Novo Nordisk CFO says 2025 sales could see high-teens percentage growth

LONDON (Reuters) – Novo Nordisk (NYSE:NVO)’s sales growth next year could be in the high teens in percentage terms, Chief Financial Officer Karsten Munk Knudsen said on an analyst call following the release of third-quarter earnings on Wednesday.

“This is a forward-looking statement, mathematically based, and we’ll come back with the more detailed guidance come early February 2025,” Knudsen said.

He said that absolute sales growth last year was similar to this year, which resulted in a growth rate of 36% in 2023 and around a mid-20s percentage this year.

“To get a sense for what could growth mathematically be next year, then if you take that magnitude and apply to a higher base, namely this year’s sales and then adjust for the tailwind we’ve had from variable U.S. growth-to-net adjustments related to prior years, then you end in the high teens in terms of sales growth next year,” Knudsen said.

Novo shares fell between three and four percentage points as the call continued.