Novo Nordisk reports growing profits in the first quarter of 2024

Novo Nordisk‘s Danish-based company has seen an increase in profits in the first quarter of 2024, prompting the company to raise its financial forecasts for 2024. President and CEO Lars Fruergaard Jørgensen expressed satisfaction with the company’s performance. He also highlighted the positive outcomes of the renal outcomes study with semaglutide and the label extension for Wegovy in the United States, emphasizing the company’s commitment to innovative treatments.

According to the group’s data, Novo Nordisk anticipates a revenue increase of 19-27% and an operating profit increase of up to 22-30% for the year, driven by a fivefold increase in demand for the weight-loss drug Wegovy in the United States compared to the end of 2023.

In the first quarter of the current fiscal year, Novo Nordisk reported a 27% increase in operating profit in Danish kroner and a 30% increase at constant exchange rates, amounting to 31.8 billion Danish kroner. Sales in North America rose by 34% in Danish kroner (35% at constant exchange rates), while international sales grew by 8% in Danish kroner (11%). Sales of Novo Nordisk’s obesity-care products, including Wegovy, increased by 41% in the first quarter, reaching 11 billion Danish kroner (1.47 billion euros).