Novo Nordisk Earns More Than €6 Billion Through June, Up 16%

Danish pharmaceutical company Novo Nordisk reported a net profit of 45.457 billion crowns (6.091 billion euros) in the first half of 2024, which represents an increase of 16% compared to the result recorded a year earlier in the same period, the company reported.

However, the Scandinavian laboratory’s net profit margin fell to 34.1% from 36.4% in the first half of last year. Through June, Novo Nordisk’s net sales amounted to 133.4 billion crowns (17.8 billion euros), 23.9% more than in the first half of 2023, while the gross margin decreased to 84.9% from 85.1%.

Sales revenue from Ozempic in the first half of the year amounted to 56.685 billion crowns (7.596 billion euros), an increase of 36%, while sales of Wegovy grew by 74% to 21.036 billion crowns (2.819 billion euros), although between April and June they slowed their growth to 55% to 11.659 billion crowns (1.562 billion euros).

Between April and June, the Danish laboratory posted a net profit of 20.05 billion crowns (2.687 billion euros), 3% more than in the second quarter of 2023, while sales grew by 25% to 68.06 billion crowns (9.12 billion euros).

Novo Nordisk continued to grow its slimming treatment market, with growth of 36% and 74% for Ozempic and Wegovy, respectively

In the quarter, Novo Nordisk’s sales in North America totalled 40.93 billion crowns (5.485 billion euros), up 38%, while in Europe, the Middle East and Africa (EMEA) they grew by 13% to 14.581 billion crowns (1.954 billion euros) and by 11% in China to 4.963 billion crowns (665 million euros).

Looking at the full year, the Danish company now expects annual growth in net sales at constant exchange rates of between 22% and 28%, whereas previously it had expected an increase of between 19% and 27%.

However, the company has cooled its operating profit growth forecast and now expects it to rise between 20% and 28%, up from a previous range of 22% to 30%.

On the other hand, as part of the share buyback programme of up to 20 billion crowns (2.68 billion euros) initiated on 6 February, the company will begin a new buyback plan of up to 2.4 billion crowns (322 million euros) on Wednesday, which will end on 4 November.

Novo Nordisk shares fell by as much as 7.6% on the Copenhagen Stock Exchange , although by the mid-session the penalty had been reduced to around 4%. The Danish company has gained more than 22% so far this year.

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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