Wegovy Wins: Novo Nordisk Surges on Strong Weight-loss Drug Sales

Novo Nordisk's Wegovy weight-loss drug outperformed sales expectations, alleviating concerns of losing its lead to rival Eli Lilly. While Wegovy's success boosted investor confidence and lifted shares, overall group sales fell slightly short due to weaker diabetes drug sales. Novo expects robust growth despite pricing pressures.

Novo Nordisk bolstered investor confidence by reporting stronger-than-expected quarterly sales for its Wegovy weight-loss drug, a frontrunner in the burgeoning obesity market. The company's reported a boost in shares despite lagging overall sales due to sluggish diabetes drug performance.

In the third quarter, Wegovy sales soared to 17.3 billion Danish crowns, surpassing analyst forecasts and demonstrating a formidable growth rate of 48% over the previous quarter. However, overall group sales fell just short of projections, largely due to underwhelming performance from its diabetes medication, Ozempic.

Novo's CEO, Lars Fruergaard Jorgensen, emphasized the sustained demand for Wegovy in the U.S. while cautioning about ongoing pricing pressure and expansion costs. As Novo broadens its market reach and prepares for future drug innovations, it anticipates robust sales growth in the upcoming year.

(With inputs from agencies.)