Novo Nordisk's sales increased by 27% in Danish kroner and by 25% at constant exchange rates to DKK 53.4 billion in the first three months of 2023
Financial report for the period 1 January 2023 to 31 March 2023
4 May 2023
Operating profit increased by 31% in Danish kroner and by 28% at constant exchange rates (CER) to DKK 25.0 billion.
Sales in North America Operations increased by 47% in Danish kroner (41% at CER). Wholesaler inventory movements in the US positively impacted sales growth. Sales in International Operations increased by 9% in Danish kroner (10% at CER).
Sales within Diabetes and Obesity care increased by 33% in Danish kroner to DKK 48.8 billion (31% at CER), mainly driven by GLP-1 diabetes sales growth of 54% in Danish kroner (50% at CER). Rare disease sales decreased by 15% measured in Danish kroner (16% at CER) reflecting a temporary reduction in manufacturing output.
Obesity care sales grew by 131% in Danish Kroner to DKK 7.8 billion (124% at CER) mainly driven by the uptake of Wegovy® in the US. A second contract manufacturer for Wegovy® initiated production in April 2023.
Within R&D, Novo Nordisk successfully completed the PIONEER PLUS phase 3 trial with oral semaglutide 25 mg and 50 mg demonstrating superior reductions in HbA1c and body weight versus 14 mg in people with type 2 diabetes.
On 13 April 2023, the 2023 outlook was raised with sales and operating profit growth at CER now expected to be 24-30% and 28-34%, respectively. Sales and operating profit growth reported in Danish kroner are now expected to be 6 and 9 percentage points lower than at CER, respectively. The ongoing share repurchase programme is expanded by DKK 2 billion to DKK 30 billion.
PROFIT AND LOSS
Diluted earnings per share (in DKK)
* CER: Constant exchange rates (average 2022).
Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the sales growth in the first three months of 2023. The growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, particularly in the US where the prescription trend for Wegovy® highlights the high unmet need for people living with obesity. The sales momentum and continued expansion of the supply capacity have enabled us to raise the outlook for the full year."
On 4 May 2023 at 13.00 CEST, corresponding to 07.00 am EDT, 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’.
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 57,100 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn and YouTube.
Contacts for further information
Natalia Salomao Abrahao (US)
Daniel Muusmann Bohsen
David Heiberg Landsted
Jacob Martin Wiborg Rode
Mark Joseph Root (US)
Company announcement No 30 / 2023