Novo Nordisk Clocks 27% Jump In Q1 Sales, Reduces Low-Dose Wegovy Supply To Manage Rising Demand – Novo Nordisk (NYSE:NVO)



  • Novo Nordisk A/S NVO reported Q1 FY23 sales of DKK 53.37 billion, up 27% Y/Y (+25% on constant currency).
  • Earlier this month, the Denmark-based company significantly raised its full-year operating profit and sales expectations due to strong demand for Wegovy, an injectable prescription medication for adults with obesity.
  • Obesity care sales grew by 131% to DKK 7.8 billion (124% at CER), mainly driven by the uptake of Wegovy in the U.S. A second contract manufacturer for Wegovy initiated production in April 2023.
  • “To safeguard continuity of care, the supply of the lower Wegovy dose strengths in the US will be reduced temporarily,” Novo said.
  • Sales of Novo’s blockbuster diabetes drugs, Ozempic, and Wegovy, grew 63% and 225%, to DKK 19.64 billion and DKK 4.6 billion, respectively.
  • Net profit increased 39% Y/Y to DKK 19.81 billion, with EPS of DKK 8.78.
  • Operating profit increased 31% to DKK 25 billion.
  • Outlook: Novo Nordisk expects sales growth in local currencies for 2023 between 24%-30% and operating profit growth between 28%-34%, up from a February guidance of 13%-19% for both metrics.
  • Price Action: NVO shares are down 3.83% at $161.33 at the time of writing on Thursday.

 



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