Novo Nordisk A/S (NVO), a leading pharmaceutical company, reported third-quarter 2024 sales of 71.311 billion Danish kroner (approximately $10.3 billion), falling slightly short of analysts’ consensus expectations of 71.89 billion Danish kroner. However, the company achieved impressive year-over-year sales growth of 21%, or 23% at constant currency, driven by strong performance across its portfolio.
GLP-1 diabetes sales, a key driver of growth, surged 15% at constant exchange rates (CER) to 34.94 billion Danish kroner. The company’s obesity care segment, fueled by the popularity of its weight-loss drugs Wegovy and Ozempic, saw an even more impressive 55% increase in sales at CER, reaching 18.80 billion Danish kroner.
Wegovy, a once-weekly injection, continues to dominate the market, with sales soaring 81% to 17.30 billion Danish kroner. Ozempic, another GLP-1-based drug, also saw substantial growth, with sales increasing 26% at constant currency to 29.80 billion Danish kroner.
Beyond diabetes and obesity, Novo Nordisk’s other segments also delivered solid results. Insulin sales climbed 10% at CER to 12.51 billion Danish kroner, while rare disease sales rose 17% at CER to 4.57 billion Danish kroner.
The company’s strong performance was reflected in its earnings. GAAP earnings per share (EPS) reached 6.12 Danish kroner, exceeding analysts’ consensus estimates of 6.02 Danish kroner. Operating profit also increased to 33.8 billion Danish kroner, with the operating margin expanding from 45.8% to 47.4%.
“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,” said Lars Fruergaard Jørgensen, president and CEO of Novo Nordisk. “Novo Nordisk is the market leader with 53.9% measured by total monthly prescriptions and 50.0% measured by new-to-brand prescriptions.”
Despite the strong performance, Novo Nordisk issued a cautious outlook, citing potential supply constraints. The company tightened its full-year sales growth guidance to 23%-27% at constant exchange rates, compared to the previous estimate of 22%-28%. Its operating profit growth guidance was also tightened to 21%-27%, compared to the earlier projection of 20%-28%.
