Novo Nordisk Raises FY22 Earnings Outlook On Robust Ozempic Sales

  • Novo Nordisk A/S NVO reported that its 9-month operating profit increased by 28% Y/Y and 14% at constant exchange rates to DKK 57.7 billion. Q3 operating profit was up 33% to DKK 20.18 billion.
  • Net profit for nine months increased to DKK 41.9 billion from DKK 36.9 billion in the prior year. Q3 net profit increased 19% to DKK 14.41 billion.
  • Net sales increased to DKK 128.86 billion from DKK 102.47 billion, and sales were up 28% Y/Y to DKK 45.57 billion in Q3.
  • Lars Fruergaard Jørgensen, the CEO, said: "The growth is driven by increasing demand for GLP-1-based diabetes treatments, especially Ozempic."
  • Diabetes and Obesity care sales increased by 29% to DKK 113.2 billion (18% at CER). Rare disease sales increased by 8%.
  • Obesity care sales grew by 91% (75% at CER). Novo Nordisk expects to make all Wegovy dose strengths available in the U.S. towards the end of 2022. 
  • Earnings per share were DKK 18.42 compared to DKK 15.98 for nine months and DKK 6.34 for Q3.
  • Guidance: For FY22, Novo Nordisk expects sales growth to be 14-17% at CER (prior range of 12-16%) and operating profit growth to be 13-16% at CER, up from a previous target range of 11-15%
  • Sales and operating profit growth reported in currency are now expected to be 10 and 15 percentage points higher than at CER, respectively.
  • Price Action: NVO shares are up 5.43% at $112.21 premarket on the last check Wednesday.
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