Novo Nordisk, the Danish pharmaceutical giant, has increased its full-year guidance as its blockbuster obesity and weight-loss drugs continue to experience significant growth, particularly in the United States. The success of Wegovy, a weight-loss drug, and Ozempic, a diabetes treatment, has propelled Novo Nordisk to become Europe’s most valuable company. Interestingly, both drugs share the same active ingredient called semaglutide. While Ozempic was initially developed to treat diabetes, it is now also being utilized for weight-loss purposes.
In anticipation of the company’s third-quarter results, which are scheduled for release next month, Novo Nordisk announced on Friday that it now anticipates sales growth in local currencies of 32% to 38% for the year 2023. This is an increase from the previously projected growth of 27% to 33%. Furthermore, the company expects operating profit growth to range between 40% and 46%, up from the previous estimate of 31% to 37%.
Novo Nordisk attributed the revised sales outlook to higher expectations for Ozempic volumes sold in the U.S. and adjustments in gross-to-net sales for both Ozempic and Wegovy in the same market. In the third quarter, the company recorded a 38% increase in sales in local currencies compared to the previous year, with operating profit surpassing last year’s figures by 47%.