On Friday, Novo Nordisk upgraded its projections for full-year sales and operating profit, buoyed by surging demand for its popular weight loss drug Wegovy and diabetes treatment Ozempic.
The revised forecast underscores the robust demand for these weekly injections, sought after by patients for their effectiveness in promoting significant weight loss over time.
Ozempic and Wegovy have propelled Novo Nordisk to the status of Europe’s most valuable company.
According to a press release, the Danish pharmaceutical giant now anticipates 2023 sales growth in local currencies to range between 32% and 38%, up from its earlier estimate of 27% to 33%.
Similarly, Novo Nordisk expects operating profit growth to be between 40% and 46%, compared to the previously forecasted 31% to 37%.
The updated sales outlook primarily reflects increased expectations for Ozempic sales in the U.S. and adjustments in gross-to-net sales for both Ozempic and Wegovy in the U.S., the release noted.
Novo Nordisk is scheduled to announce its third-quarter earnings on November 2.
Following the news, the company’s U.S.-listed shares edged up approximately 1% and reached a new 52-week high on Friday.
