Novo Nordisk's sales increased by 31% in Danish kroner and by 36% at constant exchange rates to DKK 232.3 billion in 2023
Bagsværd, Denmark, 31 January 2024 - Financial report for the period 1 January 2023 to 31 December 2023
Novo Nordisk's sales increased by 31% in Danish kroner and by 36% at constant exchange rates to DKK 232.3 billion in 2023
- Operating profit increased by 37% in Danish kroner and by 44% at constant exchange rates (CER) to DKK 102.6 billion.
- Sales in North America Operations increased by 50% in Danish kroner (54% at CER). Sales in International Operations increased by 11% in Danish kroner (16% at CER).
- Sales within Diabetes and Obesity care increased by 38% in Danish kroner to DKK 215.1 billion (42% at CER), mainly driven by GLP-1 diabetes sales growth of 48% in Danish kroner (52% at CER) and Obesity care growing by 147% in Danish Kroner to DKK 41.6 billion (154% at CER). Rare disease sales decreased by 16% measured in Danish kroner (15% at CER) reflecting a reduction in manufacturing output.
- In January 2024, Novo Nordisk successfully completed the first phase 3a trial with IcoSema, a fixed-ratio once-weekly combination of basal insulin icodec and semaglutide and a phase 1 trial with oral amycretin within Obesity care.
- For the 2024 outlook, sales growth is expected to be 18-26% at CER, and operating profit growth is expected to be 21-29% at CER. Sales and operating profit growth reported in Danish kroner is expected to be 1 and 2 percentage points lower than at CER, respectively.
- At the Annual General Meeting on 21 March 2024, the Board of Directors will propose a final dividend of DKK 6.40 for 2023 per share. The expected total dividend for 2023 is DKK 9.40 per share, of which DKK 3.00 was paid as interim dividend in August 2023. The Board of Directors has decided to initiate a new share repurchase programme of up to DKK 20 billion.
| PROFIT AND LOSS | 2023 | 2022 | Growth as reported | Growth at CER* |
| DKK million | ||||
| Net sales | 232,261 | 176,954 | 31% | 36% |
| Operating profit | 102,574 | 74,809 | 37% | 44% |
| Net profit | 83,683 | 55,525 | 51% | N/A |
| Diluted earnings per share (in DKK) | 18.62 | 12.22 | 52% | N/A |
| * CER: Constant exchange rates (average 2022). |
Lars Fruergaard Jørgensen, president and CEO: "We are very pleased with the strong performance in 2023 reflecting that more than 40 million people are now benefiting from our innovative diabetes and obesity treatments. We continue to make progress on our strategic aspirations. Our focus in 2024 will be on reaching more patients, progressing and expanding our pipeline as well as the continued significant expansion of our production capacity."
On 31 January 2024 at 13.00 CET, corresponding to 07.00 am EST, an earnings call will be held. Investors will be able to listen in via a link on novonordisk.com, which can be found under ‘Investors’.
About Novo Nordisk
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases, built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 63,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.
| Financial calendar | ||
| 7 March 2024 | Capital Markets Day 2024 in Copenhagen | |
| 21 March 2024 | Annual General Meeting | |
| 2 May 2024 | Financial results for the first three months of 2024 | |
| 7 August 2024 | Financial results for the first half of 2024 | |
| 6 November 2024 | Financial results for the first nine months of 2024 |
Novo Nordisk’s Annual Report 2022 is available at https://www.novonordisk.com/investors/annual-report.html and attached in iXBRL format.
| Contacts for further information | |
| Media: | |
| Ambre James-Brown +45 3079 9289 abmo@novonordisk.com | Elizabeth DeLuca (US) +1 609 580 9868 edel@novonordisk.com |
| Investors: | |
| Daniel Muusmann Bohsen +45 3075 2175 dabo@novonordisk.com | David Heiberg Landsted +45 3077 6915 dhel@novonordisk.com |
| Jacob Martin Wiborg Rode +45 3075 5956 jrde@novonordisk.com | Mark Joseph Root (US) +1 848 213 3219 mjhr@novonordisk.com |
| Sina Meyer +45 3075 6656 azey@novonordisk.com | Frederik Taylor Pitter +45 3075 8259 fptr@novonordisk.com |
Company announcement No 7 / 2024
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