Wednesday, Novo Nordisk A/S (NYSE:NGOs) reported Q3 2024 sales of DKK 71.311 billion (about $10.3 billion), missing consensus 71.89 billion Danish kroner.

Globalia sale grew 21% year-on-year (up 23% at constant currency), driven by increased portfolio sales.

GLP-1 diabetes sales increased 15% at CER to DKK 34.94 billion and obesity care sales increased 55% at CER to DKK 18.80 billion.

Read also: Wegovy maker closes multi-million deal for monthly obesity drug

Insulin sales increased 10% at CER to DKK 12.51 billion, and rare disease sales increased 17% at CER to DKK 4.57 billion.

The company reported GAAP EPS of DKK 6.12, beating consensus of 6.02 Danish kroner.

Wegovy’s sales reached DKK 17.30 billion, up 81 percent, and Ozempic’s sales rose 26 percent at constant currency to DKK 29.80 billion.

Lars Fruergaard Jørgensen, President and CEO, said: “Sales growth is driven by increased demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before.”

Operating profit rose to DKK 33.8 billion, with the margin increasing from 45.8% to 47.4%.

“Novo Nordisk is the market leader with 53.9% as measured by total monthly prescriptions and 50.0% as measured by new prescriptions for the brand,” the company said.

Guidance: Novo Nordisk expects 2024 sales growth of 23%-27% at constant exchange rates, compared to previous estimates of 22%-28%.

The company tightened its operating profit growth guidance to 21%-27%, compared to 20%-28% previously expected.

“Following higher-than-expected volume growth in recent years, including GLP-1-based products such as Ozempic and Wegovy, combined with the expectation of continued volume growth and capacity constraints at some sites production, the outlook also reflects expected periodic supply. constraints and drug shortage notifications in a number of products and geographies,” it added.

Novo Nordisk said it is investing in internal and external capacity to increase supply in the short and long term.

Price action: Shares of NVO traded down 2.90% to $106.94 as of last check on Wednesday.

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This article Ozempic/Wegovy Maker maintains Q3 sales growth on booming demand originally appeared on Benzinga.com

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