On May 2, Novo Nordisk announced its financial results for the first quarter of 2024, with total revenue of 65.349 billion Danish kroner (1 DDC = 0.14531 USD, approximately 9.496 billion USD),Revenue increased by 24% year-on-year at constant exchange rates, primarily driven by the diabetes (+24%) and obesity care (+42%) businesses; operating profit reached DKK 31.846 billion (USD 4.628 billion), a year-on-year increase of 30%.Novo Nordisk's flagship product is undoubtedly semaglutide. In Q1 2024, the sales of the injectable diabetes drug Ozempic (semaglutide) continued to rise to DKK 27.81 billion (USD 4.04 billion), with a growth rate of 43%; the sales of the oral diabetes product Rybelsus reached DKK 5.013 billion (USD 728 million), a year-on-year increase of 17%; and the sales of the weight-loss drug Wegovy doubled to DKK 9.377 billion (USD 1.363 billion). The three semaglutide products combined generated revenue of DKK 42.2 billion (USD 6.132 billion).By business, global revenue from diabetes care was DKK 49.93 billion (USD 7.255 billion, +24%).Novo NordiskAccounting for 34.0% of the global diabetes market; including GLP-1 diabetes product revenue of 34.982 billion Danish kroner (5.083 billion USD, +32%), and insulin products at 14.365 billion Danish kroner (2.087 billion USD, +9%). Novo Nordisk continues to lead the global GLP-1 market with a 55.3% market share.ClassDiabetes Market.Global Weight Loss Market Expands Rapidly, with Novo Nordisk Contributing Most of the Growth; Its Obesity Care Business Revenue Increased by 42% Year-on-Year to Reach DKK 11.035 billion (USD 1.603 billion). Novo Nordisk is Undoubtedly the Leader in the Global Weight Loss Market, Capturing 85.4% of the Market Share. Additionally, Rare Disease Drug Revenue was DKK 4.384 billion (USD 637 million, -3%).By region, Novo Nordisk's largest revenue contributor was its business in North America, with revenue of 39.28 billion Danish kroner (US$57.08 billion); performance in China was 4.506 billion Danish kroner (US$6.55 billion), a year-on-year increase of 7%.Novo Nordisk’s sales growth in China was mainly driven by its insulin and GLP-1 diabetes businesses. In its financial report, Novo Nordisk also mentioned that the sales growth of GLP-1 products was negatively impacted by periodic supply constraints.In China, the sales of injectable GLP-1 products in Q1 2024 were DKK 1.348 billion (USD 196 million, +9%).）In January this year, the sales of Rybelsus, which was approved for marketing in China, reached 0.55 billion Danish kroner (0.08 billion US dollars, +58%).）; GLP-1 products, including both injectable and oral versions, generated total revenue of 1.403 billion Danish kroner (USD 204 million, +10%).）。Insulin products sales in China reached 2.788 billion Danish kroner (405 million US dollars, +14%). China diabetes business 4.439 billion Danish kroner.($645 million, +11%). However, the rare disease business in China plummeted, with sales reaching DKK 0.42 billion.($60 million, -77%）。Novo Nordisk expects that the weight-loss version of semaglutide, Wegovy, will be launched in China this year. Based on this, Novo Nordisk has formulated a series of market strategies, including: limiting the launch volume, with the self-pay market being the key access strategy in the early stage of launch, prioritizing coverage of target hospitals, and exploring commercial medical insurance for target secondary populations.Notably, Novo Nordisk also submitted a new indication application for Wegovy (used in heart failure with preserved ejection fraction, HFpEF) to European and American regulatory authorities in January this year. The application received priority review from the FDA, with a PDUFA date set for July this year. The FDA has notified Novo Nordisk that it will convene an advisory committee to discuss this supplemental application.In North America, the price reduction of Wegovy offset some growth. Novo Nordisk expects that the price of Wegovy in the U.S. market may continue to drop next year. Wegovy has long been in short supply, and to ensure the continuity of medical services, Novo Nordisk reduced the supply of low-dose Wegovy starting in May 2023.However, the supply situation of Wegovy will gradually improve. Starting from January this year, Novo Nordisk has been progressively increasing the supply of lower doses. Currently, the total number of weekly prescriptions for Wegovy exceeds 130,000, with over 25,000 new brand prescriptions each week. More than 80% of patients pay $25 or less for each prescription.Looking ahead, Novo Nordisk currently expects sales growth in 2024 to reach 19%-27%, primarily reflecting positive expectations for weight-loss drugs and GLP-1 products, while also considering pricing pressures related to these products.Copyright © 2024 PHARMCUBE. All Rights Reserved.
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