Full-year 2022 results: sales up 26% to DKK 177.0 billion

Novo Nordisk, the maker of Ozempic, Wegovy, and Rybelsus (all semaglutide), reported full-year 2022 sales of DKK 177.0 billion, up 26% in Danish kroner and 16% at constant exchange rates ^[1]. Operating profit rose 28% to DKK 74.8 billion, or 15% at constant exchange rates ^[1]. The company said growth was mainly driven by GLP-1 medicines for diabetes and obesity ^[1].

North America Operations, which includes the United States, grew 35% in Danish kroner (21% at constant exchange rates), outpacing International Operations, which grew 17% in Danish kroner (13% at constant exchange rates) ^[1]. Within the Diabetes and Obesity care segment, sales rose 29% in Danish kroner to DKK 156.4 billion, with GLP-1 diabetes sales growth of 56% in Danish kroner (42% at constant exchange rates) ^[1]. Rare disease sales, a smaller part of the business, grew 7% in Danish kroner but only 1% at constant exchange rates ^[1].

Obesity care sales more than doubled, up 101% in Danish kroner (84% at constant exchange rates) ^[1]. Wegovy sales for the year reached DKK 6,188 million, up 346% in Danish kroner (297% at constant exchange rates) from DKK 1,386 million in 2021 ^[1]. The company said all Wegovy dose strengths became available again in the US in December 2022, after earlier supply gaps ^[1]. Ozempic sales rose 77% in Danish kroner (61% at constant exchange rates) to DKK 59,750 million, and Rybelsus sales climbed 134% in Danish kroner (114% at constant exchange rates) to DKK 11,299 million ^[1].

Net profit for the year was DKK 55,525 million, up 16% from DKK 47,757 million in 2021, and diluted earnings per share rose 18% to DKK 24.44 ^[1]. The report also noted that overall sales growth "resulted in periodic supply constraints and related drug shortage notifications across a number of products and geographies" ^[1]. CEO Lars Fruergaard Jørgensen said the company was "very pleased with the double-digit sales growth in 2022 driven by our innovative GLP-1-based diabetes and obesity treatments," adding that more than 36 million people living with diabetes were benefiting from Novo Nordisk treatments ^[1].

Why it matters for patients

The scale of demand described in this report helps explain why some patients in the US have faced difficulty filling prescriptions for Ozempic and Wegovy. The company's own language about "periodic supply constraints and related drug shortage notifications across a number of products and geographies" points to strain that outlasted 2022 in some markets, even after Novo Nordisk said all Wegovy doses returned to US availability in December of that year ^[1]. For patients weighing these medicines, the financial results are a reminder that manufacturing capacity, not just clinical demand, can affect whether a specific dose is on pharmacy shelves at a given time.

The report does not detail US list prices, insurance coverage changes, or out-of-pocket costs for patients, so it is not yet known from these sources how the sales growth translated into what individual patients paid.

What happens next

Novo Nordisk said it expects both sales and operating profit growth of 13% to 19% at constant exchange rates for 2023, with reported growth in Danish kroner expected to run 4 to 5 percentage points lower ^[1]. The company's Board of Directors planned to propose a final 2022 dividend of DKK 8.15 per share at the Annual General Meeting on March 23, 2023, bringing the total 2022 dividend to DKK 12.40 per share ^[1]. The Board also approved a new 12-month share repurchase program of up to DKK 28 billion ^[1]. The report does not specify additional US-focused supply or manufacturing-expansion timelines beyond noting continued investment in production capacity ^[1].