Copenhagen, Denmark – In response to surging demand for its diabetes drug Ozempic and obesity treatment Wegovy, Novo Nordisk, the Danish pharmaceutical giant, has raised its full-year guidance. The company has decided to reserve some lower-strength starter doses of Wegovy in the U.S. to ensure a steady supply for current patients. Additionally, capacity constraints at certain manufacturing sites may lead to periodic supply limitations and drug shortage notifications across various products and regions.
To overcome these challenges, Novo Nordisk is making strategic investments in both internal and external capacity to increase supply in the short and long term.
In the latest quarter, net profit surged to 19.43 billion Danish kroner ($2.86 billion), exceeding DKK13.32 billion from the previous quarter. However, this fell short of the DKK20.63 billion forecast by analysts in a FactSet poll. Sales witnessed robust growth of 32%, amounting to DKK54.3 billion, driven by the strong performance of Ozempic and Wegovy. Notably, Ozempic, originally developed for diabetes treatment, is also being used “off label” by patients for obesity management due to its shared active ingredient with Wegovy.
The sales of Wegovy experienced a remarkable increase, soaring from DKK1.18 billion to DKK7.52 billion.
Given its impressive growth trajectory, Novo Nordisk has revised its projections for 2023, now expecting sales growth between 27% and 33%, compared to the previous estimate of 24%-30%. The company also anticipates an operating profit growth rate of 31%-37%, up from the previous range of 28%-34%, all in local currencies.
