Novo Nordisk, which became the most valuable company in Europe last year due to the blockbuster success of its weight loss drugs, on Thursday beat first-quarter profit expectations as demand for those medications boomed.
The Danish pharmaceutical giant reported net profit rose 28% year-on-year to 25.4 billion Danish kroner ($3.65 billion), ahead of a consensus forecast in an LSEG poll of 23.7 billion kroner.
Sales of popular weight loss drug Wegovy more than doubled to 9.38 billion kroner.
North America sales surged by 35%, driven by Wegovy’s approval for cardiovascular risk reduction in obesity. The data revealed 130,000 weekly prescriptions and over 25,000 new users per week during the quarter.
Novo Nordisk’s Copenhagen-listed shares opened 1.45% lower.
“We are pleased with the sales growth in the first three months of 2024, driven by increased demand for our GLP-1-based diabetes and obesity treatments,” CEO Lars Fruergaard Jørgensen said in a statement.
Moreover, the Novo Nordisk outlook rise highlights the pharmaceutical industry’s crucial contribution to addressing pressing health issues such as obesity
Furthermore, the Novo Nordisk outlook rise demonstrates the company’s resilience and flexibility in navigating changing market conditions. Additionally, with the increasing demand for obesity drugs, Novo Nordisk’s strong position and extensive portfolio solidify its leadership in this field.
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