Novo Nordisk A/S has announced its financial results for the first six months of 2025, reporting an 18% increase in sales and a 29% rise in operating profit, both at constant exchange rates $(CER.UK)$. The sales growth was influenced by gross-to-net sales adjustments from prior years, including a significant adjustment related to the 340B provision amounting to DKK 3 billion in the second quarter of 2025. Operating profit growth also benefited from an impairment adjustment from the previous year, partially mitigated by costs associated with the acquisition of three manufacturing sites from Catalent. Diluted earnings per share for the first half of 2025 reached DKK 12.49. Novo Nordisk has revised its full-year 2025 outlook, now expecting sales growth to be 8-14% and operating profit growth to be 10-16% at CER. However, due to the depreciation of the USD/DKK exchange rate, the reported figures in Danish kroner are anticipated to be 4 and 7 percentage points lower than the CER expectations, respectively. Additionally, the company forecasts financial items (net) for 2025 to result in a gain of approximately DKK 3 billion, attributed mainly to expected gains from hedged currencies, particularly the US dollar. The free cash flow is projected to be in the range of DKK 35-45 billion, reflecting slower-than-anticipated sales growth primarily due to lower volume growth of GLP-1-based treatments in the US.