Novo Nordisk's Q1 2024 Sales Surge 22% in Danish Krone, 24% Constant to DKK 65.3B

Bagsværd, Denmark, 2 May 2024 - Novo Nordisk has released its financial report for the period from 1 January 2024 to 31 March 2024. The company recorded a significant increase in operating profit, which rose by 27% in Danish kroner and by 30% at constant exchange rates (CER), reaching DKK 31.8 billion.

Sales in the North America Operations reported a substantial growth of 34% in Danish kroner, equivalent to 35% at CER. This increase in the US market was positively influenced by gross-to-net sales adjustments related to previous years. In contrast, sales in the International Operations experienced a more modest growth of 8% in Danish kroner and 11% at CER.

The Diabetes and Obesity Care segment saw a robust sales increase of 25% in Danish kroner, climbing to DKK 61.0 billion (27% at CER). This surge was primarily propelled by a 30% rise in GLP-1 diabetes sales in Danish kroner (32% at CER) and a significant 41% growth in Obesity Care sales, translating to DKK 11.0 billion (42% at CER). However, sales in the Rare Disease segment witnessed a decline of 4% in Danish kroner and 3% at CER.

In the first quarter of 2024, Novo Nordisk accomplished several key milestones. The company successfully completed the FLOW kidney outcomes trial utilizing semaglutide 1.0 mg. Additionally, Wegovy® received approval in the US for cardiovascular risk reduction in individuals with overweight or obesity and established cardiovascular disease. Further, Awiqli®, a once-weekly insulin icodec, was recommended for approval in the EU.

February 2024 marked another notable event for Novo Nordisk, as the company announced an agreement to acquire three fill-finish sites from Novo Holdings A/S. This transaction is linked with Novo Holdings A/S's acquisition of Catalent, Inc. The completion of this acquisition is anticipated towards the end of 2024.

Looking ahead to the remainder of 2024, Novo Nordisk has revised its growth expectations. The company now anticipates sales growth to be in the range of 19-27% at CER and operating profit growth between 22-30% at CER. Growth reported in Danish kroner is predicted to align with the CER growth rates for both sales and operating profit.

For the first quarter of 2024, the company reported net sales of DKK 65,349 million, a 22% increase from Q1 2023, or 24% at CER. Operating profit for the same period stood at DKK 31,846 million, up from DKK 25,007 million in Q1 2023, reflecting a 27% increase as reported and 30% at CER. The net profit rose to DKK 25,407 million, a 28% increase from the previous year, and diluted earnings per share were DKK 5.68, a 29% rise from Q1 2023.

Lars Fruergaard Jørgensen, President and CEO of Novo Nordisk, expressed satisfaction with the company's performance in the first three months of 2024. He attributed the sales growth to the increased demand for the company's GLP-1-based diabetes and obesity treatments. Jørgensen also highlighted the importance of the agreement to acquire the Catalent manufacturing sites, which will enable Novo Nordisk to expand its capacity to serve more people living with diabetes and obesity. He also noted the positive outcomes from the kidney outcomes trial with semaglutide and the expanded cardiovascular risk reduction label for Wegovy® in the US.

An earnings call to discuss the financial results will be held on 2 May 2024 at 13.00 CEST, corresponding to 07.00 am EDT. Investors can listen to the call via a link available on the Novo Nordisk website under the 'Investors' section.

Novo Nordisk, founded in 1923 and headquartered in Denmark, is a leading global healthcare company. The company focuses on defeating serious chronic diseases through scientific breakthroughs, expanding access to medicines, and striving to prevent and ultimately cure diseases. Novo Nordisk employs around 66,000 people across 80 countries and markets its products in approximately 170 countries. Its B shares are listed on Nasdaq Copenhagen, and its ADRs are listed on the New York Stock Exchange.