Danish pharmaceutical giant Novo Nordisk has reported exceptional third-quarter results, driven by remarkable sales of its weight-loss treatment Wegovy. The anti-obesity medication generated sales of 17.3 billion Danish krone (£1.96 billion), significantly outperforming analyst forecasts and marking an 80 per cent increase from the previous year.
The company’s diabetes drug Ozempic also demonstrated strong performance, with revenues climbing 26 per cent year-on-year at constant exchange rates to reach 29.8 billion krone. These results have helped stabilise Novo Nordisk’s share price, which had faced pressure due to US pricing concerns and production constraints.
Chief Executive Lars Fruergaard Jorgensen expressed satisfaction with the company’s performance, highlighting that they are now serving more patients than ever before. The firm has successfully tripled Wegovy production over the past three years and maintains ambitious plans to continue expanding at a similar rate.
The weight-loss market, projected to reach approximately $150 billion by the early 2030s, remains fiercely competitive. Novo Nordisk’s primary rival, Eli Lilly, recently reported disappointing Q3 results due to manufacturing costs and supply chain challenges with their competing product, Zepbound.
Looking ahead, Novo Nordisk has refined its annual sales growth forecast to between 23 and 27 per cent, narrowing from the previous 22 to 28 per cent range. The company’s strategic acquisition of three Catalent factories for $11 billion is expected to complete this year, further strengthening their production capabilities.
The Danish drugmaker continues to invest in research and development, with their next-generation treatment CagriSema showing promise in clinical trials. This two-drug combination injectable is anticipated to deliver improved weight loss results of up to 25 per cent, compared to Wegovy’s current 15 per cent.
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