With Bumper $33B Sales, Novo Nordisk Forecasts Double-Digit 2024 Earnings Growth, Boosts Lower Dose Wegovy US Supplies
Portfolio Pulse from Vandana Singh
Novo Nordisk A/S (NYSE:NVO) reported Q4 2023 sales of $9.5 billion, exceeding consensus estimates and showing a 37% increase in Danish kroner and 43% at CER year-over-year. The growth was driven by Diabetes and Obesity care, with GLP-1 diabetes sales up 62% and Obesity care sales up 114% at CER. Wegovy sales rose 293% Y/Y, while insulin and rare disease sales declined. The company has begun increasing US supply of lower dose Wegovy and plans a gradual international rollout. Novo Nordisk forecasts 18%-26% sales growth and 21%-29% operating profit growth for 2024. NVO shares rose 1.48% in premarket trading.
January 31, 2024 | 1:39 pm
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Novo Nordisk reported strong Q4 2023 earnings with significant sales growth, particularly in Diabetes and Obesity care. The company has started to increase the supply of Wegovy in the US and expects substantial sales and operating profit growth in 2024.
The positive earnings report and strong guidance for 2024 suggest a bullish outlook for Novo Nordisk. The increase in Wegovy supply in the US is likely to meet existing demand and drive further revenue growth. The premarket stock price increase indicates a positive market reaction to the news.
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IMPORTANCE 90
RELEVANCE 100