Novo Nordisk's sales increased by 24% in Danish kroner and by 18% at constant exchange rates to DKK 42.0 billion in the first three months of 2022
Financial report for the period 1 January 2022 to 31 March 2022
- Operating profit increased by 28% in Danish kroner and by 18% at constant exchange rates (CER) to DKK 19.1 billion.
- Sales in International Operations increased by 18% in Danish kroner (13% at CER), and sales in North America Operations increased by 33% in Danish kroner (24% at CER).
- Sales within Diabetes and Obesity care increased by 27% in Danish kroner to DKK 36.7 billion (20% at CER), mainly driven by GLP-1 diabetes sales growth of 54% in Danish kroner (45% at CER). Rare disease sales increased by 8% measured in Danish kroner (3% at CER).
- Obesity care sales grew 119% in Danish Kroner (107% at CER) driven by Wegovy® sales of DKK 1.4 billion. The contract manufacturer filling syringes for Wegovy® has reinitiated commercial production and Novo Nordisk expects to make all Wegovy® dose strengths available in the US during the second half of 2022.
- Within R&D, Novo Nordisk in April 2022 successfully completed the first phase 3a trial with insulin icodec, a long-acting once-weekly insulin. In February 2022, the phase 3 trial with concizumab in people with haemophilia A and B with inhibitors was successfully completed.
- For the 2022 outlook, sales growth is now expected to be 10-14% at CER and operating profit growth is now expected to be 9-13% at CER. Sales and operating profit growth reported in Danish kroner are now expected to be 7 and 11 percentage points higher than at CER, respectively. The ongoing share repurchase programme is expanded by DKK 2 billion to DKK 24 billion
| PROFIT AND LOSS | Q1 2022 | Q1 2021 | Growth as reported | Growth at CER* |
| DKK million | ||||
| Net sales | 42,031 | 33,804 | 24% | 18% |
| Operating profit | 19,147 | 14,982 | 28% | 18% |
| Net profit | 14,210 | 12,623 | 13% | N/A |
| Diluted earnings per share (in DKK) | 6.22 | 5.45 | 14% | N/A |
* CER: Constant exchange rates (average 2021).
Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first three months of 2022 which is driven by increasing demand for our GLP-1-based treatments. The sales momentum has enabled us to raise our outlook for the full year. Within R&D, we are encouraged by the first phase 3 trial with once-weekly insulin icodec showing the potential to reduce the number of injections and improve quality of life for people needing insulin treatment as well as the progress with our late-stage pipeline in Rare disease."
On 29 April 2022 at 13.00 CEST, corresponding to 07.00 am EDT, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.
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 diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 49,300 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, Twitter, LinkedIn, YouTube.
| Financial calendar | |
| 5 June 2022 | Investor event at ADA in New Orleans |
| 4 August 2022 | Financial statement for the first six months of 2022 |
| 2 November 2022 | Financial statement for the first nine months of 2022 |
| 1 February 2023 | Financial statement for 2022 |
| Contacts for further information | ||
| Media: | ||
| Ambre Brown Morley | ||
| Natalia Salomao Abrahao (US) | ||
| Investors: | ||
| Daniel Muusmann Bohsen | ||
| Ann Søndermølle Rendbæk | ||
| David Heiberg Landsted | ||
| Jacob Martin Wiborg Rode | ||
| Mark Joseph Root (US) | ||
Further information about Novo Nordisk is available on novonordisk.com.
Company announcement No 32 / 2022
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