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 USD 2.9 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 USD
5.5 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 USD 0.2 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 hemophilia 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 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 program is expanded by USD 0.3 billion
to USD 3.6 billion.
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
treatments. The financial performance 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."
* CER: Constant exchange rates (average 2021).
**For convenience, Danish kroner has been translated to USD in this
release, using the average exchange rate of USD 1.0 = DKK 6.63011 and
the period-end exchange rate of USD 1.0 = DKK 6.70021.