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…
