On Wednesday, Novo Nordisk A/S ( NVO ) reported third-quarter 2024 sales of 71.311 billion Danish kroner (around $10.3 billion), missing the consensus of 71.89 billion Danish kroner.

The global sales increased 21% year over year (up 23% at constant currency), driven by increased sales across the portfolio.

GLP-1 diabetes sales increased by 15% at CER to 34.94 billion Danish kroner, and Obesity care sales increased by 55% at CER to 18.80 billion Danish kroner.

Also Read: Wegovy Manufacturer Inks Multi-Million Deal For Monthly Obesity Drug

Insulin sales increased by 10% at CER to 12.51 billion Danish kroner, and rare disease sales increased by 17% at CER to 4.57 billion Danish kroner.

The company reported GAAP EPS of 6.12 Danish kroner, beating the consensus of 6.02 Danish kroner.

Wegovy sales reached 17.30 billion Danish kroner, up 81% and Ozempic sales increased 26% at constant currency to 29.80 billion Danish kroner.

Lars Fruergaard Jørgensen, president and CEO, said, “The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before.”

Operating profit increased to 33.8 billion Danish kroner, with margin expanding from 45.8% to 47.4%.

“Novo Nordisk is the market leader with 53.9% measured by total monthly prescriptions and 50.0% measured by new-to-brand prescriptions,” the company said.

Guidance: Novo Nordisk ( NVO ) expects 2024 sales growth of 23%-27% on a constant exchange rate basis compared with previous estimates of 22%-28%.

The company tightened its operating profit growth guidance to 21%-27%, compared to the previously expected 20%-28%.

“Following higher-than-expected volume growth in recent years, including GLP-1-based products such as Ozempic and Wegovy, combined with the expectation of continued volume growth and capacity limitations at some manufacturing sites, the outlook also reflects expected continued periodic supply constraints and related drug shortage notifications across a number of products and geographies,” it added.

Novo Nordisk ( NVO ) said it is investing in internal and external capacity to increase supply in the short and long term.

Price Action: NVO stock is down 2.90% at $106.94 at the last check on Wednesday.

Read Next:

Gene Therapy Developer Beam Therapeutics Reports One Patient Death In Early-Stage Sickle Cell Disease Trial