Novo Holdings reported on Mar. 12 that its total assets under management dropped by 34% in 2025, falling from €142 billion ($163.8 billion) in 2024 to €93 billion ($107.3 billion). The company attributed this decline to a significant decrease in the market value of Novo Nordisk, the pharmaceutical company in which Novo Holdings has a controlling stake.
The drop in asset value is notable because it reflects broader challenges faced by Novo Nordisk over the past year. In February, Novo Nordisk’s market capitalization reached its lowest point since before the June 2021 approval of Wegovy, a drug for obesity treatment.
Despite these setbacks, Novo Holdings generated €2.8 billion ($3.2 billion) in total income and returns for 2025, including dividends from portfolio companies and other investment returns. The company reported five- and ten-year returns of 8% and 8.9%, respectively, which it said are above benchmark levels. However, the suspension of a share buyback program at Novo Nordisk further impacted overall returns for the year.
The year was marked by significant changes within the group. In May, after losing its lead in the obesity drug market to Eli Lilly, the Novo Nordisk Foundation intervened by restructuring Novo Nordisk’s board and removing CEO Lars Fruergaard Jørgensen. Maziar Mike Doustdar took over as CEO and adopted a more aggressive leadership style, including making an unsolicited bid for Metsera, an obesity biotech firm.
In early February earnings reports, Doustdar acknowledged ongoing difficulties but highlighted strong initial uptake of oral Wegovy with about 100,000 Americans starting treatment shortly after launch. Still, competition remains intense as Eli Lilly prepares to launch orforglipron following expected FDA approval soon.
Looking ahead to this year, Novo Nordisk predicted a sales decline of about 5%, mainly due to lower drug prices in the United States.
