Novo Nordisk reports 24% sales jump, driven by diabetes and obesity treatments

Investing.com — Novo Nordisk (NYSE:NVO) (CSE:NOVOb) reported strong growth for the first nine months of 2024, with sales jumping by 23% in Danish kroner and 24% at constant exchange rates, reaching DKK 204.7 billion. 

“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  president and CEO of Novo Nordisk, Lars Fruergaard Jørgensen, in a statement.

The company’s diabetes and obesity care segment saw a 25% jump in sales, totaling DKK 191.8 billion. 

Within this, obesity care alone rose by an impressive 44%, largely due to Wegovy’s success, which witnessed a 76% surge to DKK 38.3 billion. 

Similarly, diabetes care, supported by GLP-1 products like Ozempic and Rybelsus, also contributed to this increase, particularly in North America, where sales in this segment grew by 31%.

Novo Nordisk’s operating profit showed a comparable upward trend, climbing by 21% in Danish kroner and 22% at CER, reaching DKK 91.6 billion. 

Despite challenges like periodic supply constraints across various markets, the company maintained a strong operating margin of 44.7%, reflecting its successful commercial execution strategies and positive pricing effects. 

In North America, sales were positively influenced by gross-to-net adjustments from previous years, while in international markets, obesity care product uptake further bolstered growth​.

Novo Nordisk also advanced its R&D initiatives, particularly with the SOUL cardiovascular outcomes trial, which confirmed the efficacy of oral semaglutide in reducing major adverse cardiovascular events for diabetes patients. 

In obesity research, the company completed a phase 2a trial for monlunabant and anticipates phase 2b trials in 2025, aiming to expand treatment options for a global patient base.