News
Company announcement
Wed, 06 Nov 2024 05:17:00 -0500
Wed, 06 Nov 2024 05:17:00 -0500
Novo Nordisk's sales increased by 23% in Danish kroner and by 24% at constant exchange rates to USD 29.8 billion in the first nine months of 2024
- Operating profit increased by 21% in Danish kroner and by 22% at constant exchange rates (CER) to USD 13.3 billion.
- Sales in North America Operations increased by 31% in Danish kroner (31% 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 13% in Danish kroner (15% at CER).
- Sales within Diabetes and Obesity care increased by 25% in Danish kroner to USD 27.9 billion (26% at CER), mainly driven by GLP-1 diabetes sales growth of 25% in Danish kroner (26% at CER) and Obesity care growing by 44% in Danish kroner to USD 6.4 billion (44% at CER). Rare disease sales increased by 3% in both Danish kroner and at CER.
- Within R&D, Novo Nordisk completed the phase 2a trial with monlunabant in obesity and expects to initiate a larger phase 2b trial in obesity in 2025 to further investigate the dosing and safety profile of monlunabant over a longer duration in a global population. Further, within diabetes, Novo Nordisk announced that oral semaglutide statistically significantly reduced the risk of major adverse cardiovascular events in the SOUL cardiovascular outcomes trial.
- Also within R&D, headline results were announced from the ESSENCE trial with semaglutide 2.4 mg in adults with MASH and liver fibrosis demonstrating superior improvement in both liver fibrosis and MASH resolution versus placebo.
- For the 2024 outlook, sales growth is now expected to be 23-27% at CER, and operating profit growth is now expected to be 21-27% at CER. Growth reported in Danish kroner is now expected to be 1 percentage point lower than at CER growth for sales and 2 percentage points lower for operating profit.
|
PROFIT AND LOSS |
9M 2024 |
9M 2023 |
Growth as reported |
Growth at CER* |
|
USD million |
|
|
|
|
|
Net sales |
29,831 |
24,204 |
23% |
24% |
|
Operating profit |
13,348 |
11,027 |
21% |
22% |
|
|
|
|
|
|
|
Net profit |
10,602 |
8,978 |
18% |
N/A |
|
Diluted earnings per share (in USD) |
2.37 |
1.99 |
19% |
N/A |
|
* CER: Constant exchange rates (average 2023). |
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|
|
|
|
** For convenience, Danish Kroner has been translated to USD in this release, using the average exchange rates of USD 1.0 = DKK 6.86262 and the period-end exchange rate of USD 1.0 = DKK 6.65952 |
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Lars Fruergaard Jørgensen, president and CEO: "We are pleased with the performance in the first nine months of 2024. The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before. Within R&D, we are very pleased about further read-outs across our semaglutide portfolio, including the SOUL trial in people living with diabetes and cardiovascular disease and the ESSENCE trial in people living with MASH."
On 6 November 2024 at 13.00 CET, corresponding to 07.00 am EST, 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’ (the contents of the company's website do not form a part of this Form 6-K).