Q2 2024 Novo Nordisk A/S Earnings Call Transcript
Key Points
- Novo Nordisk A/S (NVO) reported a 25% increase in sales and a 19% increase in operating profit for the first six months of 2024, both at constant exchange rates.
- The company is now serving more than 42 million patients with its diabetes and obesity treatments.
- Novo Nordisk A/S (NVO) has expanded the number of women in senior leadership positions to 41%, compared to 40% in the first six months of 2023.
- Positive results from the Mim8 Phase 3 trial and the COMBINE 1 trial for IcoSema were highlighted, showing promising efficacy and safety profiles.
- The company raised its sales growth outlook for the full year to between 22% and 28% at constant exchange rates, reflecting strong performance and demand.
- Total carbon emissions rose by 31% compared to the first six months of 2023, driven by increased investments in capital expenditure.
- The gross margin decreased to 84.9% from 85.1% in 2023, mainly due to increased costs related to ongoing capacity expansions.
- Research and development costs increased by 79% in Danish kroner, driven by increased late-stage clinical trial activity and impairments of intangible assets.
- The company faced periodic supply constraints for Ozempic in the beginning of the year, impacting sales growth.
- Net financial items showed a net loss of DKK530 million compared to a net gain of DKK96 million last year, mainly reflecting hedging losses on the US dollar.
(audio in progress) (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jacob Rode, Head of Investor Relations. Please go ahead, sir.
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Thank you. Welcome to this Novo Nordisk earnings call for the first six months of 204. My name is Jacob Martin Wiborg Rode, and I'm the Head of Investor Relations at Novo Nordisk.
With me today, I have CEO of Novo Nordisk, Lars Fruergaard Jørgensen; Executive Vice President and Head of Commercial Strategy and Corporate Affairs, Camilla Sylvest; Executive Vice President and Head of North America Operations, Doug Langa; Executive Vice President and Head of Development, Martin Holst Lange; and finally, Chief Financial Officer, Karsten Munk Knudsen. All speakers will be available for the Q&A session.
Today's announcement and the slides for this call are available on our website, novonordisk.com. Please note that this
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