Novo Nordisk increased its operating profit by 37% in Danish kroner and by 44% in constant exchange rates (CER) to 102.6 billion Danish kroner. It was just as Morningstar equity and credit analyst Karen Andersen had predicted before the report, that the currency headwind would hold back operating profit growth in Danish kroner to 37%.
The revenue growth of 28% that the analyst had expected landed instead at 31% in Danish kroner and 36% in constant exchange rates to 232.3 billion Danish kroner in 2023.
Sales of injectable diabetes drugs in the GLP-1 class (which includes Victoza and Ozempic) totaled DKK 31.8 billion, representing growth of 64% at constant exchange rates. Sales for both Victoza and Ozempic came in 14% better than expectations each.
The obesity drugs Saxenda and Wegovy sold for just over 1.6 billion Danish kroner and 9.6 billion Danish kroner respectively during the quarter. Both came in slightly below expectations.
The proposed dividend is 6.40 Danish kroner per share. This means that the total dividend will be 9.40 Danish kroner per share, as the company previously proposed an interim dividend of 3 Danish kroner per share in August.
In addition, Novo Nordisk announced that the board has decided to initiate a new share buyback program of up to 20 billion Danish kroner.
For 2024, turnover growth is expected to be between 18-26%. Operating profit is expected to improve by 21-29%. Both forecasts are in constant currency. In Danish kroner, growth in sales and operating profit is expected to be lower by 1 and 2 percentage points, respectively.
In January 2024, Novo Nordisk successfully completed the first phase 3a study with IcoSema, a combination of basal insulin icodec and semaglutide with fixed dosing once a week, and a phase 1 study with oral amycretin in the treatment of obesity.
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