Novo Nordisk Shines with Wegovy's Surprising Sales Leap

Novo Nordisk's Wegovy weight-loss drug outperformed quarterly sales expectations, easing investors' concerns over competition with Eli Lilly. Wegovy's sales hit $2.5 billion, a 48% quarterly increase. Despite weaker diabetes drug sales, Wegovy's success showcases Novo Nordisk's dominance in the booming obesity drug market.

Novo Nordisk has reported impressive quarterly sales figures for its Wegovy weight-loss drug, surpassing market expectations and reassuring investors. Despite stiff competition from Eli Lilly, Wegovy's sales soared to $2.5 billion, marking a 48% increase from the previous quarter, and exceeding forecasts of $2.3 billion.

While Novo Nordisk saw weaker-than-expected sales from its diabetes drug, Ozempic, the company's overall sales climbed 21% to 71.3 billion Danish crowns. Analysts expressed relief at Wegovy's strong performance, noting that it counterbalanced the challenges faced in the diabetes sector.

The company has highlighted ongoing demand for Wegovy in the U.S. and is expanding its manufacturing capacity to meet this demand. Novo's CEO Lars Fruergaard Jorgensen emphasized the critical importance of addressing production limitations. As the company raises its growth outlook, pressures on pricing and supply continue to be areas of focus.

(With inputs from agencies.)