Novo Nordisk results: profits grow by over 30% off the back of weight-loss brand WeGovy

On January 31st, Danish pharmaceuticals company Novo Nordisk reported sterling profits and sales its Q4 financial results and full year results for 2023.

According to a company announcement, Novo Nordisk’s 2023 Operating profit increased by 37% in Danish kroner and by 44% at constant exchange rates (CER) to DKK 102.6 billion, compared with 2022’s net sales of DKK 176.9 billion..

Also, its global sales rose 31% in Danish kroner during the year, and by 36% at CER to DKK 232.3 billion for the whole of 2023.

Much of this was boosted by its successful sales in America, particularly of popular weight loss treatment WeGovy. In fact, Novo Nordisk’s sales in America increased by 50% in Danish kroner, compared with just 11% for international operations sales figures worldwide.

Earnings per share were up a sizable 52% from 12.22 to 18.62 for the whole 2023 year.

2024 outlook

The near-term future looks similarly bright for Novo Nordisk. This month, Novo Nordisk said that it had successfully completed the first phase trial with IcoSema of a potentially lucrative obesity care product. It also said that:

For the 2024 outlook, sales growth is expected to be 18-26% at CER, and operating profit growth is expected to be 21-29% at CER. Sales and operating profit growth reported in Danish kroner is expected to be 1 and 2 percentage points lower than at CER, respectively… more than 40 million people are now benefiting from our innovative diabetes and obesity treatments. We continue to make progress on our strategic aspirations. Our focus in 2024 will be on reaching more patients, progressing and expanding our pipeline as well as the continued significant expansion of our production capacity.”

The Novo Nordisk share price

Understandably, investors and the markets reacted positively to the results, which were released shortly after markets opened in Europe on Wednesday. In fact, the Novo Nordisk stock price was up four percent within just a few hours of markets opening today.

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