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Novo Nordisk Gains 3.4 Billion in the First Quarter, 28% more Compared to Q1 2023

Novo Nordisk sees substantial growth, reporting a 28% increase in profits to €3.4 billion in Q1 2024, with operating profits up 27% to €4.27 billion. This surge is driven by sales of diabetes drugs Ozempic and Wegovy, leading to a 22% rise in net sales to €8.76 billion. The company raises its 2024 forecasts, aiming for significant profit and sales growth.



Novo Nordisk maintains rapid growth. The Danish pharmaceutical company reports profits of 3.4 billion euros in the first quarter of 2024, 28% more than the same period of the previous year. Operating profits, on the other hand, increased by 27%, to 4.27 billion euros.

Net sales stood at 8.76 billion euros, which implies an increase of 22% compared to the first quarter of 2023, thanks to the sales of Novo Nordisk’s drugs against diabetes, Ozempic and Wegovy, which have become popular to address weight losses.

With this data in hand, Novo Nordisk raises its forecasts for 2024, estimating that its operating profit will grow between 22% and 30% and its sales between 19% and 27% .

Novo Nordisk wants to market Wegovy, one of its antidiabetics, as a drug to treat cardiovascular ailments

Novo Nordisk’s diabetes drugs have made the pharmaceutical company the largest European company in terms of capitalization. The demand is such that the Danish company has bought the contract medicine producing company Catalent, until now its Wegovy supplier. It did so through its parent company, Novo Holdings, and for the amount of 10.66 billion euros . And the potential of this drug does not end there.

Novo Nordisk wants Wegovy to gain a foothold in the offer of treatments for cardiovascular pathologies. This was announced by his CEO, Lars Fruergaard Jorgensen, in a meeting with investors and analysts at its headquarters in Copenhagen.

The decision is based on a recent peer-reviewed study that indicates that semaglutide, the compound in Wegovy, could reduce the effects of cardiovascular diseases by up to 20%.


(Featured image by Ri_Ya via Pixabay)

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Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.