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Danish drugmaker Novo Nordisk (NVO) reported fourth quarter and full year 2024 earnings Wednesday, beating Wall Street’s expectations and bumping its stock up more than 3% in pre-market trading.
The company reported full year revenue of $40.5 billion, up 25% compared to 2023. For the fourth quarter, Novo reported $11.6 billion in revenues, up 30% compared to the same quarter in 2023. The results largely beat Wall Street’s estimates of $39.8 billion for full year, and $11.2 billion for the fourth quarter.
The company’s blockbuster semaglutide drugs, Wegovy for weight loss and Ozempic for diabetes, are key to the company’s beat. Combined, they brought in $24.9 billion for the year. That’s compared to the 2023 full year revenue of $18.5 billion. The sales account for 60% of the total revenue.
The two GLP-1s have given Novo an enviable spot in the weight loss market, with 52% of the market. The boost in revenue from sales in the last several years have earned the company the title of largest company in Europe, by market cap, at more than $375 billion.
Novo’s earnings results Wednesday differ from Eli Lilly’s, whose stock slid on slower-than-expected sales of weight loss drugs towards the end of the year. Novo saw But Novo said Wednesday it expects slower growth in 2025 compared to the prior year.
The 2024 outlook estimated between 18%-26% growth, meanwhile the company announced growth between 16%-24% for 2025.
The growth has come with speed bumps along the way, especially in the past year.
The company’s next generation of weight loss drugs hasn’t convinced investors of blockbuster potential to rival the current drugs. Late-stage trial data of CagriSema showed a 22.7% weight loss — which is roughly the same competitor Eli Lilly’s (LLY) drugs — late last year. But executives said the company is working on a second trial. Meanwhile, the stock popped last month on positive early trial data of another next generation drug, amycretin.
The semaglutide drugs are also still on the FDA’s shortage list, which means compounding pharmacies are still able to sell knockoff versions. Novo is working on building new manufacturing sites to combat this, and the closing of the Catalent deal at the end of 2024, that will add three new sites.
The company will now have 14 manufacturing sites in total, CEO Lars Jørgensen said on an earnings call Wednesday. And the deal will result in a hit of $1.26 billion this year from debt financing.
Another potential headwind is Medicare drug pricing negotiations. The earnings report is the first since Medicare included the company’s blockbuster diabetes and weight loss drugs on its negotiation list for this year, with prices going into effect in 2027.
