Novo Nordisk Increases Profits by 51% in 2023 for Its Diabetes Treatments

The Danish pharmaceutical multinational Novo Nordisk recorded a net profit of 11.22 billion euros in 2023 , which represents an increase of 50.7% compared to the result recorded a year earlier, according to the company. During the year, Novo Nordisk’s net sales totaled €31.15 billion, 31.2% more than in 2022, while gross margin increased to 84.6% from 83.9%.

Revenue from the diabetes and obesity division increased its annual sales by 37.5% , to 28,853 million euros, including a 60.2% growth in revenue from the marketing of Ozempic to 12.84 billion euros, while it quintupled Wegovy sales, up to 4.2 billion euros.

On the other hand, the business of Novo Nordisk’s rare diseases division fell 16.4% compared to 2022, to 2.3 billion euros. Between October and December, the Danish laboratory obtained a net profit of 2.94 billion euros, 61.6% more, while sales grew by 37%, to 8.83 billion euros.

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Novo Nordisk has approved a share buyback program of up to 2.64 billion euros

Looking ahead to the current financial year, the Danish company expects its sales to increase between 18% and 26% at constant exchange rates, while it anticipates operating profit growth at constant exchange rates of between 21% and 29%. %, as well as a capital expenditure of around 6.04 billion euros.

On the other hand, the board of directors of Novo Nordisk has approved a new share buyback program of up to 2.68 billion euros that will be executed over the next 12 months, although it has warned that the size of the program “may be reduced if important business development opportunities during 2024.” The objective of the program is to reduce the company’s share capital and cover obligations derived from share-based incentive programs.

Novo Nordisk’s majority shareholder, Novo Holdings, has informed the company that it intends to consider participating in Novo Nordisk’s share buyback program on a year-on-year basis. By 2024, Novo Nordisk has been informed by Novo Holdings that it plans to participate in the program. Novo Holdings owns 28.1% of Novo Nordisk’s share capital, and intends to maintain its share of Novo Nordisk’s share capital at around 28%.

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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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