Novo Nordisk on Wednesday reported a third-quarter beat on the market of its hit weight-loss remedy Wegovy and tightened its 2024 full-year growth assist.
Company shares leapt beforehand Wednesday and have been final up 7.7% at 9:02 a.m. London time.
The Danish pharmaceutical titan said that its net income within the third quarter struck 27.3 billion Danish kroner ($ 3.92 billion), over an LSEG amassed quote of 26.95 billion Danish kroner.
Novo Nordisk included that gross sales of Wegovy have been 79% better year-on-year within the third quarter, being accessible in at 17.3 billion Danish kroner. This was over the 15.9 billion Danish kroner knowledgeable had truly been anticipating in keeping with a company-compiled settlement, Reuters reported.
The agency tightened its gross sales growth expectation for the entire 12 months 2024 to 23% to 27% from 22% to twenty-eight% at steady foreign money change price and tightened its working income growth assist to search out in at 21% to 27%, versus the previously anticipated 20% to twenty-eight%, each at steady foreign money change price.
The assist mirrored the agency’s assumptions supply on the market growth in North America and worldwide, which is principally pushed by amount growth of therapies primarily based upon Glucagon- like peptide-1 (GLP-1), Novo Nordisk said.
“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 included.
Novo Nordisk included that it was shopping for functionality each inside and on the floor to reinforce provide within the brief- and lasting.
Regionally, Novo Nordisk’s gross sales raised 22% in North America within the third quarter of 2024 contrasted to a 12 months beforehand. Sales to the essential united state market have been up 21% over the length, with GLP-1 amount growth up 15% within the space.
“Novo Nordisk is the market leader with 53.9% measured by total monthly prescriptions and 50.0% measured by new-to-brand prescriptions,” the agency said.
The well being care titan has truly weathered considerably strong rivals, nevertheless likewise received encouraging info within the weight-loss room in present months.
Last week, the united state Food and Drug Administration said all dosages of Wegovy have been at the moment provided within the united state after previously conserving in thoughts that essentially the most reasonably priced dosage of Wegovy remained briefly provide. The info was taken as a sign that Novo Nordisk’s initiatives to extend merchandise of Wegovy and diabetes mellitus remedy Ozempic are settling.
Also in October, a analysis examine revealed that Ozempic may decrease the hazard of building Alzheimer’s situation, recommending its potential to postpone or cease the memory-robbing drawback.
–‘s Annika Kim Constantino added to this story
