Investing.com — Novo Nordisk (NYSE:) (CSE:) reported strong growth for the first nine months of 2024, with revenue increasing 23% in Danish kroner and 24% at constant exchange rates to DKK 204.7 billion.
“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, in a statement.
The company’s diabetes and obesity care segment saw a 25% increase in sales, reaching a total of DKK 191.8 billion.
Within this framework, obesity care alone increased by a whopping 44%, largely thanks to the success of Wegovy, which saw a 76% increase to DKK 38.3 billion.
Similarly, diabetes care, supported by GLP-1 products such as Ozempic and Rybelsus, also contributed to this increase, especially in North America, where sales in this segment grew by 31%.
Novo Nordisk’s operating profit showed a similar upward trend, rising 21% in Danish kroner and 22% in CER, to DKK 91.6 billion.
Despite challenges such as periodic supply constraints in various markets, the company maintained a strong operating margin of 44.7%, reflecting its successful commercial execution strategies and positive pricing impacts.
In North America, sales were positively impacted by gross-net adjustments from prior years, while in international markets, the introduction of obesity care products further strengthened growth.
Novo Nordisk also continued its R&D initiatives, most notably with the SOUL cardiovascular outcomes trial, which confirmed the efficacy of oral semaglutide in reducing major cardiovascular events in diabetic patients.
In obesity research, the company completed a Phase 2a trial for monlunabant and expects Phase 2b trials in 2025, with the aim of expanding treatment options to a global patient base.
