Novo Nordisk has reported strong financial performance for the first nine months of 2024. According to a 6 November 2024 media release, company sales rose by 23% (in Danish kroner) and 24% at constant exchange rates (CER), reaching DKK 204.7 billion. Operating profit increased by 21% in Danish kroner (22% at CER) to DKK 91.6 billion. Sales growth was primarily driven by North America, which saw a 31% rise in Danish kroner, partly due to adjustments in US sales from prior years. International Operations also contributed, with a 13% increase in Danish kroner (15% at CER). The company’s Diabetes and Obesity care division was particularly successful, with GLP-1 diabetes treatments growing by 25% and Obesity care by 44%, while sales for rare diseases saw a modest increase of 3%.
The media release also notes Novo Nordisk’s significant progress in research and development. Notably, the company completed a phase 2a trial of monlunabant (formerly INV-202) for obesity and plans to initiate a larger phase 2b trial in 2025. In diabetes, results from the SOUL cardiovascular outcomes trial showed that oral semaglutide significantly reduced major cardiovascular events. Additionally, the ESSENCE trial results indicated that semaglutide given once-weekly at 2.4 mg was effective in improving liver fibrosis and resolving MASH in affected patients. Looking ahead, Novo Nordisk projects 2024 sales growth between 23-27% at CER and operating profit growth between 21-27% at CER, with expectations that growth in Danish kroner will be slightly lower than CER growth.