The Danish drugmaker expects double-digit growth to continue until 2024, driven by increasing demand for drugs for obesity and diabetes.
Novo Nordisk’s sales increased by 29% in Danish crown terms in the first nine months of 2023, amounting to 166.4 billion crowns, according to a company announcement, issued on Thursday.
Operating profit also increased by 31% to 76 billion crowns.
These record results come against a backdrop of strong demand for semaglutide, Novo Nordisk’s weight loss drug, also sold under the names Ozempic, Wegovy and Rybelsus.
Celebrities, such as entrepreneur Elon Musk and actress Amy Schumer, have shared their experiences using the drug, and dangerous counterfeits have even started to appear, all over the world.
Others in the food and beverage industry are closely monitoring semaglutide’s developments, as some fear it could dampen consumer spending on snacks and beverages.
After Nestlé’s shares fell last month, Mark Schneider, the company’s CEO, said weight-loss drugs had no no impact on sales yetbut he announced that the brand was working on “accompanying products” for the medicine.
Supply restrictions will continue
In May, Novo Nordisk introduced limits on semaglutide in the United States, to ensure continuity for patients already on treatment, as demand outstripped supply.
The drugmaker currently plans to increase production for next year, but nevertheless warned that restrictions would remain in place for the near future.
The announcement frustrated some investors who had hoped for a clearer timeline.
In its quarterly earnings statement, Novo Nordisk also said it had filed applications for the use of semaglutide as a cardiovascular drug, following promising trials in August.
The company is preparing to take on a competitor, Eli Lilly, which is expected to have a new diabetes drug approved in the United States by the end of the year.