With Bumper $33B Sales, Novo Nordisk Forecasts Double-Digit 2024 Earnings Growth, Boosts Lower Dose Wegovy US Supplies – Novo Nordisk (NYSE:NVO)

Novo Nordisk A/S NVO on Wednesday reported fourth quarter of 2023 sales of DKK 65.86 billion ($9.5 billion compared to the consensus of $8.82 billion), up 37% measured in Danish kroner and 43% at CER compared to 2022

Diabetes and Obesity care sales of DKK 61.29 billion drove the global sales growth of 43% at CER as GLP-1 diabetes sales increased by 62% at CER and Obesity care sales increased by 114% at CER. 

Wegovy sales totaled DKK 9.6 billion, slightly lower than the previous quarter and up 293% Y/Y. Ozempic sales increased 85% at CER to DKK 30.1 billion

The sales increase was partially offset by insulin sales decreasing by 4% at CER and Rare disease sales decreasing by 5% at CER.

Sales growth has resulted in periodic supply constraints and related drug shortage notifications across several products and geographies.

The company reported an increase in fiscal year 2023 sales of 31% in Danish kroner and 36% at constant exchange rates (CER) to DKK 232.3 billion ($33.52 billion).

Novo Nordisk said it had now begun to gradually increase the supply of lower dosage Wegovy in the U.S., having restricted the supply of the lower dose strength since May 2023.

The company said it aimed this year at “a gradual roll-out of Wegovy with capped volumes” outside the U.S.

“We are very pleased with the strong performance in 2023, reflecting that more than 40 million people are now benefiting from our innovative diabetes and obesity treatments,” CEO Lars Fruergaard Jorgensen commented.

Guidance: Novo Nordisk expects 2024 sales growth of 18%-26% at CER. The guidance reflects higher volume growth of GLP-1-based treatments for Obesity and Diabetes care. Intensifying competition and continued pricing pressure within Diabetes and Obesity Care are included in the guidance.

The company forecasts 2024 operating profit growth of 21%-29% at CER.

Price Action: NVO shares are up 1.48% at $110.63 during the premarket session on the last check Wednesday.

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