Novo Nordisk on Thursday reported a jump in first-quarter 2024 revenue, driven by a more than 100% increase in sales of weight-loss drug Wegovy and the strong performance of type 2 diabetes medication Ozempic.
Novo Nordisk on Thursday announced first-quarter 2024 earnings including 24% year-over-year revenue growth, driven by the continued strong performance of its blockbuster type 2 diabetes therapy Ozempic (semaglutide) and a spike in sales for its weight-loss treatment Wegovy (semaglutide).
In Q1, the Danish drugmaker reported revenue of more than $9.37 billion, up from approximately $7.65 billion during the same time period in 2023. Novo secured net profit of more than $3.64 billion in the quarter, or around $0.81 on a per-share basis, up 29% year-over-year.
CEO Lars Fruergaard Jørgensen said in a statement that the company is “pleased” with its growth in Q1, “driven by increased demand for our GLP-1-based diabetes and obesity treatments.” Ozempic emerged as Novo’s best-performing asset in the quarter, bringing in nearly $4.3 billion, a year-over-year growth rate of 35% at constant exchange rates.
Wegovy—a different formulation of the GLP-1 analog semaglutide indicated for chronic weight management—generated more than $1.34 billion in Q1, skyrocketing 107% from its sales figure during the same period in 2023.
On a Thursday media call, CFO Karsten Munk Knudsen acknowledged Q1’s “very nice volume ramp” in Wegovy sales, which he said offset price decreases in North America which are expected to drop further as volumes and competition increase, according to CNBC.
Other strong performers in the quarter included Novo’s long-acting insulin product line, including Tresiba, Xultophy and Levemir, which grew 28% bringing in $740 million, and its fast-acting insulin franchise, including Fiasp and NovoRapid, which secured $644 million.
However, despite strong market performance, Novo acknowledged that the growth of Ozempic, Wegovy and—to a lesser extent—its other assets has been “negatively impacted by periodic supply constraints,” particularly across the U.S. and in China. The drugmaker expects supply disruptions to persist throughout the year and has reflected these shortages in its updated guidance.
In 2024, Novo now expects to see sales growth of 19% to 27%, up slightly from its previously announced range of 18% to 26%. The pharma has also set its operating profit growth to be between 22% and 30%.
Jørgensen in a statement said that Novo has taken steps to beef up its manufacturing capacity and meet the rapidly growing demand for Wegovy and Ozempic. “The agreement to acquire the three Catalent manufacturing sites will enable us to serve significantly more people living with diabetes and obesity in the future,” he said.
Setting itself up to meet its earnings target for 2024, Novo on Thursday also posted notable pipeline updates including the initiation of a Phase II trial for its investigational GIP/GLP-1 dual agonist for obesity, and the launch of a Phase I study for an investigational NRLP3 blocker in metabolic dysfunction associated steatohepatitis.
Tristan Manalac is an independent science writer based in Metro Manila, Philippines. Reach out to him on LinkedIn or email him at tristan@tristanmanalac.com or tristan.manalac@biospace.com.
