Novo Nordisk Increased Sales by 25% in H1 2022

On August 3, Novo Nordisk released a report detailing an increase in sales to Danish kroner (DKK) to 25%. In addition, sales increased by 16% at constant exchange rates (CER) to DKK 83.3 billion.

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A Half Year of Billions in Growth

In the first half of 2022, Novo had a total of DKK 83.3 billion in net sales, up 25% from the previous year’s DKK 66.9 billion. In tandem, their operating profit rose to DKK 37.5 billion, up from 2021’s DKK 29.8 billion. The change in operating profit represents a 26% growth at a CER of 14%.

Novo’s growth is due to its varied flourishing markets. Sales in International Operations increased by 15% DKK (10% CER) while the North American Operations alone increased by 36% (24% CER).

Obesity care sales, by far and away, saw the most significant growth, swelling by 99% (84% CER). This is due primarily to their medication Wegovy, a prescription medication used to help adults with obesity lose weight. Novo expects to make all dose strengths available to patients in the U.S. in the latter half of the year. 

A Half Year of Growth Yet to Come

On the company’s performance outcome, President and CEO of Novo Nordisk, Lars Fruergaard Jørgensen, said, “We are very pleased with the sales growth in the first half of 2022. The performance in the first six months has enabled us to raise our outlook for the full year.”

Going forward, Norvo will continue their cardiovascular outcomes trial for insulin icodec per trial protocol. This novel medication is a long-acting, once-weekly medication currently in development; the first half of 2022 saw insulin icodec successfully complete five Phase 3a trials.

For the rest of the year, Novo expects sales growth to continue within the 12-16% range at CER while operating profit growth is expected around 11-15% at CER. As for the growth for both reported in DKK, Novo expects them to be around 9% and 14% higher than their counterparts in CER.

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Author

Max Heirich