Operating profit rose by 18% in Danish kroner and 19% at constant exchange rates (CER) to DKK 57.8 billion, despite a DKK 5.7 billion impairment loss related to ocedurenone. North America Operations saw a 36% sales increase in Danish kroner (36% at CER), with U.S. growth benefiting from adjustments to gross-to-net sales from previous years. International Operations reported a 9% sales increase in Danish kroner (11% at CER).
Sales in Diabetes and Obesity care grew by 26% in Danish kroner to DKK 125.0 billion (27% at CER), driven by a 32% rise in GLP-1 diabetes sales (32% at CER) and a 37% increase in Obesity care sales to DKK 24.9 billion (37% at CER). However, sales in Rare Disease dropped by 4% in Danish kroner (3% at CER).
In R&D, Novo Nordisk successfully completed the phase 3 FRONTIER 2 trial with Mim8, showing superior results in reducing treated bleeding episodes in haemophilia A patients compared to on-demand and previous prophylaxis treatments. In June 2024, the company halted the ocedurenone CLARION-CKD phase 3 trial due to its failure to meet the primary endpoint.
Further in R&D, Novo Nordisk received a Complete Response Letter from the FDA for insulin icodec in July. In Obesity care, the company received a positive CHMP opinion, based on the SELECT trial, for updating the Wegovy® label to include the reduction of major adverse cardiovascular events in the EU.
Looking ahead, Novo Nordisk now expects 2024 sales growth of 22-28% at CER, with operating profit growth of 20-28% at CER. Growth in Danish kroner is expected to be 1 percentage point lower than CER growth for both sales and operating profit. President and CEO Lars Fruergaard Jørgensen stated, “We are pleased with the sales growth in the first half of 2024, enabling us to raise our outlook for the full year. The growth is driven by the increased demand for our GLP-1-based diabetes and obesity treatments, and we continue to reach more patients with our innovative treatments. We are also very pleased with the promising results of the Mim8 phase 3 trial and the recent recommendation for a label extension for cardiovascular risk reduction for Wegovy® in the EU.
