Denmark-based pharmaceutical company Novo Nordisk A/S (NYSE: NVO) has released its financial results for the third quarter of 2024. The company reported revenues of DKK 204.72 billion (USD 29.459 billion) for the first nine months, marking a 24% year-on-year (YOY) growth in constant currency terms.
Diabetes and Obesity Care Drive Revenues
The diabetes and obesity care segment contributed DKK 191.786 billion (USD 27.64 billion) in revenues, up 26% YOY, largely driven by semaglutide, a glucagon-like peptide-1 (GLP-1) analogue, which generated DKK 141.213 billion (USD 20.35 billion) in sales during the period. The rare disease business also performed well, with sales reaching DKK 12.934 billion (USD 1.86 billion).
Regional Sales Growth in North America and China
Geographically, North American sales for the first nine months of 2024 reached DKK 122.808 billion (USD 17.7 billion), up 31% YOY. The ex-North American market grew by 15% YOY to DKK 81.912 billion (USD 11.8 billion). Within this, China (including mainland China, Hong Kong, and Taiwan) saw a 10% YOY increase to DKK 14.177 billion (USD 2.04 billion).
Mainland China’s Growth in Diabetes and Obesity Care
Growth in mainland China was primarily driven by diabetes and obesity care, with Ozempic and Rybelsus contributing DKK 4.747 billion (USD 684.1 million) and DKK 151 million (USD 21.8 million) respectively, up 28% and 64% YOY. Wegovy, approved in China in June this year, achieved sales of DKK 244 million (USD 35.2 million). While long-acting insulin and premixed insulin sales showed growth, they were offset by a decline in human insulin sales. Novo Nordisk’s insulin held a 41.4% market share in terms of volume-based procurement (VBP). Rare disease drug sales plummeted 61% YOY to DKK 226 million (USD 32.6 million) due to decreased sales of endocrine and blood disease products.
Novo Nordisk Adjusts Full-Year Sales and Profit Forecasts
Reflecting these results, Novo Nordisk has narrowed its full-year sales and profit forecasts, with sales growth now expected to be within the range of 23%-27% for the full year 2024.- Flcube.com
