Danish pharma multinational Novo Nordisk reported third-quarter sales figures well above Wall Street expectations thanks to its weight loss and diabetes drug semaglutide, which it sells under the brand names Wegovy, Ozempic, and Rybelsus.
The company reported a net profit for Q3 of 27.3 billion Danish kroner ($3.92 billion), more than an LSEG (London Stock Exchange Group) aggregate estimate of 26.95 billion Danish kroner.
Sales of Wegovy reached 17.3 billion Danish kroner ($2.49 billion), which was 79% higher than in Q3 2023. It was also greater than analysts’ forecasts of 15.9 billion Danish kroner ($2.29 billion).
Novo Nordisk’s latest Financial Report includes the following quote from its president and CEO Lars Fruergaard Jørgensen:
“We are pleased with the performance in the first nine months of 2024. The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before.”
The company added that it was investing in increasing production capacity both internally and externally.
Sales and Operating Profit Growth
Novo Nordisk expects sales growth for the whole year to be between 23% and 27%, which is narrower than its previous estimate of between 22% and 28% at constant exchange rates.
It projects operating profit growth for the year to range from 21% to 27%, which is also narrower than its earlier forecast of 20% to 28%.
2025 Sales Estimates
Sales growth in 2025 could be in the “high teens” in percentage terms, Novo Nordisk added. This typically means from 15% to 19%.
Market Screener quoted the company’s CFO Karsten Munk Knudsen, who said, “This is a forward-looking statement, mathematically based, and we will come back with more detailed guidance in early February 2025.”
Shortages
Due to their growing popularity, there have been shortages of medications containing semaglutide for a number of years.
In October, the US Food and Drug Administration announced that Ozempic and Wegovy were moving closer to no longer being “in shortage.”
On November 1st, the two medications were listed as “available,” even though the FDA still classed them as “in shortage.”
About Semaglutide – Three Brand Names
Semaglutide is the active ingredient in three Novo Nordisk brands: Wegovy, Ozempic, and Rybelsus. However, their dosages, delivery methods (injectable vs. oral), and the specific conditions they are approved to treat are different.
- Ozempic is a once-weekly injection mainly for Type 2 diabetes, also aiding in weight loss. It was approved in the US in 2017 and the EU (including the UK) in 2018.
- Wegovy is a higher-dose weekly injection approved for weight management in people with obesity or related conditions. Wegovy was approved in the US in 2021, in the EU in 2022, and the UK in 2023.
- Rybelsus is a daily tablet for managing Type 2 diabetes. Rybelsus was approved in the US in 2019 and the EU (including the UK) in 2020.
Demand for semaglutide has helped turn Novo Nordisk into one of the largest pharmaceutical companies in the world by market cap.
Semaglutide and Lower Alzheimer’s Risk
In October 2024, a team of researchers published details of their study which showed that semaglutide was associated with a lower risk of Alzheimer’s disease for patients with type 2 diabetes.
In the peer-reviewed journal Alzheimer’s & Dementia, they wrote:
“Semaglutide was associated with significantly reduced risk for first-time AD diagnosis, most strongly compared with insulin and most weakly compared with other GLP-1RAs. Similar results were seen across obesity status, gender, and age groups.”