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Novo Nordisk Boosts Its Guidance on Demand for Its Weight-Loss … – Investopedia

Oct 16th, 2023

Key Takeaways

Novo Nordisk (NVO) boosted its guidance for the second time in two months as demand soars for its diabetes treatments, Ozempic and Wegovy. American depositary receipts (ADRs) of Novo Nordisk rose close to 2% to an all-time high on Friday following the news.

The Danish drugmaker now predicts full-year sales will increase 32% to 38%, up from its previous forecast of a gain of 27% to 33%. It anticipates operating profit growth of 40% to 46% versus its earlier estimate of 31% to 37%.

Novo Nordisk noted that the change was primarily reflected in higher expectations for Ozempic volumes in the U.S., and gross-to-net sales adjustments for Ozemic and Wegovy in the U.S.

For the third quarter and first nine months of the year, Novo Nordisk expects revenue growth of 38% and 33%, respectively. Operating profit expansion over the same periods are projected at 47% and 37%, respectively. Those results are scheduled to be released Nov. 2.

The success of Ozempic and Wegovy in helping patients lose weight has led to a boom in demand. In August, the company reported sales of its treatments skyrocketed 158% in the first six months of the year.

Ozempic and Wegovy are being tested for other uses as well. Earlier this week, Novo Nordisk reported it had halted a trial of Ozempic to treat chronic kidney disease early because preliminary results showed signs of success. Two months ago, it released results of a study that indicated Wegovy was successful in reducing major adverse cardiovascular events in patients with cardiovascular disease.

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Novo Nordisk Boosts Its Guidance on Demand for Its Weight-Loss ... - Investopedia

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