Denmark-based pharmaceutical giant Novo Nordisk (NYSE: NVO) has released its Q3 2023 earnings report, showcasing a 33% year-on-year (YOY) growth in constant exchange rates (CER) to DKK 166.4 billion (USD 23.7 billion) over the first nine months. The company identified diabetes care and obesity care as the key growth drivers, with respective increases of 25% and 174% YOY, compensating for an 18% decrease in the rare disease segment.
Performance and Guidance Update
The strong performance has prompted Novo Nordisk to raise its guidance for the full-year 2023. Sales growth is now expected to be between 32% and 38% at CER, up from the previous forecast of 27% to 33%. Operating profit growth is projected at 40% to 46%, an increase from the earlier projection of 31% to 37%.
Diabetes Care Segment
Within the diabetes care segment, sales of GLP-1 therapies reached DKK 85.4 billion (USD 12.2 billion), marking a 49% YOY increase. Ozempic (semaglutide) sales grew by 58% to approximately USD 9.3 billion, while Rybelsus (the oral form of semaglutide) saw an 82% rise in sales. However, the global insulin portfolio experienced a 7% YOY decline in sales to DKK 36.0 billion (USD 5.1 billion), reflecting decreases in China and the US.
Obesity Care Segment
The obesity care segment was led by once-daily Saxenda (liraglutide) and once-daily Wegovy (semaglutide), with sales increases of 18% and 492%, respectively.
Regional Performance
Novo Nordisk expanded its sales by 49% YOY in North America to DKK 94.0 billion (USD 13.4 billion), 19% in Europe, Middle East, and Africa to DKK 38.2 billion (USD 5.4 billion), 12% in China to DKK 13.3 billion (USD 1.9 billion), and 16% in the rest of the world to DKK 21.0 billion (USD 3.0 billion).
China Growth and Market Share
China’s growth was driven by a 95% YOY increase in GLP-1 products, led by Ozempic, which offset a 10% drop in insulin sales affected by volume-based procurement (VBP). The company holds a 74.6% market share for GLP-1 therapies and 41.7% for insulins in China.-Fineline Info & Tech
