As Novo Nordisk works through a period of transition in the U.S. GLP-1 drug market, sales from the company's star obesity medicine Wegovy came in below expectations in the first quarter of 2025. Still, the Danish drugmaker is undeterred and is keeping its optimism intact for the second half of the year.
Global Wegovy sales reached 17.36 billion Danish kroner during the first quarter of 2025, coming in 7% below analyst expectations, according to a note from analysts with ODDO BHF. While the number was an 83% increase from the same period in 2024, several factors tempered the drug's rapid expansion—particularly in the U.S.
In the U.S., the volume of compounded GLP-1s is "estimated to have impacted the uptake of Wegovy prescriptions as well as the growth of the branded obesity market during first quarter of 2025," Novo said in a press release (PDF) Wednesday, May 6 for its financial results.
While the company still significantly grew its volumes in the key market, Novo noted that wholesaler inventory shifts and lower realized prices were two offsetting factors to the growth.
With the first quarter in the books, Novo has lowered its full-year sales forecast. The company now projects overall sales growth to come in between 13% and 21% at constant exchange rates. Previously, the company projected growth of 16% to 24%.
The update reflects "lower-than-planned penetration of branded GLP-1 treatments in the US, impacted by compounded GLP-1s," Novo said in its release.
On the compounded GLP-1 situation, Novo noted that the FDA removed semaglutide injectables from its shortage list in February and is in the process of phasing out compounded versions of the drug from the market. The FDA's "period of enforcement discretion" for certain compounders ends later this month, and Novo is "actively focused on preventing unlawful and unsafe compounding," the company added.
Meanwhile, Novo touted its recent efforts to boost Wegovy access, including through collaborations with telehealth companies and a prime position on CVS's national template formulary.
Looking forward, Novo expects growth "to pick up in the second half of the year," CEO Lars Fruergaard Jørgensen told reporters on a call, as quoted by Reuters.
Novo's share price increased by about 5% early Wednesday in the wake of the earnings report and CEO comments, before settling down to less than 2% mid-morning.