion) and net profit of ~$15.6 billion (DKK 102.4 billion) in 2025, up from ~$18.5 billion (DKK 122.0 billion) in sales in 2019.
Roots in Insulin
The company traces back to Nordisk Insulinlaboratorium (1923) and rival Novo Terapeutisk Laboratorium (1925), which merged in 1989. Insulin is still a large business, but GLP-1 medicines now drive most growth.
How Novo Nordisk Makes Money
Novo sells prescription medicines in two segments: Diabetes and Obesity care, and Rare disease. The US is its largest market, where revenue depends on rebates to pharmacy benefit managers, government programmes and a growing self-pay channel.
From Peak to Reset
Wegovy made Novo Europe's most valuable company in 2023-2024. Eli Lilly's tirzepatide then gained share, US prices fell and pipeline results disappointed. CEO Lars Fruergaard Jørgensen was replaced by Mike Doustdar in August 2025, about 9,000 job cuts followed, and former CEO Lars Rebien Sørensen became chair.
2026 So Far
The Wegovy pill launched in the US in January 2026 and passed 5 million prescriptions by August. Q2 2026 adjusted sales rose 7% at constant exchange rates, and Novo guided full-year adjusted sales growth of 0% to -6%. At its September 2026 Capital Markets Day it targeted mid-single-digit growth to 2030, and the shares fell about 8%.
Ownership
The Novo Nordisk Foundation controls the company through Novo Holdings, which holds A shares and a majority of votes. B shares trade in Copenhagen and ADRs on the NYSE as NVO.
