Strong 9 months 2024 for Novo Nordisk

Shares of Danish diabetes and obesity giant Novo Nordisk (NOV: N) were up 7.9% at 804.00 kroner  in early trading today, as the firm released financial results, reporting better-than-expected third-quarter 2024 sales of its weight-loss drug Wegovy (semaglutide) of $2.49 billion, exceeding analyst expectations of $2.29 billion and increasing 48% from the previous quarter.

For the first nine months of the year, group net sales came in at 204,720 million kroner ($29.8 billion), up 23% as reported and 24% higher at constant exchange rates (CER). Operating profit grew 21% to 91,602 million kroner, with net profit up 18% to 72,758 million kroner. Diluted earnings per share (EPS) were 19% higher at 16.29 kroner.

Sales within Diabetes and Obesity care increased by 25% to 191.8 billion kroner (26% at CER), mainly driven by GLP-1 diabetes sales growth. Sales of diabetes drug Ozempic (semaglutide) rose 255% to 86,489 million kroner, while obesity drug Wegovy revenue was up 76% at 38,340 million kroner for the nine months.