Novo Nordisk's sales increased by 22% in Danish kroner and by 24% at constant exchange rates to DKK 65.3 billion in the first three months of 2024
Bagsværd, Denmark, 2 May 2024 - financial report for the period 1 January 2024 to 31 March 2024
- Operating profit increased by 27% in Danish kroner and by 30% at constant exchange rates (CER) to DKK 31.8 billion.
- Sales in North America Operations increased by 34% in Danish kroner (35% at CER). Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years. Sales in International Operations increased by 8% in Danish kroner (11% at CER).
- Sales within Diabetes and Obesity care increased by 25% in Danish kroner to DKK 61.0 billion (27% at CER), mainly driven by GLP-1 diabetes sales growth of 30% in Danish kroner (32% at CER) and Obesity care growing by 41% in Danish kroner to DKK 11.0 billion (42% at CER). Rare disease sales decreased by 4% measured in Danish kroner (3% at CER).
- In the first quarter of 2024, Novo Nordisk successfully completed the FLOW kidney outcomes trial with semaglutide 1.0 mg. Further, Wegovy® was approved in the US for cardiovascular risk reduction in people with overweight or obesity and established cardiovascular disease, and Awiqli®, once-weekly insulin icodec, was recommended for EU approval.
- In February 2024, Novo Nordisk announced an agreement to acquire three fill-finish sites from Novo Holdings A/S in connection with a transaction where Novo Holdings A/S has agreed to acquire Catalent, Inc. Novo Nordisk expects that the acquisition will be completed towards the end of 2024.
- For the 2024 outlook, sales growth is now expected to be 19-27% at CER, and operating profit growth is now expected to be 22-30% at CER. Growth reported in Danish kroner is now expected to be in line with CER growth for both sales and operating profit.
| PROFIT AND LOSS | Q1 2024 | Q1 2023 | Growth as reported | Growth at CER* |
| DKK million | ||||
| Net sales | 65,349 | 53,367 | 22% | 24% |
| Operating profit | 31,846 | 25,007 | 27% | 30% |
| Net profit | 25,407 | 19,814 | 28% | N/A |
| Diluted earnings per share (in DKK) | 5.68 | 4.39 | 29% | N/A |
| * CER: Constant exchange rates (average 2023). |
Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the sales growth in the first three months of 2024, driven by increased demand for our GLP-1-based diabetes and obesity treatments. More patients benefit from our innovative treatments, and the agreement to acquire the three Catalent manufacturing sites will enable us to serve significantly more people living with diabetes and obesity in the future. Within R&D, we are pleased with the positive results from the kidney outcomes trial with semaglutide and the label expansion for cardiovascular risk reduction for Wegovy® in the US."
On 2 May 2024 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 serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 66,000 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, X, LinkedIn and YouTube.
| Contacts for further information: | |
| Media: | |
| Ambre James-Brown | Liz Skrbkova (US) |
| Investors: | |
| Daniel Muusmann Bohsen | David Heiberg Landsted |
| Jacob Martin Wiborg Rode | Mark Joseph Root (US) |
| Sina Meyer | Frederik Taylor Pitter |
| Ida Melvold Gjøsund |
Company announcement No 35 / 2024
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