Novo Nordisk sees double-digit FY growth as Q4 profit beats estimate By Reuters

© Reuters. The brand of Danish drugmaker Novo Nordisk, Copenhagen, Denmark, September 26, 2023. REUTERS/Tom Little

COPENHAGEN/LONDON (Reuters) -Novo Nordisk on Wednesday reported fourth-quarter working revenue above expectations and in addition forecast one other yr of double-digit document gross sales and working revenue development because of its well-liked weight-loss drug Wegovy.

“We’re very happy with the sturdy efficiency in 2023 reflecting that greater than 40 million folks are actually benefiting from our progressive diabetes and weight problems therapies,” CEO Lars Fruergaard Jorgensen mentioned in an announcement.

The Danish firm mentioned it expects gross sales development this yr between 16% and 25% and working revenue to rise 19%-28% as demand soars for Wegovy and diabetes drug Ozempic, which accommodates the identical lively ingredient.

Analysts on common anticipate Novo Nordisk (NYSE:) to ship gross sales development of 21% this yr, in accordance with LSEG knowledge.

Novo Nordisk, which has raced to extend output amid shortages of Wegovy, mentioned it began steadily rising the provision of the decrease dose power of the drug in america in January.

The corporate has since final Could restricted provide of decrease dose power.

The outcomes underscore Wegovy’s success and Novo’s lead within the fast-growing weight problems drug market, whilst the corporate faces early competitors from U.S. rival Eli Lilly (NYSE:).

Robust demand for Wegovy and Ozempic have propelled Novo’s shares to document highs, making it Europe’s most useful listed firm price greater than 450 billion euros ($487 billion), forward of LVMH.

It additionally supplied an financial bonanza for its residence nation of Denmark.