Novo Nordisk on Friday raised its outlook for its full-year sales and operating profit due to soaring demand for its blockbuster weight loss drug Wegovy and diabetes treatment Ozempic.
The revised forecast only confirms the frenzy for those weekly injections, which patients seek for their ability to help them lose significant weight over time. Ozempic and Wegovy have propelled Novo Nordisk to become Europe’s most valuable company.
The Danish drugmaker now expects 2023 sales growth in local currencies of 32% to 38%, from a previous outlook of 27% to 33%, according to a press release.
Novo Nordisk also expects operating profit growth of 40% to 46%, from 31% to 37% previously.
The new sales outlook for this year primarily reflects higher expectations for Ozempic sales in the U.S. and “gross-to-net sales adjustments for Ozempic and Wegovy in the U.S.,” according to the release.
Novo Nordisk is slated to report third-quarter earnings Nov. 2.
The company’s U.S.-listed shares rose about 1% and touched a new 52-week high Friday.
An Ozempic injection pen is seen on a kitchen table in Riga, Latvia, on Aug. 6, 2023.
Jaap Arriens | Nurphoto | Getty Images