Novo Holdings' total assets fell 34% in 2025 to 694 billion Danish kroner ($107 billion) from 1.06 trillion kroner ($160 billion) in 2024, primarily due to the drop in Novo Nordisk's market value.123
Novo Nordisk's share price declined 34% in 2025 from $83 to $54, amid concerns over U.S. sales of Wegovy, and further fell 24% in early 2026 to $38.83.1
Despite the asset decline, Novo Holdings' investment portfolio achieved a 9.2% return at constant exchange rates (CER), reduced to 2.3% in absolute terms due to USD depreciation against the Danish krone.13
Novo Nordisk appointed new CEO Maziar Mike Doustdar, narrowed its pipeline, and laid off about 9,000 employees in response to performance pressures.12
Novo Holdings added 12 new portfolio companies in 2025 after a cautious start, ending the year with 170 companies, and reported strong monetizations like the $9 billion sale of Clario to Thermo Fisher.1
Sources:
1. https://www.fiercebiotech.com/biotech/novo-holdings-sees-assets-shrink-3rd-wake-novo-nordisks-nosediving-share-price
2. https://www.biospace.com/business/novo-holdings-assets-fell-34-in-2025-as-its-namesake-drugmaker-struggled