Novo Nordisk’s sales increased by 29% in Danish kroner and by 33% at constant exchange rates to DKK 166.4 billion in the first nine months of 2023
Bagsværd 2 November 2023 – Financial report for the period 1 January 2023 to 30 September 2023
- Operating profit increased by 31% in Danish kroner and by 37% at constant exchange rates (CER) to DKK 75.8 billion.
- Sales in North America Operations increased by 46% in Danish kroner (49% at CER). Sales in International Operations increased by 12% in Danish kroner (17% at CER).
- Sales within Diabetes and Obesity care increased by 36% in Danish kroner to DKK 153.8 billion (40% at CER), mainly driven by GLP-1 diabetes sales growth of 45% in Danish kroner (49% at CER) and Obesity care growing by 167% in Danish Kroner to DKK 30.4 billion (174% at CER). Rare disease sales decreased by 20% measured in Danish kroner (18% at CER) reflecting a temporary reduction in manufacturing output.
- In October, Novo Nordisk announced that the semaglutide 1.0 mg kidney outcomes trial FLOW will be stopped based on an interim analysis due to efficacy following a recommendation from an independent data monitoring committee. Further, Novo Nordisk announced the agreement to acquire ocedurenone for the treatment of cardiovascular disease.
- On 13 October, the 2023 outlook was raised with sales and operating profit growth at CER now expected to be 32-38% and 40-46%, respectively. Sales and operating profit growth reported in Danish kroner are now expected to be 4 and 7 percentage points lower than at CER, respectively.
| PROFIT AND LOSS | 9M 2023 | 9M 2022 | Growth as reported | Growth at CER* |
| DKK million | ||||
| Net sales | 166,398 | 128,862 | 29% | 33% |
| Operating profit | 75,808 | 57,722 | 31% | 37% |
| Net profit | 61,720 | 41,933 | 47% | N/A |
| Diluted earnings per share (in DKK) | 13.71 | 9.21 | 49% | N/A |
| * CER: Constant exchange rates (average 2022). |
Lars Fruergaard Jørgensen, president and CEO: “We are very satisfied with the sales growth in the first nine months of 2023, which is reflecting that more people than ever are benefiting from our innovative diabetes and obesity treatments. Within R&D, we are pleased with the decision to stop the FLOW kidney outcomes trial early as semaglutide demonstrated a benefit in people with type 2 diabetes and chronic kidney disease. The acquisition of ocedurenone for the treatment of cardiovascular disease supports our aspiration of establishing a presence in other serious chronic diseases with high unmet medical needs.”
On 2 November 2023 at 13.00 CET, corresponding to 08.00 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 serious chronic diseases, built upon our heritage in diabetes.. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 61,400 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, X, LinkedIn and YouTube.
| Contacts for further information | |
| Media: | |
| Ambre James-Brown +45 3079 9289 | Elizabeth DeLuca (US) +1 609 580 9868 |
| Investors: | |
| Daniel Muusmann Bohsen +45 3075 2175 | David Heiberg Landsted +45 3077 6915 |
| Jacob Martin Wiborg Rode +45 3075 5956 | Mark Joseph Root (US) +1 848 213 3219 |
| Sina Meyer +45 3075 6656 | Frederik Taylor Pitter +45 3075 8259 |
Company announcement No 68/2023
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