On November 2nd, Novo Nordisk released its third quarter report for 2023. In the first three quarters, the company achieved sales revenue of DKK 166.398 billion, a year-on-year increase of 29%, operating profit of DKK 75.808 billion, a year-on-year increase of 31%, and net profit of DKK 61.72 billion, a year-on-year increase of 47%.
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From a regional perspective, based on the Danish krone, the company's sales in North America increased by 46% year-on-year, while sales in international business increased by 12% year-on-year. Among them, the sales volume of diabetes and obesity care business was DKK 153806 million, up 36% year on year, mainly because the sales volume of GLP-1 diabetes increased by 45%; The sales revenue of obesity care business was 30.403 billion Danish kroner, a year-on-year increase of 167%; The sales revenue of rare disease related businesses was DKK 12.592 billion, a year-on-year decrease of 20%, due to a temporary decrease in production output.
In terms of products, in the past few months, the GLP-1 weight loss drug Wegovy has made Novo Nordisk famous. In the first three quarters, Wegovy's sales were DKK 21.729 billion, while the company's earlier GLP-1 weight-loss drug, Liraglutide (trade name: Saxenda), had sales of DKK 8.674 billion, with year-on-year growth rates of 481% and 14%.
In addition, these two products can also be used for the treatment of diabetes. In this field, the corresponding trade names for Smeglutide are Ozempic (injection form) and Rybelsus (oral form), while the trade name for Liraglutide is Victoza. In the first three quarters, Ozempic's sales amounted to DKK 65653 million, a year-on-year increase of 53%; Rybelsus' sales amounted to DKK 12.84 billion, a year-on-year increase of 77%; Victoza's sales amounted to DKK 6.878 billion, a decrease of 24% year-on-year.
In other words, GLP-1 drugs contributed DKK 115.774 billion to Novo Nordisk in the first three quarters, accounting for nearly 70% of the company's total revenue.
In its third quarter report, Novo Nordisk reiterated its revised annual performance outlook (fixed exchange rate) on October 13th, with an expected annual sales growth of 32% to 38% and operating profit growth of 40% to 46%. Previously, the company's expected sales growth was 27% to 33%, while operating profit growth was 31% to 37%.
