Source: Wall Street See
Novo Nordisk's net income in the third quarter was 27.301 billion Danish krone, a 21% year-on-year increase, exceeding the market's expected 26.7 billion Danish krone. Wegovy's revenue increased by 79% to 17.3 billion Danish krone, surpassing the expected 15.6 billion Danish krone, with sales in the USA increasing by about 50%.
On November 6, the weight loss and diabetes pharmaceutical company $Novo-Nordisk A/S (NVO.US)$ announced that the operating profit for the third quarter of 2024 met expectations, narrowing the full-year sales and profit guidance range.
1) Key Financial Figures:
Revenue: The net sales in the third quarter were 71.311 billion Danish kroner, a 22% year-on-year increase. Revenue for the first three quarters was 204.7 billion Danish kroner, up 23% year-over-year.
Net income: Net income in the third quarter was 27.301 billion Danish kroner, a 21% year-on-year increase, higher than the market's expected 26.7 billion Danish kroner. Net income for the first three quarters was 72.758 billion Danish kroner, up 18% year-over-year.
Gross margin: The gross margin for the third quarter was 84.1%, slightly lower than the market estimate of 84.5%.
Operating margin: In the third quarter, operating profit increased by 26% to 33.8 billion Danish krone; the operating margin was 47.4%, higher than the market estimate of 46%.
2) Segmented Data
In the third quarter, Wegovy revenue increased by 79% to 17.3 billion Danish krone, higher than the expected 15.6 billion Danish krone. Despite price declines, with more insurance companies agreeing to pay for drug costs, sales of the drug in the USA still increased by about 50%.
Sales of the largest drug for diabetes treatment, Ozempic, were about 5% lower than expected, at 29.8 billion krone.
In the first three quarters, Wegovy sales were 38.34 billion Danish krone, a 77% year-on-year increase.
Ozempic sales were 86.489 billion Danish krone, up 32% year-on-year.
The company stated that it expects the sales growth rate in local currency for the year to be between 23% and 27%, revised from the previous range of 22% to 28%. The year's operating profit growth rate has also been adjusted from 20% to 28% to 21% to 27%.
Since the beginning of this year, Novo Nordisk has raised its sales growth expectations for 2024 twice. However, in August of this year, the company lowered its operating profit growth expectations.
Novo Nordisk's CEO, Lars Fruergaard Jorgensen, stated in a declaration:
"The driving force behind the sales growth is the increasing demand for GLP-1 based diabetes and obesity treatment drugs, with more patients being served than ever before.
Benefiting from strong Wegovy sales in the third quarter, Novo Nordisk's pre-market trading in the USA has risen, with Novo Nordisk currently up by 5.38%.
Editor / jayden
