Global Drug King Changes Hands! Novo Nordisk’s Semaglutide Rakes in $16.7B in H1 2025

On August 6, 2025, Novo Nordisk released its H1 2025 financial report: total revenue for the first half of the year reached DKK 154.944 billion (approximately USD 22.926 billion, based on an average exchange rate of 1 DKK = 0.14796 USD), representing an 18% year-over-year increase (measured in constant exchange rates, CER).

In the first half of 2025, sales of Semaglutide reached DKK 112.756 billion (approx. USD 16.683 billion), surpassing Keytruda (USD 15.161 billion) to become the new “King of Drugs.”

Breakdown of Semaglutide Product Sales

• Ozempic (injectable for diabetes): DKK 64.520 billion (USD 9.646 billion), up 15% YoY.
• Rybelsus (oral tablets): DKK 11.348 billion (USD 1.679 billion), up 5% YoY.
• Wegovy (injectable for weight loss): DKK 36.888 billion (USD 5.458 billion), a sharp increase of 78% YoY.

China Market Performance

In China, total revenue rose 6% YoY to DKK 9.910 billion (USD 1.466 billion). Of that, Semaglutide product sales in H1 reached DKK 3.720 billion (USD 550 million):

• Ozempic: DKK 2.762 billion (USD 409 million), down 5% YoY.
• Rybelsus: DKK 116 million (USD 17 million), up 7% YoY.
• Wegovy: DKK 842 million (USD 125 million).

R&D Developments:

Novo Nordisk plans to advance subcutaneous and oral amycretin into Phase III clinical development for weight management based on clinical results completed in Q1 2025. In the obesity field, the company has launched the REDEFINE 11 study to further evaluate the potential efficacy and safety of CagriSema. In addition, the marketing application for the 7.2 mg high-dose formulation of Semaglutide (Wegovy?) has been submitted to EU regulators.

Novo Nordisk has revised its 2025 sales growth forecast to 8%-14% (CER), mainly due to slower-than-expected market expansion and intensified competition. Expectations for growth in Wegovy? and Ozempic? in the U.S. and some international markets have been lowered. The company plans to accelerate the global launch of Wegovy? and increase investment to improve market penetration for both products.