A variety of injector pens for the Saxenda weight reduction drug are shown on this photo illustration in Chicago, Illinois, U.S., March 31, 2023.
Jim Vondruska | Reuters
Novo Nordisk, which makes the weight-loss drug Wegovy, raised its outlook for 2023 Thursday, as it reported soaring sales.
The Danish pharmaceutical company reported a 30% increase in sales, at constant exchange rates, for the primary half of this 12 months to 107.7 million Danish kroner ($15.9 million). Net profit increased 43%, coming in at 39.2 million kroner.
The corporate’s diabetes and obesity division performed particularly well, bolstered by interest in its blockbuster injection Wegovy.
“The [sales] growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we’re serving more patients than ever before,” Lars Fruergaard Jørgensen, president and CEO, said in a press release. “The performance in the primary six months has enabled us to lift the outlook for the complete 12 months.”
For 2023, the corporate now anticipates sales growth of 27%-33% and operating profit growth of 31%-37%, at constant exchange rates.
Last week, late-stage trial data showed that Wegovy reduced the chance of major cardiovascular events such as heart attacks or strokes by 20%, compared with a placebo, sending shares higher.
The outcomes of the closely watched “SELECT” trial, which exceeded expectations, were seen as a serious boost for the corporate’s hopes of moving beyond Wegovy’s image as a “vanity drug.”
The lively ingredient in Wegovy is semaglutide, an FDA-approved drug that works by imitating a naturally-occurring gut hormone that helps to control appetite.
Shares are up almost 1% in pre-market trading.
— Sam Meredith contributed to this report.