Denmark-based Novo Nordisk, the top global healthcare company specializing in defeating serious chronic diseases, announced impressive financial results for the first quarter of 2024 from January 1, 2024, to March 31, 2024.

The company's operating profit surged by 27% in Danish kroner and 30% at constant exchange rates (CER), reaching DKK 31.8 billion. Notably, sales in North American operations soared by 34% in the Danish kroner (35% at CER), fueled by growth in the US market, partly attributed to adjustments in gross-to-net sales from previous years. International Operations also saw a commendable increase of 8% in Danish kroner (11% at CER).

Sales within the diabetes and obesity care segment experienced robust growth, climbing by 25% to DKK 61.0 billion (27% at CER). This growth was primarily driven by a substantial increase in GLP-1 diabetes sales by 30% in Danish kroner (32% at CER), as well as a remarkable 41% surge in obesity care sales to DKK 11.0 billion (42% at CER). However, sales in the Rare Disease segment witnessed a slight decline of 4% in Danish kroner (3% at CER).

In a significant development, Novo Nordisk successfully concluded the FLOW kidney outcomes trial with semaglutide 1.0 mg during the first quarter of 2024. Additionally, the company received approval for Wegovy in the US for reducing cardiovascular risk in individuals with overweight or obesity and established cardiovascular disease. Furthermore, Awiqli, a once-weekly insulin icodec, was recommended for approval in the EU.

In February 2024, Novo Nordisk announced its plans to acquire three fill-finish sites from Novo Holdings A/S as part of a larger transaction involving the acquisition of Catalent, Inc. The company said that it expects this acquisition to be finalised by the end of 2024.

Looking ahead to the remainder of 2024, Novo Nordisk anticipates sales growth of 19–27% at CER, with operating profit growth ranging from 22–30% at CER. Lars Fruergaard Jørgensen, President and CEO of Novo Nordisk, expressed satisfaction with the company's performance, particularly highlighting the increased demand for their innovative treatments for diabetes and obesity. He also emphasised the positive outcomes from their R&D efforts, including the successful kidney outcomes trial and the expansion of Wegovy's label in the US market.