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Novo Nordisk on Wednesday reported third quarter earnings broadly consistent with expectations and narrowed its 2024 full-year progress steerage.
The Danish pharmaceutical large stated that its internet revenue within the third quarter hit 27.3 billion Danish kroner ($3.92 billion), above an LSEG mixture estimate of 26.95 billion Danish kroner.
EBIT — earnings earlier than tax and earnings — got here to 33.8 billion Danish kroner, additionally simply above the LSEG forecast of 33.51 billion Danish kroner.
The corporate tightened its working revenue progress steerage to return in at 21% to 27%, in comparison with the beforehand anticipated 20% to twenty-eight%, each at fixed trade charges.
The corporate additionally narrowed its gross sales progress outlook for the total yr 2024 to 23% to 27% from 22% to twenty-eight% at fixed trade charges.
The steerage mirrored the corporate’s expectations for gross sales progress in North America and internationally, which is basically pushed by quantity progress of therapies primarily based on Glucagon-like peptide-1 (GLP-1), Novo Nordisk stated.
“Following higher-than-expected quantity progress lately, together with GLP-1-based merchandise akin to Ozempic and Wegovy, mixed with the expectation of continued quantity progress and capability limitations at some manufacturing websites, the outlook additionally displays anticipated continued periodic provide constraints and associated drug scarcity notifications throughout a lot of merchandise and geographies,” it added.
Novo Nordisk added that it was investing in capability each internally and externally to extend provide within the short- and long-term.
The corporate stated gross sales of Wegovy have been 79% increased year-on-year within the third quarter, whereas gross sales of total GLP-1 medicine have been up 14% over the identical interval.
Regionally, Novo Nordisk’s gross sales elevated 22% in North America within the third quarter of 2024 in comparison with a yr earlier. Gross sales to the important thing U.S. market have been up 21% over the interval, with GLP-1 quantity progress up 15% within the area.
“Novo Nordisk is the market chief with 53.9% measured by whole month-to-month prescriptions and 50.0% measured by new-to-brand prescriptions,” the corporate stated.
The healthcare titan has weathered more and more sturdy competitors, but additionally obtained promising information within the weight-loss area in current months.
Final week, the U.S. Meals and Drug Administration stated all doses of Wegovy have been now obtainable within the U.S. after beforehand noting that the bottom dose of Wegovy was in brief provide. The information was taken as a sign that Novo Nordisk’s efforts to ramp up provides of Wegovy and diabetes drug Ozempic are paying off.
Additionally in October, a research confirmed that Ozempic may scale back the chance of creating Alzheimer’s illness, suggesting its potential to delay or stop the memory-robbing situation.
— CNBC’s Annika Kim Constantino contributed to this story
