==Novo Nordisk (NVO) reported earnings on Wed 6 Nov 24 (b/o)

 

Novo Nordisk reports nine-month results; narrows outlook

• Reports nine-month EPS of DKK16.29 vs DKK13.71 LY; revs of DKK204.7 bln vs DKK166.4 bln LY
  • Sales in North America Operations increased by 31% in Danish kroner (31% at CER). Sales growth in the US was positively impacted by gross-to-net sales adjustments related to prior years. Sales in International Operations increased by 13% in Danish kroner (15% at CER).
  • Sales within Diabetes and Obesity care increased by 25% in Danish kroner to DKK 191.8 billion (26% at CER), mainly driven by GLP-1 diabetes sales growth of 25% in Danish kroner (26% at CER) and Obesity care growing by 44% in Danish kroner to DKK 43.7 billion (44% at CER). Rare disease sales increased by 3% in both Danish kroner and at CER
• Outlook
  • For the 2024 outlook, sales growth is now expected to be 23-27% at CER, and operating profit growth is now expected to be 21-27% at CER. Growth reported in Danish kroner is now expected to be 1 percentage point lower than at CER growth for sales and 2 percentage points lower for operating profit.

Novo Nordisk (NVO) stock skidded Wednesday on mixed third-quarter results as sales of weight-loss drug Wegovy beat expectations, but Ozempic came in light.

Both drugs use the same active ingredient, semaglutide. Semaglutide mimics a hormone called GLP-1 to improve feelings of satiety and markers of blood sugar. During the September quarter, weight-loss drug Wegovy notched $2.53 billion in sales, according to FactSet. Wegovy sales rocketed more than 84% year over year, and beat forecasts for $2.31 billion.

But Ozempic, the diabetes injection, brought in just $4.36 billion, missing expectations for nearly $4.5 billion. Ozempic sales jumped 28%.