Annual Report Review: Continued lead in innovation, differentiation moat highlights long-term value.

On February 4th, Danish pharmaceutical giant Novo Nordisk A/S Sponsored ADR Class B (NVO.US) released its financial report for 2025, with annual sales reaching 309.1 billion Danish kroner, representing a 10% year-on-year growth when calculated at a fixed exchange rate, demonstrating a steady development trend. Among them, the entire range of semaglutide drugs performed exceptionally well, with sales reaching 228.288 billion Danish kroner, accounting for over 70% of total sales and becoming the core engine driving performance growth. Looking back at 2025, the growth trajectory of Novo Nordisk A/S Sponsored ADR Class B was clear and strong: against the backdrop of intensifying competition in the global pharmaceutical market, the company continued to consolidate its industry-leading position by deepening its focus on core therapeutic areas, enriching its R&D pipeline layout, and deepening its localization strategy, injecting strong momentum for long-term growth. Innovation and R&D have always been the core competencies of Novo Nordisk A/S Sponsored ADR Class B. The company is not content with leading the market with its flagship drug semaglutide, but is building a comprehensive R&D pipeline around "obesity, diabetes, and metabolic diseases": from technological breakthroughs to combination therapies, and innovative drug development, the "depth" and "breadth" of its pipeline layout is accelerating. A key breakthrough is the introduction of an oral dosage form: in December 2025, Wegovy tablets (oral semaglutide tablets of 25mg administered once daily) received FDA approval in the United States, becoming the first oral GLP-1 product for weight management. Since its launch in the U.S. on January 5th, the total weekly prescription volume has reached approximately 50,000. Results from the OASIS 4 study showed that Wegovy tablets achieved an average weight loss of 16.6%, with one in three subjects losing more than 20%, signaling a new stage of "oral convenience" in weight loss treatment. Of particular note, Novo Nordisk A/S Sponsored ADR Class B is actively achieving breakthroughs in its areas of strength. In the field of obesity, the company has established a multi-level, three-dimensional product layout: currently, the 7.2mg dosage of semaglutide injection has received positive opinions from the European Medicines Agency (EMA), the dosage has been approved in the UK, and a supplemental new drug application has been submitted to the FDA. Results from the STEP UP trial showed that this dosage can achieve an average weight loss of 21% in obese patients, with one-third of subjects losing more than 25%, further solidifying its leading position in obesity management.