Novo Nordisk Clocks 27% Jump In Q1 Sales, Reduces Low-Dose Wegovy Supply To Manage Rising Demand

Novo Nordisk A/S NVO reported Q1 FY23 sales of DKK 53.37 billion, up 27% Y/Y (+25% on constant currency).
Earlier this month, the Denmark-based company significantly raised its full-year operating profit and sales expectations due to strong demand for Wegovy, an injectable prescription medication for adults with obesity.
Obesity care sales grew by 131% to DKK 7.8 billion (124% at CER), mainly driven by the uptake of Wegovy in the U.S. A second contract manufacturer for Wegovy initiated production in April 2023.
"To safeguard continuity of care, the supply of the lower Wegovy dose strengths in the US will be reduced temporarily," Novo said.
Sales of Novo's blockbuster diabetes drugs, Ozempic, and Wegovy, grew 63% and 225%, to DKK 19.64 billion and DKK 4.6 billion, respectively.
Net profit increased 39% Y/Y to DKK 19.81 billion, with EPS of DKK 8.78.
Operating profit increased 31% to DKK 25 billion.
Outlook: Novo Nordisk expects sales growth in local currencies for 2023 between 24%-30% and operating profit growth between 28%-34%, up from a February guidance of 13%-19% for both metrics.
Price Action: NVO shares are down 3.83% at $161.33 at the time of writing on Thursday.

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