NOVO NORDISK

Company announcement

Wed, 02 Nov 2022 05:32:00 -0400

Wed, 02 Nov 2022 05:32:00 -0400

Novo Nordisk's sales increased by 26% in Danish kroner and by 16% at constant exchange rates to USD 18.4 billion in the first nine months of 2022

Financial report for the period 1 January 2022 to 30 September 2022

  • Operating profit increased by 28% in Danish kroner and by 14% at constant exchange rates (CER) to USD 8.2 billion. 
  • Sales in North America Operations increased by 37% in Danish kroner (22% at CER), and sales in International Operations increased by 16% in Danish kroner (11% at CER).
  • Sales within Diabetes and Obesity care increased by 29% in Danish kroner to USD 16.2 billion (18% at CER), mainly driven by GLP-1 diabetes sales growth of 59% in Danish kroner (44% at CER). Rare disease sales increased by 8% measured in Danish kroner (2% at CER).
  • Obesity care sales grew by 91% in Danish Kroner (75% at CER). Novo Nordisk expects to make all Wegovy® dose strengths available in the US towards the end of 2022.
  • Within R&D, Novo Nordisk successfully completed a phase 2 trial with CagriSema in people with type 2 diabetes and the last phase 3a trial with once-weekly insulin icodec.
  • For the 2022 outlook, sales growth is now expected to be 14-17% at CER and operating profit growth is now expected to be 13-16% at CER. Sales and operating profit growth reported in Danish kroner are now expected to be 10 and 15 percentage points higher than at CER, respectively. 

PROFIT AND LOSS

9M 2022

9M 2021

Growth

as reported

Growth

at CER*

USD million

 

 

 

 

Net sales

                  18,406   

                  16,487   

26%

16%

Operating profit

                     8,245   

                     7,242   

28%

14%

 

 

 

 

 

Net profit

                     5,990   

                     5,931   

14%

N/A

Diluted earnings per share (in USD)

                       2.63   

                       2.57   

15%

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 nine months of 2022 which has enabled us to raise the outlook for the full year. The growth is driven by increasing demand for GLP-1-based diabetes treatments, especially Ozempic®. Within R&D, the encouraging phase 2 data with CagriSema in type 2 diabetes and the successful completion of the phase 3 programme for once-weekly insulin icodec support our aspiration of further raising the innovation bar for diabetes treatments."