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Novo Nordisk on Wednesday reported better-than-expected 2023 earnings, as gross sales of its wildly in style anti-obesity and diabetes medicine continued to soar.
The maker of weight reduction drug Wegovy and diabetes drug Ozempic reported a rise in gross sales of 31% in Danish kroner and 36% at fixed trade charges (CER) to 232.3 billion kroner ($33.71 billion).
Full-year working revenue jumped by 37% in kroner and 44% at fixed trade charges to 102.6 billion kroner.
The Danish pharmaceutical big mentioned it expects gross sales progress this yr of between 18% and 26% in CER phrases, as demand surges for Wegovy and Ozempic, which include the identical lively ingredient.
The 2023 outcomes had been fueled by sturdy efficiency within the firm’s diabetes and weight problems care division, with weight problems care specifically spiking by 154% at CER to 41.6 billion.
“The unmet wants in kind 2 diabetes and weight problems are rising by the day, and the rising prevalence of those carefully associated threats to world well being has created surging demand for our GLP-1-based therapies,” Chairman Helge Lund and CEO Lars Fruergaard Jørgensen mentioned within the earnings report.
“This has enabled us to succeed in extra sufferers than at any level in our 100-year historical past, contributing to sturdy gross sales progress throughout North America and Worldwide Operations.”
The corporate additionally acknowledged that this had resulted in elevated strain on its provide chain, resulting in “periodic constraints” throughout its portfolio because it struggled to maintain tempo with demand in 2023.
“We’ve responded by investing closely in increasing our manufacturing capability with the intention 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 mentioned.
“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.”
Novo Nordisk mentioned it had now begun to steadily improve provide of decrease dosage Wegovy within the U.S., having restricted provide of the decrease dose power since final Might.
The corporate’s shares climbed by round 3.7% on Wednesday morning to notch a brand new all-time excessive earlier than cooling, and had been up by 1.8% at 8:50 a.m. London time.
