Novo Nordisk Stock Jumps On Q4 Beat: Retail Brushes Off Slower Growth Outlook To Chase Obesity Drug Boom

NYSE-listed shares of Novo Nordisk surged 4% on Wednesday morning after the Danish pharmaceutical giant posted better-than-expected fourth-quarter earnings. 

The company reported earnings of 6.34 Danish kroner ($0.88) per share on 85.7 billion DKK in sales, beating expectations for 5.98 DKK per share on 80.1 billion DKK in revenue.

Sales of Ozempic and Wegovy, two of the most dominant drugs in the obesity market, were key drivers of the earnings beat. 

Ozempic sales reached 33.9 billion DKK, slightly surpassing estimates of 33 billion DKK, while Wegovy sales more than doubled year-over-year to 19.87 billion DKK. However, they came in just below the forecast of 19.9 billion DKK.

Novo guided for 2025 sales growth of 16%-24% in local currencies, slightly below analyst expectations of just under 20%. 

That represents a slowdown from the 26% growth rate in 2024, though CEO Lars Fruergaard Jørgensen emphasized that demand for obesity treatments remains robust in the U.S. and globally. 

The results were strong enough to reassure Wall Street. Barclays reportedly described the earnings as “good enough” to get Novo back on track. At the same time, J.P. Morgan noted that the guidance implied significant upgrades to consensus beyond 2025, which could drive share outperformance.

Retail sentiment on Stocktwits turned even more bullish, with a surge in message volume pushing Novo’s ticker into the top trending symbols of the day. 

One user pointed to the stock’s movement in Denmark as a potential signal for U.S. traders, urging caution against panic selling. Another hoped that Novo’s shares could reclaim the $100 mark, a level last seen in mid-December.

Novo faces headwinds from U.S. Medicare price negotiations on Ozempic, weak Phase 3 results for CagriSema triggering fears of falling behind rival Eli Lilly in the obesity market and President Donald Trump’s tariff threat on Denmark.

In an interview with CNBC, Jørgensen reassured investors that Novo expects to bring a weight-loss pill to the U.S. market ahead of Eli Lilly.

Novo’s U.S.-listed shares have declined nearly 30% over the past year and are down 6% in 2025 despite the latest rebound.

(1 DKK=$0.14)

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