Although the performance of the star GLP-1 drug semaglutide remained impressive, and Novo Nordisk's overall performance in the first half of the year satisfied the company, its net profit performance in the second quarter fell short of market expectations, and the upper limit of the annual operating profit was lowered.
On August 7th local time, Danish pharmaceutical giant Novo Nordisk (NVO. US) released its second quarter report for 2024, with revenue of 133.409 billion Danish kroner, approximately 19.5 billion US dollars, a year-on-year increase of 24% in Danish kroner and a 25% increase in fixed exchange rate; The net profit for the first half of the year was 45.457 billion Danish kroner, approximately 6.65 billion US dollars, representing a year-on-year increase of 16% in Danish kroner terms; Operating profit of 57.78 billion Danish kroner, approximately 8.45 billion US dollars, increased by 18% year-on-year in Danish kroner and 19% in fixed exchange rate.
Novo Nordisk's financial data for the first half of the year
Lars Fruergaard Jrgensen, President and CEO of Novo Nordisk, stated that the company is satisfied with the sales growth in the first half of 2024, which has enabled the company to increase its full year expectations. This growth is driven by the increased demand for the company's GLP-1 (glucagon like peptide-1) drug.
For the 2024 performance guidance, Novo Nordisk has made an upward adjustment in its quarterly report, stating that based on fixed exchange rates, the annual sales are expected to increase by 19% to 27%, and the operating profit is expected to increase by 22% to 30%. Based on the overall performance in the first half of the year, Novo Nordisk has raised its full year revenue guidance, which is expected to increase sales by 22% to 28% at a fixed exchange rate.
However, while raising its revenue expectations, Novo Nordisk has lowered the upper limit of its operating profit: calculated at a fixed exchange rate, the expected increase in operating profit is 20% to 28%, a decrease of two percentage points from the previous 30% upper limit.
Novo Nordisk Q2 Performance
Novo Nordisk has the global flagship GLP-1 weight loss drug semaglutide, and due to the global popularity of this product, the outside world has high expectations for Novo Nordisk's performance. Although the overall performance of Novo Nordisk in the first half of the year was satisfactory, judging from the second quarter results, Novo Nordisk was accused of not meeting external expectations. Specifically, in the second quarter, Novo Nordisk's revenue was 68.06 billion Danish kroner, approximately 9.96 billion US dollars, a year-on-year increase of 25%, and its net profit was 20.05 billion Danish kroner, approximately 2.93 billion US dollars, a year-on-year increase of 3%. This data is lower than the overall forecast of 20.9 billion Danish kroner by the London Stock Exchange Group (LSEG).
Affected by the above news, Novo Nordisk's US stock market fell more than 5% before trading.
Revenue performance of various products by Novo Nordisk in the first half of the year
Simeglutide is one of the most representative GLP-1 drugs in the world, and is also considered by the industry to have the potential to surpass Merck's cancer drug K to become the global sales champion. According to Merck's previous financial report, K Pharmaceuticals had a revenue of $14.217 billion in the first half of the year. According to Novo Nordisk's financial report, the total sales of the three versions of Simeglutide reached $12.97 billion, accounting for approximately 66% of the total revenue in the first half of the year.
Specifically, in the first half of the year, the sales of Ozempic, a hypoglycemic injection version of Simeglutide, reached 56.685 billion Danish kroner, approximately 8.29 billion US dollars, a year-on-year increase of 36%; The oral version of Rybelsus had sales of 10.931 billion Danish kroner, approximately 1.6 billion US dollars, a year-on-year increase of 32%; The sales of the lightweight version of Wegovy amounted to 21.036 billion Danish kroner, approximately 3.08 billion US dollars, representing a year-on-year increase of 74% at fixed exchange rates.
In China, the hypoglycemic injection version of semaglutide was approved for market as early as April 2021. In January this year, the oral version of smeglutide was approved for use in type 2 diabetes in China. The latest financial report shows that the hypoglycemic injection version sold 2.935 billion Danish kroner, approximately 430 million US dollars, in China in the first half of the year, a year-on-year increase of 38%. The sales revenue of oral hypoglycemic version in China is 108 million Danish kroner, approximately 16 million US dollars. On June 25th, Novo Nordisk Smiaglutide was approved for weight loss in China, but its sales performance has not yet been reflected in the financial report.
Regarding the supply of injectable weight loss version of semaglutide, Novo Nordisk China previously told The Paper that since the approval date, the relevant process of drug supply has been officially launched according to the plan, and this heavyweight product will be brought into the Chinese market as soon as possible to benefit obese patients. "To meet the needs of patients, we are working hard to increase the supply of GLP-1 drugs. We will responsibly distribute the existing product supply in the global market, follow consistent standards, and focus on ensuring the continuity of patient medication and the accessibility of innovative drugs.
It is worth noting that semaglutide is also opening up other indications markets. On July 25 in the local market, Novo Nordisk announced that the European Drug Administration (EMA) supports Wegovy to reduce the risk of major heart disease and stroke in overweight or obese adults without diabetes. The US Food and Drug Administration (FDA) approved the drug earlier this year for the prevention of cardiovascular events in obese individuals.
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