Novo Nordisk (NVO) shares gained 3% premarket on Thursday after the Danish pharmaceutical company reported a 29% year-on-year growth in third quarter sales.
The top-line performance was positively impacted by demand for Novo’s highly popular weight-loss drug, Wegovy, and another related medicine for diabetes, Ozempic.
Operating profit (EBIT) rose 33% to 26.9B Danish crowns. Sales and profit were both in line with preliminary estimates released last month.
Sales of obesity drug Wegovy surged from DKK 1.16B to DKK 9.65B in Q3, while Saxenda sales were down 18% to DKK 2.6B. For the first nine months of 2023, sales of Wegovy and Saxenda jumped 167% and 174% at constant currencies.
Novo’s weight loss portfolio growth has been driven by sales in North America and Denmark, Norway, Germany, UK and Iceland.
Overall, sales within Diabetes and Obesity care increased grew by 36% in the first nine months of 2023, mainly driven by GLP-1 diabetes sales growth of 45% in Danish kroner (49% at constant exchange rate).
The supply of the lower dose strengths of Wegovy in the US will remain restricted, the company said, to safeguard continuity of care.
Novo Nordisk (NVO) further raised its full-year outlook following its Q3 performance, driven by higher sales expectations for Wegovy and Ozempic. It now expects 32-38% sales growth for 2023 at constant currencies, up from previous estimates of 27-33%. Operating profit is set to increase by 40-46% (31-37% previously).