Company announcement

Novo Nordisk's sales increased by 29% in Danish kroner and by 33% at constant exchange rates to USD 24.2 billion in the first nine months of 2023

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

• Operating profit increased by 31% in Danish kroner and by 37% at constant exchange rates (CER) to USD 11.0 billion. 
• Sales in North America Operations increased by 46% in Danish kroner (49% at CER). Sales in International Operations increased by 12% in Danish kroner (17% at CER).
• Sales within Diabetes and Obesity care increased by 36% in Danish kroner to USD 22.4 billion (40% at CER), mainly driven by GLP-1 diabetes sales growth of 45% in Danish kroner (49% at CER) and Obesity care growing by 167% in Danish Kroner to USD 4.4 billion (174% at CER). Rare disease sales decreased by 20% measured in Danish kroner (18% at CER) reflecting a temporary reduction in manufacturing output.
• In October, Novo Nordisk announced that the semaglutide 1.0 mg kidney outcomes trial FLOW will be stopped based on an interim analysis due to efficacy following a recommendation from an independent data monitoring committee.  Further, Novo Nordisk announced the agreement to acquire ocedurenone for the treatment of cardiovascular disease.
• On 13 October, the 2023 outlook was raised with sales and operating profit growth at CER now expected to be 32-38% and 40-46%, respectively. Sales and operating profit growth reported in Danish kroner are now expected to be 4 and 7 percentage points lower than at CER, respectively.

 

Profit and Loss	9M 2023	9M 2022	Growth as reported	Growth at CER*
USD million
Net sales	24,404	18,406	29%	33%
Operating profit	11,027	8,245	31%	37%
Net profit	8,978	5,990	47%	N/A
Diluted earnings per share (in USD)	1.99	1.32	49%	N/A

**For convenience, Danish kroner has been translated to USD in this release, using the average exchange rate of USD 1.0 = DKK 6.87478 and the period-end exchange rate of USD 1.0 = DKK 7.03898.