Novo Nordisk Q4 Highlights: Clocks 25% Increase In Sales On Strong Diabetes and Obesity Treatment, Expects 13% - 19% Revenue Growth

  • Novo Nordisk A/S NVO reported Q4 FY22 sales of DKK 48.09 billion, up 25% Y/Y (+18% on constant currency), driven by Diabetes care sales growth of 14% (CER) and Obesity care sales growth of 84% (CER).
  • Net profit increased from DKK 10.89 billion to DKK 13.59 billion.
  • Operating profit increased from DKK 13.64 billion to DKK 17.09 billion, but the margin remained unchanged at 35% from a year ago.
  •  Novo Nordisk said it expected "periodic supply constraints" this year, partly driven by higher-than-expected demand for its diabetes drug, Ozempic, and manufacturing constraints.
  • Outlook: Novo Nordisk expects sales and operating profit growth in local currencies in 2023 to be between 13% and 19%.
  • "Hopefully, we'll get a whole year where Wegovy sales are allowed to flourish, so that's definitely something that pulls up the guidance for 2023," Laustsen told Reuters.
  • Sales of the company's new obesity drug, Wegovy, grew over 200% to DKK 2.5 billion despite some supply-related hiccups.
  • The company expects to invest around DKK 25 billion in 2023, mainly toward additional ingredient production and fill-finish capacity.
  • Novo Nordisk will propose a dividend of 8.15 crowns per share, making the total dividend for 2022 DKK 12.4 per share. The Board of Directors has decided to initiate a new 12-month share repurchase program of up to DKK 28 billion.
  • Price Action: NVO shares are down 1.04% at $137.33 during the premarket session on the last check Wednesday.
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