Novo Nordisk’s Q1 2024 Performance Highlights Growth and Expansion
Novo Nordisk, a global healthcare company focusing on diabetes and other serious chronic diseases, has reported robust financial results for the first three months of 2024.
Operating profit surged by 27% in Danish kroner and by 30% at constant exchange rates (CER), reaching DKK 31.8 billion. Sales within the North America Operations saw a notable increase of 34% in Danish kroner (35% at CER), attributed partly to favorable adjustments in gross-to-net sales related to previous years. Meanwhile, International Operations experienced an 8% rise in Danish kroner (11% at CER).
Specifically within the Diabetes and Obesity care segment, sales soared by 25% in Danish kroner to DKK 61.0 billion (27% at CER). This growth was primarily driven by a remarkable 30% increase in GLP-1 diabetes sales in Danish kroner (32% at CER), along with a significant 41% rise in Obesity care to DKK 11.0 billion (42% at CER). However, sales in Rare disease products experienced a slight decline of 4% in Danish kroner (3% at CER).
In terms of significant achievements, Novo Nordisk successfully concluded the FLOW kidney outcomes trial with semaglutide 1.0 mg. Furthermore, Wegovy® received approval in the US for reducing cardiovascular risk in individuals with overweight or obesity and established cardiovascular disease. Additionally, Awiqli®, a once-weekly insulin icodec, received a recommendation for EU approval.
In February 2024, Novo Nordisk announced plans to acquire three fill-finish sites from Novo Holdings A/S as part of a transaction where Novo Holdings A/S would acquire Catalent, Inc. The acquisition is expected to be finalized by the end of 2024, enabling Novo Nordisk to expand its manufacturing capabilities to better serve individuals with diabetes and obesity.
Looking ahead to the 2024 outlook, Novo Nordisk anticipates sales growth of 19-27% at CER and operating profit growth of 22-30% at CER. This aligns with the company’s aim to maintain growth in Danish kroner consistent with CER growth for both sales and operating profit.
Lars Fruergaard Jørgensen, president and CEO of Novo Nordisk, expressed satisfaction with the sales growth driven by increased demand for GLP-1-based diabetes and obesity treatments. He also highlighted the company’s commitment to innovation and expansion to better serve patients. Notably, Novo Nordisk’s positive results from R&D trials indicate promising developments for the future.
Investors interested in learning more about Novo Nordisk’s performance can participate in the earnings call scheduled for May 2, 2024, at 13:00 CEST (07:00 am EDT), accessible via a link on the company’s website under ‘Investors’.
