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Novo Nordisk beats earnings expectations as Wegovy, Ozempic demand soars

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Liselotte Sabroe | Afp | Getty Photos

Novo Nordisk, Europe’s largest firm by market capitalization, on Wednesday reported better-than-expected 2023 earnings, as gross sales of its wildly common anti-obesity and diabetes medicine continued to soar.

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The maker of weight loss drug Wegovy and diabetes drug Ozempic reported a rise in gross sales of 31% in Danish kroner and 36% at fixed alternate charges (CER) to 232.3 billion kroner ($33.71 billion).

Full-year working revenue jumped by 37% in kroner and 44% at fixed alternate charges to 102.6 billion kroner.

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The Danish pharmaceutical large stated it expects gross sales progress this yr of between 18% and 26% in CER phrases, as demand surges for Wegovy and Ozempic, which comprise the identical lively ingredient.

The 2023 outcomes had been fueled by robust efficiency within the firm’s diabetes and weight problems care division, with weight problems care particularly spiking by 154% at CER to 41.6 billion.

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How soaring demand for Ozempic and Wegovy have led to Novo Nordisk's meteoric rise

“The unmet wants in sort 2 diabetes and weight problems are rising by the day, and the rising prevalence of those intently associated threats to international well being has created surging demand for our GLP-1-based therapies,” Chairman Helge Lund and CEO Lars Fruergaard Jørgensen stated within the earnings report.

“This has enabled us to achieve extra sufferers than at any level in our 100-year historical past, contributing to robust gross sales progress throughout North America and Worldwide Operations.”

The corporate additionally acknowledged that this had resulted in elevated stress on its provide chain, resulting in “periodic constraints” throughout its portfolio because it struggled to maintain tempo with demand in 2023.

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“We now have responded by investing closely in increasing our manufacturing capability with the purpose of serving tens of millions extra sufferers worldwide. In 2023 alone, we introduced investments totalling greater than DKK 75 billion within the growth of our manufacturing websites throughout the globe,” the chairman and CEO stated.

“With development now underway on these tasks, we attempt to function our current amenities 24 hours a day, seven days every week, as we produce extra of our life-changing medicines than ever earlier than.”

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