Financial report for the period 1 January 2024 to 31 March 2024
- Operating profit increased by 27% in Danish kroner and by
30% at constant exchange rates (CER) to USD 4.6 billion.
- Sales in North America Operations increased by 34% in Danish
kroner (35% at CER). Sales growth in the US was positively impacted
by gross-to-net sales adjustments related to prior years. Sales in
International Operations increased by 8% in Danish kroner (11% at
CER).
- Sales within Diabetes and Obesity care increased by 25% in
Danish kroner to USD 8.9 billion (27% at CER), mainly driven by
GLP-1 diabetes sales growth of 30% in Danish kroner (32% at CER) and
Obesity care growing by 41% in Danish kroner to USD 1.6 billion (42%
at CER). Rare disease sales decreased by 4% measured in Danish
kroner (3% at CER).
- In the first quarter of 2024, Novo Nordisk successfully
completed the FLOW kidney outcomes trial with semaglutide 1.0 mg.
Further, Wegovy® was approved in the US for
cardiovascular risk reduction in people with overweight or obesity
and established cardiovascular disease, and Awiqli®,
once-weekly insulin icodec, was recommended for EU approval.
- In February 2024, Novo Nordisk announced an agreement to
acquire three fill-finish sites from Novo Holdings A/S in connection
with a transaction where Novo Holdings A/S has agreed to acquire
Catalent, Inc. Novo Nordisk expects that the acquisition will be
completed towards the end of 2024.
- For the 2024 outlook, sales growth is now expected to be
19-27% at CER, and operating profit growth is now expected to be
22-30% at CER. Growth reported in Danish kroner is now expected to
be in line with CER growth for both sales and operating profit.
| Profit
and Loss | Q1
2024 | Q1
2023 | Growth
as reported | Growth
at CER* |
| USD
million | |
|
|
|
| Net
sales | 9,516 |
7,693 |
22% |
24% |
| Operating
profit | 4,638 |
3,605 |
27% |
30% |
| | |
| | |
| Net
profit | 3,700 |
2,856 |
28% |
N/A |
| Diluted
earnings per share (in USD) | 0.83 |
0.63 |
29% |
N/A |
* CER: Constant exchange rates (average 2023).
**For
convenience, Danish kroner has been translated to USD in this
release, using the average exchange rate of USD 1.0 = DKK 6.86700
and the period-end exchange rate of USD 1.0 = DKK 6.89553.
Lars Fruergaard Jørgensen, president and CEO: "We are pleased
with the sales growth in the first three months of 2024, driven by
increased demand for our GLP-1-based diabetes and obesity treatments.
More patients benefit from our innovative treatments, and the
agreement to acquire the three Catalent manufacturing sites will
enable us to serve significantly more people living with diabetes and
obesity in the future. Within R&D, we are pleased with the
positive results from the kidney outcomes trial with semaglutide and
the label expansion for cardiovascular risk reduction for
Wegovy® in the US."
On 2 May 2024 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’.