NOVO NORDISK

Company announcement

Thu, 10 Aug 2023 06:00:00 -0400

Thu, 10 Aug 2023 06:00:00 -0400

Novo Nordisk's sales increased by 29% in Danish kroner and by 30% at constant exchange rates to USD 15.6 billion in the first six months of 2023

Financial report for the period 1 January 2023 to 30 June 2023

  • Operating profit increased by 30% in Danish kroner and by 32% at constant exchange rates (CER) to USD 7.1 billion. 
  • Sales in North America Operations increased by 45% in Danish kroner (44% at CER). Sales in International Operations increased by 14% in Danish kroner (17% at CER).
  • Sales within Diabetes and Obesity care increased by 36% in Danish kroner to USD 14.4 billion (37% at CER), mainly driven by GLP-1 diabetes sales growth of 49% in Danish kroner (50% at CER) and Obesity care growing by 158% in Danish Kroner to USD 2.6 billion (157% at CER). Rare disease sales decreased by 18% in both Danish kroner and CER reflecting a temporary reduction in manufacturing output.
  • In August 2023, Novo Nordisk announced that semaglutide 2.4 mg statistically significantly reduced the risk of major adverse cardiovascular events in the SELECT cardiovascular outcomes trial. Further, the phase 3 obesity trials OASIS 1 and STEP HFpEF were successfully completed.
  • For the 2023 outlook, sales and operating profit growth at CER are now expected to be 27-33% and 31-37%, respectively. Sales and operating profit growth reported in Danish kroner are expected to be 6 and 9 percentage points lower than at CER, respectively

 

PROFIT AND LOSS

H1 2023

H1 2022

Growth

as reported

Growth

at CER*

USD million

 

 

 

 

Net sales

                         15,633

                            12,238

29% 

30% 

Operating profit

                            7,099

                            5,515

30% 

32% 

 

 

 

 

 

Net profit

                            5,698

                            4,044

43% 

N/A

Diluted earnings per share (in USD)

                               2.53

                               1.77

44% 

N/A
 

* CER: Constant exchange rates (average 2022).

**For convenience, Danish kroner has been translated to USD in this release, using the average exchange rate of USD 1.0 = DKK 6.88720 and the period-end exchange rate of USD 1.0 = DKK 6.85386.

Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first half of 2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before. The performance in the first six months has enabled us to raise the outlook for the full year. Within R&D, we are very excited about the results from the SELECT trial. Obesity is a serious chronic disease associated with many comorbidities and the results from SELECT demonstrate that comorbidities associated with the condition can be significantly reduced by treating people with semaglutide.

On 10 August 2023 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’.