Novo Nordisk A/S (NYSE: NVO), a Denmark-based pharmaceutical company, has announced its financial results for the fourth quarter and the full year of 2023, showcasing a remarkable performance. The company’s revenues reached DKK 232.3 billion (USD 33.75 billion), reflecting a 36% year-on-year growth in constant currency terms. The standout product in Novo Nordisk’s portfolio was the weight-loss drug Wegovy (semaglutide), which saw its sales skyrocket by 420% to DKK 31.3 billion (USD 4.5 billion), propelling the obesity segment to a 153% year-on-year growth, amounting to DKK 41.63 billion (USD 6.05 billion). The company’s GLP-1 sales for type 2 diabetes (T2D) were equally impressive, with the T2D formulation of semaglutide, Ozempic, generating DKK 95.7 billion (USD 13.9 billion) in sales, a 66% increase year-on-year.
Despite a 6% decline in insulin sales, Novo Nordisk’s diabetes care unit managed to achieve a 29% sales growth, largely due to the strong performance of GLP-1 products. This has resulted in the company’s global diabetes value market share increasing to 33.8%.
The US market was the primary driver of growth for both GLP-1 diabetes and obesity sales, with a significant 55% year-on-year increase, reaching DKK 127.5 billion (USD 18.5 billion). The company experienced high double-digit growth across all markets in 2023, with a 15% expansion in Europe, the Middle East, and Africa (EMEA), an 11% growth in Region China, and a 15% increase in the Rest of World territory. Region China’s sales for the year reached DKK 16.7 billion (USD 2.42 billion), and in the fourth quarter, sales grew by 8% year-on-year to DKK 3.42 billion (USD 497 million).- Flcube.com
