[6-K] Novo-Nordisk A/S Current Report (Foreign Issuer)
GeneDx Holdings (WGS) 10-Q – quarter ended 30 Jun 2025. Revenue jumped 46 % YoY to $102.7 m, driven by third-party insured diagnostic testing (79 % of sales). Gross profit rose 65 % to $70.9 m (gross margin 69 % vs 61 %). Expense discipline and higher scale flipped operating results to a $9.0 m profit versus a $10.6 m loss last year; net income reached $10.8 m (diluted EPS $0.36) versus a $29.2 m loss (-$1.10 EPS).
Six-month view: revenue +43 % to $189.8 m and net income $4.3 m versus a $49.4 m loss. Operating cash flow turned positive at $20.6 m; however, M&A and cap-ex drove $45.8 m of investing outflow, cutting cash & equivalents to $74.1 m (total liquidity incl. securities $134.6 m).
Balance sheet: total assets $463.9 m. Stockholders’ equity improved to $277.1 m. Debt remains $55.1 m (Perceptive Term Loan $50 m due 2028, 7.5 %+SOFR). Goodwill/intangibles increased $34.0 m after the $36.9 m Fabric Genomics acquisition; contingent earn-out valued at $4.3 m.
Key risks: payor concentration (top two groups = 57 % of Q2 revenue, 41 % of receivables), supplier reliance, rising third-party payor reserves ($17.6 m), and high warrant exercise price ($379.50).
Outlook: Management continues to exit non-core reproductive/tumor testing and integrate Fabric’s AI interpretation platform, targeting margin expansion and cash breakeven. Liquidity appears adequate for near-term operations, but execution on revenue milestones and debt servicing will be closely watched.
GeneDx Holdings (WGS) 10-Q – trimestre terminato il 30 giugno 2025. Il fatturato è aumentato del 46% su base annua, raggiungendo 102,7 milioni di dollari, trainato dai test diagnostici assicurati da terzi (79% delle vendite). Il profitto lordo è cresciuto del 65% a 70,9 milioni di dollari (margine lordo 69% contro 61%). La disciplina nei costi e la maggiore scala hanno trasformato i risultati operativi in un utile di 9,0 milioni di dollari rispetto a una perdita di 10,6 milioni dello scorso anno; l’utile netto è stato di 10,8 milioni di dollari (EPS diluito 0,36$) contro una perdita di 29,2 milioni (-1,10$ EPS).
Prospettiva semestrale: il fatturato è cresciuto del 43% a 189,8 milioni di dollari e l’utile netto a 4,3 milioni rispetto a una perdita di 49,4 milioni. Il flusso di cassa operativo è diventato positivo con 20,6 milioni di dollari; tuttavia, operazioni di M&A e investimenti in capitale hanno generato un deflusso di 45,8 milioni, riducendo la liquidità e equivalenti a 74,1 milioni (liquidità totale inclusi titoli 134,6 milioni).
Bilancio: attività totali pari a 463,9 milioni di dollari. Il patrimonio netto degli azionisti è migliorato a 277,1 milioni. Il debito resta a 55,1 milioni (Prestito a termine Perceptive da 50 milioni con scadenza 2028, 7,5% + SOFR). Avviamento e attività immateriali sono aumentati di 34,0 milioni dopo l’acquisizione di Fabric Genomics per 36,9 milioni; earn-out contingente valutato 4,3 milioni.
Rischi chiave: concentrazione dei pagatori (i primi due gruppi rappresentano il 57% del fatturato del secondo trimestre e il 41% dei crediti), dipendenza dai fornitori, aumento delle riserve dei pagatori terzi (17,6 milioni) e prezzo elevato per l’esercizio dei warrant (379,50$).
Prospettive: La direzione continua a uscire dai test riproduttivi e tumorali non core e integra la piattaforma di interpretazione AI di Fabric, puntando all’espansione dei margini e al pareggio di cassa. La liquidità sembra adeguata per le operazioni a breve termine, ma sarà fondamentale monitorare l’esecuzione degli obiettivi di fatturato e il servizio del debito.
GeneDx Holdings (WGS) 10-Q – trimestre finalizado el 30 de junio de 2025. Los ingresos aumentaron un 46% interanual hasta 102,7 millones de dólares, impulsados por pruebas diagnósticas aseguradas por terceros (79% de las ventas). El beneficio bruto subió un 65% hasta 70,9 millones de dólares (margen bruto del 69% frente al 61%). La disciplina en gastos y la mayor escala convirtieron los resultados operativos en un beneficio de 9,0 millones de dólares frente a una pérdida de 10,6 millones el año pasado; el ingreso neto alcanzó 10,8 millones de dólares (EPS diluido de 0,36$) frente a una pérdida de 29,2 millones (-1,10$ EPS).
Perspectiva semestral: ingresos +43% a 189,8 millones de dólares e ingreso neto de 4,3 millones frente a una pérdida de 49,4 millones. El flujo de caja operativo se volvió positivo con 20,6 millones de dólares; sin embargo, la adquisición y gastos de capital generaron una salida de 45,8 millones, reduciendo el efectivo y equivalentes a 74,1 millones (liquidez total incluyendo valores 134,6 millones).
Balance: activos totales de 463,9 millones de dólares. El patrimonio neto mejoró a 277,1 millones. La deuda se mantiene en 55,1 millones (Préstamo a plazo Perceptive de 50 millones con vencimiento en 2028, 7,5% + SOFR). El goodwill e intangibles aumentaron 34,0 millones tras la adquisición de Fabric Genomics por 36,9 millones; earn-out contingente valorado en 4,3 millones.
Riesgos clave: concentración de pagadores (los dos principales grupos representan el 57% de ingresos del Q2 y el 41% de cuentas por cobrar), dependencia de proveedores, aumento de reservas de pagadores terceros (17,6 millones) y alto precio de ejercicio de warrants (379,50$).
Perspectivas: La dirección continúa saliendo de pruebas reproductivas y tumorales no centrales e integrando la plataforma de interpretación AI de Fabric, con el objetivo de expandir márgenes y alcanzar el equilibrio de caja. La liquidez parece adecuada para operaciones a corto plazo, pero se vigilará de cerca el cumplimiento de metas de ingresos y el servicio de la deuda.
GeneDx Holdings (WGS) 10-Q – 2025년 6월 30일 종료 분기 보고서. 매출이 전년 동기 대비 46% 증가하여 1억 270만 달러를 기록했으며, 이는 제3자 보험 진단 검사(매출의 79%)에 힘입은 결과입니다. 총이익은 65% 증가한 7090만 달러로, 총이익률은 61%에서 69%로 상승했습니다. 비용 절감과 규모 확대 덕분에 영업실적이 900만 달러 이익으로 전환되었으며, 작년에는 1060만 달러 손실이었습니다. 순이익은 1080만 달러(희석 주당순이익 0.36달러)로, 작년의 2920만 달러 손실(-1.10달러 EPS)에서 크게 개선되었습니다.
6개월 실적: 매출은 43% 증가한 1억 8980만 달러, 순이익은 430만 달러로, 이전의 4940만 달러 손실에서 흑자로 전환했습니다. 영업 현금 흐름은 2060만 달러로 플러스로 돌아섰으나, 인수합병 및 자본 지출로 인해 4580만 달러의 투자 유출이 발생해 현금 및 현금성 자산이 7410만 달러로 감소했습니다(증권 포함 총 유동성 1억 3460만 달러).
대차대조표: 총자산 4억 6390만 달러. 주주지분은 2억 7710만 달러로 개선되었습니다. 부채는 5510만 달러로 유지(2028년 만기, 7.5%+SOFR 조건의 Perceptive 장기 대출 5000만 달러 포함). Fabric Genomics 인수(3690만 달러) 후 영업권 및 무형자산이 3400만 달러 증가했으며, 조건부 추가 지급금은 430만 달러로 평가됩니다.
주요 리스크: 지불자 집중도(상위 두 그룹이 2분기 매출의 57%, 매출채권의 41% 차지), 공급업체 의존도, 증가하는 제3자 지불자 준비금(1760만 달러), 높은 워런트 행사 가격(379.50달러).
전망: 경영진은 비핵심 생식 및 종양 검사에서 철수하고 Fabric의 AI 해석 플랫폼 통합을 계속하며, 마진 확대 및 현금 손익분기점 달성을 목표로 하고 있습니다. 단기 운영에 필요한 유동성은 충분해 보이나, 매출 목표 달성 및 부채 상환 실행 여부가 주의 깊게 관찰될 것입니다.
GeneDx Holdings (WGS) 10-Q – trimestre clos au 30 juin 2025. Le chiffre d’affaires a bondi de 46 % en glissement annuel pour atteindre 102,7 M$, porté par les tests diagnostiques assurés par des tiers (79 % des ventes). La marge brute a augmenté de 65 % à 70,9 M$ (marge brute de 69 % contre 61 %). La discipline des dépenses et une plus grande échelle ont permis de passer d’une perte opérationnelle de 10,6 M$ l’an dernier à un profit opérationnel de 9,0 M$ ; le bénéfice net a atteint 10,8 M$ (BPA dilué de 0,36 $) contre une perte de 29,2 M$ (-1,10 $ BPA).
Vue semestrielle : chiffre d’affaires en hausse de 43 % à 189,8 M$ et bénéfice net de 4,3 M$ contre une perte de 49,4 M$. Les flux de trésorerie opérationnels sont devenus positifs à 20,6 M$ ; cependant, les opérations de fusions-acquisitions et les investissements ont entraîné une sortie de 45,8 M$, réduisant la trésorerie et équivalents à 74,1 M$ (liquidités totales incluant les titres à 134,6 M$).
Bilan : actifs totaux de 463,9 M$. Les capitaux propres se sont améliorés à 277,1 M$. La dette reste à 55,1 M$ (prêt à terme Perceptive de 50 M$ échéant en 2028, 7,5 % + SOFR). Le goodwill et les actifs incorporels ont augmenté de 34,0 M$ après l’acquisition de Fabric Genomics pour 36,9 M$ ; un earn-out conditionnel est évalué à 4,3 M$.
Risques clés : concentration des payeurs (les deux principaux groupes représentent 57 % du chiffre d’affaires du T2 et 41 % des créances), dépendance aux fournisseurs, augmentation des provisions pour payeurs tiers (17,6 M$) et prix d’exercice élevé des bons de souscription (379,50 $).
Perspectives : La direction poursuit la sortie des tests reproductifs et tumoraux non essentiels et intègre la plateforme d’interprétation IA de Fabric, visant une expansion des marges et l’équilibre de trésorerie. La liquidité semble suffisante pour les opérations à court terme, mais l’exécution des objectifs de chiffre d’affaires et le service de la dette seront suivis de près.
GeneDx Holdings (WGS) 10-Q – Quartal zum 30. Juni 2025. Der Umsatz stieg um 46 % im Jahresvergleich auf 102,7 Mio. USD, getrieben von diagnostischen Tests mit Drittversicherungen (79 % des Umsatzes). Der Bruttogewinn stieg um 65 % auf 70,9 Mio. USD (Bruttomarge 69 % gegenüber 61 %). Kostenkontrolle und Skaleneffekte führten zu einem operativen Ergebnis von 9,0 Mio. USD Gewinn im Vergleich zu einem Verlust von 10,6 Mio. USD im Vorjahr; der Nettogewinn erreichte 10,8 Mio. USD (verwässertes Ergebnis je Aktie 0,36 USD) gegenüber einem Verlust von 29,2 Mio. USD (-1,10 USD EPS).
Sechsmonatsübersicht: Umsatz +43 % auf 189,8 Mio. USD und Nettogewinn 4,3 Mio. USD gegenüber einem Verlust von 49,4 Mio. USD. Der operative Cashflow wurde mit 20,6 Mio. USD positiv; jedoch führten M&A und Investitionen zu einem Abfluss von 45,8 Mio. USD, wodurch die liquiden Mittel auf 74,1 Mio. USD sanken (Gesamtliquidität inkl. Wertpapiere 134,6 Mio.).
Bilanz: Gesamtvermögen 463,9 Mio. USD. Das Eigenkapital verbesserte sich auf 277,1 Mio. USD. Die Verschuldung bleibt bei 55,1 Mio. USD (Perceptive Term Loan 50 Mio. USD fällig 2028, 7,5 % + SOFR). Geschäfts- und Firmenwert stieg um 34,0 Mio. USD nach der Übernahme von Fabric Genomics für 36,9 Mio. USD; bedingte Earn-outs wurden mit 4,3 Mio. USD bewertet.
Hauptrisiken: Konzentration der Zahler (Top zwei Gruppen = 57 % des Q2-Umsatzes, 41 % der Forderungen), Lieferantenabhängigkeit, steigende Rückstellungen für Drittzahler (17,6 Mio. USD) und hoher Ausübungspreis der Warrants (379,50 USD).
Ausblick: Das Management setzt die Ausgliederung von nicht zum Kerngeschäft gehörenden reproduktiven und Tumortests fort und integriert die KI-Interpretationsplattform von Fabric, mit dem Ziel der Margenverbesserung und des Cash-Break-Even. Die Liquidität scheint für kurzfristige Operationen ausreichend, aber die Umsetzung der Umsatzziele und die Bedienung der Schulden werden genau beobachtet.
- Return to profitability: Net income $10.8 m vs. $-29.2 m YoY; first positive quarter as a public company.
- Robust revenue growth: Q2 sales up 46 % YoY; six-month sales up 43 %.
- Operating cash flow positive $20.6 m YTD, indicating improved monetisation and cost control.
- Gross margin expansion to 69 %, reflecting mix shift and Fabric synergies.
- Equity strengthened by $31.9 m; ATM proceeds and warrant exercises bolstered capital.
- Cash decline of $11.1 m YTD due to acquisition and cap-ex.
- Customer concentration risk: top two payor groups account for 57 % of Q2 revenue.
- Third-party payor reserves rose to $17.6 m, signalling reimbursement uncertainty.
- Leverage: $55.1 m debt with variable SOFR+7.5 % rate; interest expense $1.5 m YTD.
- Intangibles & goodwill now 41 % of assets, elevating future impairment risk.
Insights
TL;DR – Profit inflection, strong growth, but cash dips and payor risk remain.
GeneDx delivered an eye-catching swing to profitability as revenue scaled 46 %. Gross margin nearly 70 % reflects the benefit of exiting lower-margin lines and early integration of Fabric Genomics. Positive operating cash flow is a milestone for a genomics platform still in build-out mode. Liquidity of $135 m versus $52 m net debt offers ~2 yrs runway at current burn, though investing outflows remind us cap-ex remains heavy. Payor and supplier concentration, plus a rising reserve, underscore reimbursement volatility. Overall, results are incrementally positive for equity holders.
GeneDx Holdings (WGS) 10-Q – trimestre terminato il 30 giugno 2025. Il fatturato è aumentato del 46% su base annua, raggiungendo 102,7 milioni di dollari, trainato dai test diagnostici assicurati da terzi (79% delle vendite). Il profitto lordo è cresciuto del 65% a 70,9 milioni di dollari (margine lordo 69% contro 61%). La disciplina nei costi e la maggiore scala hanno trasformato i risultati operativi in un utile di 9,0 milioni di dollari rispetto a una perdita di 10,6 milioni dello scorso anno; l’utile netto è stato di 10,8 milioni di dollari (EPS diluito 0,36$) contro una perdita di 29,2 milioni (-1,10$ EPS).
Prospettiva semestrale: il fatturato è cresciuto del 43% a 189,8 milioni di dollari e l’utile netto a 4,3 milioni rispetto a una perdita di 49,4 milioni. Il flusso di cassa operativo è diventato positivo con 20,6 milioni di dollari; tuttavia, operazioni di M&A e investimenti in capitale hanno generato un deflusso di 45,8 milioni, riducendo la liquidità e equivalenti a 74,1 milioni (liquidità totale inclusi titoli 134,6 milioni).
Bilancio: attività totali pari a 463,9 milioni di dollari. Il patrimonio netto degli azionisti è migliorato a 277,1 milioni. Il debito resta a 55,1 milioni (Prestito a termine Perceptive da 50 milioni con scadenza 2028, 7,5% + SOFR). Avviamento e attività immateriali sono aumentati di 34,0 milioni dopo l’acquisizione di Fabric Genomics per 36,9 milioni; earn-out contingente valutato 4,3 milioni.
Rischi chiave: concentrazione dei pagatori (i primi due gruppi rappresentano il 57% del fatturato del secondo trimestre e il 41% dei crediti), dipendenza dai fornitori, aumento delle riserve dei pagatori terzi (17,6 milioni) e prezzo elevato per l’esercizio dei warrant (379,50$).
Prospettive: La direzione continua a uscire dai test riproduttivi e tumorali non core e integra la piattaforma di interpretazione AI di Fabric, puntando all’espansione dei margini e al pareggio di cassa. La liquidità sembra adeguata per le operazioni a breve termine, ma sarà fondamentale monitorare l’esecuzione degli obiettivi di fatturato e il servizio del debito.
GeneDx Holdings (WGS) 10-Q – trimestre finalizado el 30 de junio de 2025. Los ingresos aumentaron un 46% interanual hasta 102,7 millones de dólares, impulsados por pruebas diagnósticas aseguradas por terceros (79% de las ventas). El beneficio bruto subió un 65% hasta 70,9 millones de dólares (margen bruto del 69% frente al 61%). La disciplina en gastos y la mayor escala convirtieron los resultados operativos en un beneficio de 9,0 millones de dólares frente a una pérdida de 10,6 millones el año pasado; el ingreso neto alcanzó 10,8 millones de dólares (EPS diluido de 0,36$) frente a una pérdida de 29,2 millones (-1,10$ EPS).
Perspectiva semestral: ingresos +43% a 189,8 millones de dólares e ingreso neto de 4,3 millones frente a una pérdida de 49,4 millones. El flujo de caja operativo se volvió positivo con 20,6 millones de dólares; sin embargo, la adquisición y gastos de capital generaron una salida de 45,8 millones, reduciendo el efectivo y equivalentes a 74,1 millones (liquidez total incluyendo valores 134,6 millones).
Balance: activos totales de 463,9 millones de dólares. El patrimonio neto mejoró a 277,1 millones. La deuda se mantiene en 55,1 millones (Préstamo a plazo Perceptive de 50 millones con vencimiento en 2028, 7,5% + SOFR). El goodwill e intangibles aumentaron 34,0 millones tras la adquisición de Fabric Genomics por 36,9 millones; earn-out contingente valorado en 4,3 millones.
Riesgos clave: concentración de pagadores (los dos principales grupos representan el 57% de ingresos del Q2 y el 41% de cuentas por cobrar), dependencia de proveedores, aumento de reservas de pagadores terceros (17,6 millones) y alto precio de ejercicio de warrants (379,50$).
Perspectivas: La dirección continúa saliendo de pruebas reproductivas y tumorales no centrales e integrando la plataforma de interpretación AI de Fabric, con el objetivo de expandir márgenes y alcanzar el equilibrio de caja. La liquidez parece adecuada para operaciones a corto plazo, pero se vigilará de cerca el cumplimiento de metas de ingresos y el servicio de la deuda.
GeneDx Holdings (WGS) 10-Q – 2025년 6월 30일 종료 분기 보고서. 매출이 전년 동기 대비 46% 증가하여 1억 270만 달러를 기록했으며, 이는 제3자 보험 진단 검사(매출의 79%)에 힘입은 결과입니다. 총이익은 65% 증가한 7090만 달러로, 총이익률은 61%에서 69%로 상승했습니다. 비용 절감과 규모 확대 덕분에 영업실적이 900만 달러 이익으로 전환되었으며, 작년에는 1060만 달러 손실이었습니다. 순이익은 1080만 달러(희석 주당순이익 0.36달러)로, 작년의 2920만 달러 손실(-1.10달러 EPS)에서 크게 개선되었습니다.
6개월 실적: 매출은 43% 증가한 1억 8980만 달러, 순이익은 430만 달러로, 이전의 4940만 달러 손실에서 흑자로 전환했습니다. 영업 현금 흐름은 2060만 달러로 플러스로 돌아섰으나, 인수합병 및 자본 지출로 인해 4580만 달러의 투자 유출이 발생해 현금 및 현금성 자산이 7410만 달러로 감소했습니다(증권 포함 총 유동성 1억 3460만 달러).
대차대조표: 총자산 4억 6390만 달러. 주주지분은 2억 7710만 달러로 개선되었습니다. 부채는 5510만 달러로 유지(2028년 만기, 7.5%+SOFR 조건의 Perceptive 장기 대출 5000만 달러 포함). Fabric Genomics 인수(3690만 달러) 후 영업권 및 무형자산이 3400만 달러 증가했으며, 조건부 추가 지급금은 430만 달러로 평가됩니다.
주요 리스크: 지불자 집중도(상위 두 그룹이 2분기 매출의 57%, 매출채권의 41% 차지), 공급업체 의존도, 증가하는 제3자 지불자 준비금(1760만 달러), 높은 워런트 행사 가격(379.50달러).
전망: 경영진은 비핵심 생식 및 종양 검사에서 철수하고 Fabric의 AI 해석 플랫폼 통합을 계속하며, 마진 확대 및 현금 손익분기점 달성을 목표로 하고 있습니다. 단기 운영에 필요한 유동성은 충분해 보이나, 매출 목표 달성 및 부채 상환 실행 여부가 주의 깊게 관찰될 것입니다.
GeneDx Holdings (WGS) 10-Q – trimestre clos au 30 juin 2025. Le chiffre d’affaires a bondi de 46 % en glissement annuel pour atteindre 102,7 M$, porté par les tests diagnostiques assurés par des tiers (79 % des ventes). La marge brute a augmenté de 65 % à 70,9 M$ (marge brute de 69 % contre 61 %). La discipline des dépenses et une plus grande échelle ont permis de passer d’une perte opérationnelle de 10,6 M$ l’an dernier à un profit opérationnel de 9,0 M$ ; le bénéfice net a atteint 10,8 M$ (BPA dilué de 0,36 $) contre une perte de 29,2 M$ (-1,10 $ BPA).
Vue semestrielle : chiffre d’affaires en hausse de 43 % à 189,8 M$ et bénéfice net de 4,3 M$ contre une perte de 49,4 M$. Les flux de trésorerie opérationnels sont devenus positifs à 20,6 M$ ; cependant, les opérations de fusions-acquisitions et les investissements ont entraîné une sortie de 45,8 M$, réduisant la trésorerie et équivalents à 74,1 M$ (liquidités totales incluant les titres à 134,6 M$).
Bilan : actifs totaux de 463,9 M$. Les capitaux propres se sont améliorés à 277,1 M$. La dette reste à 55,1 M$ (prêt à terme Perceptive de 50 M$ échéant en 2028, 7,5 % + SOFR). Le goodwill et les actifs incorporels ont augmenté de 34,0 M$ après l’acquisition de Fabric Genomics pour 36,9 M$ ; un earn-out conditionnel est évalué à 4,3 M$.
Risques clés : concentration des payeurs (les deux principaux groupes représentent 57 % du chiffre d’affaires du T2 et 41 % des créances), dépendance aux fournisseurs, augmentation des provisions pour payeurs tiers (17,6 M$) et prix d’exercice élevé des bons de souscription (379,50 $).
Perspectives : La direction poursuit la sortie des tests reproductifs et tumoraux non essentiels et intègre la plateforme d’interprétation IA de Fabric, visant une expansion des marges et l’équilibre de trésorerie. La liquidité semble suffisante pour les opérations à court terme, mais l’exécution des objectifs de chiffre d’affaires et le service de la dette seront suivis de près.
GeneDx Holdings (WGS) 10-Q – Quartal zum 30. Juni 2025. Der Umsatz stieg um 46 % im Jahresvergleich auf 102,7 Mio. USD, getrieben von diagnostischen Tests mit Drittversicherungen (79 % des Umsatzes). Der Bruttogewinn stieg um 65 % auf 70,9 Mio. USD (Bruttomarge 69 % gegenüber 61 %). Kostenkontrolle und Skaleneffekte führten zu einem operativen Ergebnis von 9,0 Mio. USD Gewinn im Vergleich zu einem Verlust von 10,6 Mio. USD im Vorjahr; der Nettogewinn erreichte 10,8 Mio. USD (verwässertes Ergebnis je Aktie 0,36 USD) gegenüber einem Verlust von 29,2 Mio. USD (-1,10 USD EPS).
Sechsmonatsübersicht: Umsatz +43 % auf 189,8 Mio. USD und Nettogewinn 4,3 Mio. USD gegenüber einem Verlust von 49,4 Mio. USD. Der operative Cashflow wurde mit 20,6 Mio. USD positiv; jedoch führten M&A und Investitionen zu einem Abfluss von 45,8 Mio. USD, wodurch die liquiden Mittel auf 74,1 Mio. USD sanken (Gesamtliquidität inkl. Wertpapiere 134,6 Mio.).
Bilanz: Gesamtvermögen 463,9 Mio. USD. Das Eigenkapital verbesserte sich auf 277,1 Mio. USD. Die Verschuldung bleibt bei 55,1 Mio. USD (Perceptive Term Loan 50 Mio. USD fällig 2028, 7,5 % + SOFR). Geschäfts- und Firmenwert stieg um 34,0 Mio. USD nach der Übernahme von Fabric Genomics für 36,9 Mio. USD; bedingte Earn-outs wurden mit 4,3 Mio. USD bewertet.
Hauptrisiken: Konzentration der Zahler (Top zwei Gruppen = 57 % des Q2-Umsatzes, 41 % der Forderungen), Lieferantenabhängigkeit, steigende Rückstellungen für Drittzahler (17,6 Mio. USD) und hoher Ausübungspreis der Warrants (379,50 USD).
Ausblick: Das Management setzt die Ausgliederung von nicht zum Kerngeschäft gehörenden reproduktiven und Tumortests fort und integriert die KI-Interpretationsplattform von Fabric, mit dem Ziel der Margenverbesserung und des Cash-Break-Even. Die Liquidität scheint für kurzfristige Operationen ausreichend, aber die Umsetzung der Umsatzziele und die Bedienung der Schulden werden genau beobachtet.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 6-K
________________
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
July 29, 2025
________________
NOVO NORDISK A/S
(Exact name of Registrant as specified in its charter)
Novo Allé 1
DK- 2880, Bagsvaerd
Denmark
(Address of principal executive offices)
________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
| Form 20-F ☒ | Form 40-F ☐ |
Novo Nordisk lowers sales and operating profit outlook for 2025
Bagsværd, Denmark, 29 July 2025 – Novo Nordisk today announced sales and operating profit growth at constant exchange rates (CER) for the first six months of 2025 and updated full-year sales and operating profit outlook at CER.
In the first six months of 2025, Novo Nordisk’s sales increased by 18% and operating profit increased by 29%, both at CER. Sales growth in the first six months of 2025 was positively impacted by gross-to-net sales adjustments related to prior years, including an adjustment related to the 340B provision of around DKK 3 billion in the second quarter of 2025. Operating profit growth is positively impacted by the ocedurenone impairment in the second quarter of 2024, partially countered by impacts related to the acquisition of the three Catalent manufacturing sites.
| Profit and loss | Second quarter 2025 | First six months 2025 |
| Sales growth (CER) | 18% | 18% |
| Operating profit growth (EBIT) (CER) | 40% | 29% |
| Diluted earnings per share (in DKK) | 5.96 | 12.49 |
Novo Nordisk has updated the full-year outlook for 2025, with sales growth now expected to be 8-14% and operating profit growth expected to be 10-16%, both at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 7 percentage points lower than at CER, respectively, primarily due to depreciation of the USD/DKK exchange rate1.
| Outlook 2025 (CER) | Expectations 29 July | Expectations 7 May |
| Sales growth | 8-14% | 13-21% |
| Operating profit growth (EBIT) | 10-16% | 16-24% |
1 Based on exchange rates of 23 July 2025 with e.g. a USD/DKK spot rate of 635. Full currency overview to be released as part of Novo Nordisk’s full disclosure of the financial results on 6 August 2025
Page 2 of 4
The lowered sales outlook for 2025 is driven by lower growth expectations for the second half of 2025. This is related to lower growth expectations for Wegovy® in the US obesity market, lower growth expectations for Ozempic® in the US GLP-1 diabetes market, as well as lower-than- expected penetration for Wegovy® in select IO markets.
For Wegovy® in the US, the sales outlook reflects the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition.
Despite the expiry of the FDA grace period for mass compounding on 22 May 2025, Novo Nordisk market research shows that unsafe and unlawful mass compounding has continued, and that multiple entities continue to market and sell compounded GLP-1s under the false guise of ‘personalisation’. Novo Nordisk is pursuing multiple strategies, including litigation, to protect patients from knockoff ‘semaglutide’ drugs. Novo Nordisk is deeply concerned that, without aggressive intervention by federal and state regulators and law enforcement, patients will continue to be exposed to the significant risks posed by knockoff ‘semaglutide’ drugs made with illicit or inauthentic foreign active pharmaceutical ingredients.
As unsafe and unlawful mass compounding continues, the Wegovy® penetration within the cash channel has been lower-than-expected. Within this channel, NovoCare® Pharmacy was launched in March 2025. Wegovy® prescriptions via NovoCare® Pharmacy (including TeleHealth collaborations) amount to around 11,000 total weekly prescriptions, in addition to around 20,000 weekly prescriptions in the retail cash channel. Novo Nordisk will continue to invest in the expansion of direct-to-patient initiatives such as NovoCare® Pharmacy and further collaborations with telehealth organisations.
Within the insured channel, despite the initiation of new commercial activities of Wegovy® in the first half of 2025, the sales outlook also reflects lower-than-expected penetration for Wegovy®, mainly due to slower market expansion and competition. Novo Nordisk continues to engage in additional commercial initiatives and expects a regulatory decision around the Wegovy® MASH indication during the second half of 2025. Moreover, Novo Nordisk continues to expect a positive contribution from changes to the CVS national template formulary effective 1 July 2025, where Wegovy® is now the only GLP-1 medicine covered for obesity.
For Ozempic®, the updated outlook is negatively impacted by competition in the US. Novo Nordisk continues to invest in commercial activities and label updates towards driving further market penetration of Ozempic®.
Finally, while IO Wegovy® sales are growing at high rates and launches are progressing, the sales outlook reflects lower-than-expected penetration for Wegovy® in select IO markets due to slower market expansion and competition. With around 1 billion people living with obesity globally and only a few million on treatment, the outlook reflects a continued global rollout of Wegovy® to more markets.
Page 3 of 4
The updated expectation for operating profit growth reflects the lower sales growth outlook, partially countered by reduced spending. A negative mid-single-digit operating profit growth impact related to the acquisition of the three former Catalent manufacturing sites remains included in the guidance.
Novo Nordisk now expects financial items (net) for 2025 to amount to a gain of around DKK 3 billion. This is mainly driven by expected gains on hedged currencies, primarily the US dollar, partially offset by interest expenses related to funding of the debt-financed Catalent transaction.
Finally, the free cash flow is now expected to be DKK 35-45 billion, reflecting the lower-than- planned expected sales growth, mainly driven by lower volume growth of GLP-1-based treatments in the US and related cash flow implications amplified by the US gross-to-net system.
Novo Nordisk’s full disclosure of the financial results for the first six months of 2025 will be published on 6 August 2025, where more information will be available.
The above expectations are based on additional assumptions, including assumptions described on pages 14 and 15 of the Financial report for the first three months of 2025 (Company Announcement No 14/2025).
The forward-looking statements on page 23 in the Financial report for the first three months of 2025 (Company Announcement No 14/2025) also apply to this company announcement.
Conference call
Novo Nordisk will host a conference call for investors at 14.30 CEST on 29 July 2025, corresponding to 8.30 am EST. For more information on how to listen, please visit the investor section of novonordisk.com.
Page 4 of 4
About Novo Nordisk
Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Instagram, X, LinkedIn and YouTube.
Contacts for further information
| Media: | |
| Ambre James-Brown | Liz Skrbkova (US) |
| +45 3079 9289 | +1 609 917 0632 |
| abmo@novonordisk.com | lzsk@novonordisk.com |
| Investors: | |
| Jacob Martin Wiborg Rode | Sina Meyer |
| +45 3075 5956 | +45 3079 6656 |
| jrde@novonordisk.com | azey@novonordisk.com |
| Max Ung | Frederik Taylor Pitter (US) |
| +45 3077 6414 | +1 609 613 0568 |
| mxun@novonordisk.com | fptr@novonordisk.com |
Publication of inside information pursuant to Market Abuse Regulation, Article 17
Novo Nordisk A/S Investor Relations | Novo Allé 1 2880 Bagsværd Denmark | Telephone: +45 4444 8888 | www.novonordisk.com |
| Company announcement No 18 / 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.
| Date: July 29, 2025 |
NOVO NORDISK A/S
Lars Fruergaard Jørgensen Chief Executive Officer |
FAQ
How much revenue did GeneDx (WGS) generate in Q2 2025?
Did GeneDx report a profit this quarter?
What is GeneDx’s current cash position?
How will the Fabric Genomics acquisition impact results?
What are GeneDx’s debt obligations?
Why did operating cash flow improve?
What risks are highlighted in the filing?
