Novo Nordisk 2024 Q3: Semaglutide Sales Reach $20.6 Billion in First Three Quarters, GLP-1 Drugs Generate $832 Million in China

On November 6, Novo Nordisk announced its Q3 2024 performance. In the first three quarters of this year, the company reported total revenue of 204.72 billion Danish Krone (approximately $29.85 billion, based on the average exchange rate this year of 1 Danish Krone = 0.14581 USD), marking a 23% year-over-year growth.

For the first three quarters of this year, the sales of GLP-1 diabetes drugs increased by 25% year-over-year, reaching 106.95 billion Danish Krone ($15.595 billion). Sales of obesity drugs grew by 44%, reaching 43.74 billion Danish Krone ($6.378 billion).

Breaking it down further, the sales of Semaglutide injections (Ozempic) for diabetes reached 86.49 billion Danish Krone ($12.611 billion) in the first three quarters, growing by 32% year-over-year. Oral Semaglutide tablets (Rybelsus) generated 16.38 billion Danish Krone ($2.389 billion), a 28% increase. Semaglutide injections for weight loss (Wegovy) achieved 38.34 billion Danish Krone ($5.590 billion), growing by 76%. The total combined sales of these three products reached 141.21 billion Danish Krone, or $20.59 billion. If this growth trend continues, Semaglutide is expected to exceed $27 billion in annual sales. 

The competition between Semaglutide and Tirzepatide has long been a focal point in the industry. In comparison, Mounjaro (Tirzepatide for type 2 diabetes) and Zepbound (Tirzepatide for weight loss) combined for $11 billion in sales in the first three quarters of this year, still falling behind Semaglutide. 

The rapid growth of Semaglutide can be attributed in part to the expansion of indications. Recently, Semaglutide achieved a significant milestone in the MASH (MAsh-related NASH) field. 

The first part of the Phase III ESSENCE study showed that 37.0% of patients in the Semaglutide 2.4mg group had improved liver fibrosis at week 72, with no worsening of non-alcoholic steatohepatitis (NASH), compared to only 22.5% in the placebo group. Furthermore, 62.9% of patients on Semaglutide 2.4mg showed resolution of NASH and no worsening of liver fibrosis, while only 34.1% in the placebo group had similar results. Based on these findings, Novo Nordisk expects to apply for new indications in the U.S. and EU in the first half of 2025. 

In its financial report, Novo Nordisk also disclosed that it submitted a marketing application for IcoSema (a combination of Icodec insulin and Semaglutide, once a week) for the treatment of type 2 diabetes to the EU in October.

In other areas, insulin business revenue grew by 9% year-over-year to 39.49 billion Danish Krone. Rare disease revenue increased slightly by 3%, reaching 12.93 billion Danish Krone. In China, Novo Nordisk's revenue for the first three quarters reached 14.18 billion Danish Krone ($2.067 billion, +7%), with GLP-1 drugs contributing 5.71 billion Danish Krone ($832 million, +19%).

In China, Ozempic (Semaglutide injection for diabetes) sales reached 4.75 billion Danish Krone ($692 million, +28%). In January this year, Semaglutide tablets (Rybelsus) were approved for sale in China, generating 151 million Danish Krone ($22 million, +64%).

It is also worth noting that in June this year, Semaglutide received approval from the NMPA for an expanded indication for weight loss. In August, Semaglutide was filed for a new indication for chronic kidney disease in China. In September, long-acting growth hormone, Somapacitan, was also filed for approval in China. There is no doubt that Novo Nordisk’s China business will have even more growth drivers in the future. 

Novo Nordisk is also continuing to deepen its focus on its core areas. In the GLP-1 space, Novo Nordisk recently reached an exclusive global licensing agreement with Ascendis Pharma. Novo Nordisk will use Ascendis’ TransCon technology platform to develop, produce, and commercialize products for metabolic diseases, with exclusive rights to extend metabolic disease treatments to other therapeutic areas. The primary focus of this partnership is a once-monthly GLP-1 receptor agonist candidate for the treatment of obesity and type 2 diabetes. 

In the insulin business, although Novo Nordisk already has the ultra-long-acting Icodec insulin (once weekly), it is also developing a more advanced "smart insulin" that can automatically switch on and off based on blood glucose levels. In animal experiments, this insulin was effective at reducing high blood sugar concentrations while preventing glucose levels from dropping too low.

For the full year of 2024, Novo Nordisk expects a 23%-27% increase in sales on a CER basis, with sales in Danish Krone expected to grow 1% lower than sales growth on a CER basis.