Ozempic Weight Loss Drug Maker Is Making Money Hand Over Fist - And Just Raised Its Profit Forecast

Novo Nordisk A/S NVO raised its FY23 guidance as sales of its blockbuster obesity and weight-loss drugs continue to surge.

The success of the weight-loss drug Wegovy and diabetes treatment Ozempic has helped the Danish pharmaceutical giant surge to make it Europe's most valuable company

In a statement, the company said it expects 2023 sales growth in local currencies of 32%-38%, from 27% to 33% previously.

Operating profit growth is seen at 40%-46%, from 31%-37%.

"The sales outlook for 2023 is updated, primarily reflecting higher full-year expectations for Ozempic volumes sold in the U.S. and gross-to-net sales adjustments for Ozempic and Wegovy in the U.S.," it said.

Q3 sales rose 38% on the year in local currencies, while operating profit was 47% above last year's level, the company added.

Novo Nordisk shares got a boost this week after the drugmaker decided to stop the kidney outcomes trial FLOW on early signs for efficacy.

Ozempic and the weight-loss drug Wegovy, which shares the same active ingredient, semaglutide, have surged in demand. However, the company faces significant challenges in ramping up production to meet the overwhelming demand.

Price Action: NVO shares are up 1.36% at $101.54 on the last check Friday.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareTop StoriesMoversGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!