Denmark’s Novo Nordisk (CPH: NOVO-B) reported this week that its global sales during 2024 reached DKK 290.403 billion (USD 42.1 billion), marking a 26% year-on-year (YOY) increase at constant exchange rates (CER). The strong performance was driven by growth across all business sectors, with notable increases in GLP-1 diabetes, Insulin, Obesity care, and Rare disease sales.
Business Sector Performance
Sales in the GLP-1 diabetes segment surged 22%, Insulin sales grew 17%, Obesity care jumped 57%, and Rare disease sales increased by 9%. Geographically, North America saw a 30% increase, Europe 19%, and China (including mainland China and Hong Kong/Taiwan) 13%. Weight loss drugs semaglutide (Ozempic/Wegovy) and Rybelsus (the oral form of semaglutide) generated a combined USD 29.3 billion in sales.
Diabetes and Obesity Care Sales
Sales within Diabetes and Obesity care soared 27% to DKK 271.8 billion. Obesity care grew by 57% to DKK 65.1 billion. Rare disease sales increased by 9% to DKK 18.64 billion. The diabetes business accounted for 71% of total revenue with DKK 206.19 billion in sales, while Obesity care accounted for 22% with DKK 65.146 billion.
China Market Performance
China contributed DKK 18.5 billion (USD 2.68 billion) in sales during the year, up 13% YOY. The diabetes business, the main driver, generated DKK 17.79 billion (USD 2.581 billion) in sales, up 13% and making up 96% of the total. Within that, Rybelsus sales rocketed 294% YOY to DKK 511 million (USD 74.15 million). From 2021-2030, the number of diabetes patients in China is expected to increase by 14%, with a further 6% increase projected from 2030-2045. Despite the impact from insulin volume-based procurement (VBP), Novo Nordisk’s insulin products still accounted for 52.6% of the Chinese market (mainland China), and the market share of GLP-1 products reached 79.6%.
Obesity and Rare Disease Business in China
The obesity business generated DKK 298 million (USD 43.24 million) in sales, up 108% YOY, indicating a rapid growth stage. The number of obese individuals in China has reached 184 million, with only 55 million seeking treatment and only 1 million actually receiving treatment. Wegovy, which was launched in November 2024, is expected to further drive growth in the obesity business. The rare disease business dropped 30% YOY to DKK 413 million, mainly including NovoSeven, NovoSight, and Norditropin.-Fineline Info & Tech
