Company announcement

Novo Nordisk's sales increased by 25% in Danish kroner and by 16% at constant exchange rates to USD 12.2 billion in the first six months of 2022

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

• Operating profit increased by 26% in Danish kroner and by 14% at constant exchange rates (CER) to USD 5.5 billion. 

• Sales in International Operations increased by 15% in Danish kroner (10% at CER), and sales in North America Operations increased by 36% in Danish kroner (24% at CER).

• Sales within Diabetes and Obesity care increased by 28% in Danish kroner to USD 10.7 billion (19% at CER), mainly driven by GLP-1 diabetes sales growth of 57% in Danish kroner (45% at CER). Rare disease sales increased by 6% measured in Danish kroner (unchanged at CER).

• Obesity care sales grew by 99% in Danish Kroner (84% 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 has now successfully completed five phase 3a trials with insulin icodec, a long-acting once-weekly insulin. Based on a recommendation from an independent Data Monitoring Committee following an interim analysis, the SELECT cardiovascular outcomes trial continues in accordance with the trial protocol.

• For the 2022 outlook, sales growth is now expected to be 12-16% at CER and operating profit growth is now expected to be 11-15% at CER. Sales and operating profit growth reported in Danish kroner are now expected to be 9 and 14 percentage points higher than at CER, respectively. 

PROFIT AND LOSS	H1 2022	H1 2021	Growth as reported	Growth at CER*
USD million
Net sales	12,238	10,837	25%	16%
Operating profit	5,515	4,825	26%	14%
Net profit	4,044	4,012	11%	N/A
Diluted earnings per share (in USD)	1.77	1.74	13%	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 half of 2022. The growth is driven by increasing demand for GLP-1 based diabetes treatments, especially Ozempic^®. Our obesity treatments are also contributing to growth as more people living with obesity are being treated and the Obesity care market continues to expand. The performance in the first six months has enabled us to raise our outlook for the full year."

 

On 3 August 2022 at 19.30 CEST, corresponding to 1.30 pm 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’.