COPENHAGEN/LONDON (Reuters) – Novo Nordisk on Wednesday forecast one other 12 months of double-digit gross sales and working revenue development because it started easing restrictions on provide of its widespread weight-loss drug Wegovy.
The corporate, which has raced to extend output amid shortages of Wegovy, stated it began steadily growing the provision of the decrease dose power of the drug in america in January.
Novo was final 12 months unable to satisfy runaway demand for Wegovy, and in Could started limiting the variety of U.S. sufferers who can begin remedy by decreasing the provision of the bottom three doses of the appetite-suppressing weekly injection.
Wegovy gross sales totalled 9.6 billion Danish crowns ($1.39 billion) between October and December, barely decrease than the earlier quarter and a four-fold rise from the identical interval a 12 months earlier.
The corporate stated it aimed this 12 months at “a gradual roll-out of Wegovy with capped volumes” outdoors the U.S.
Novo expects gross sales development this 12 months between 16% and 25% and working revenue to rise 19%-28% as demand soars for Wegovy and diabetes drug Ozempic, which accommodates the identical energetic ingredient.
Analysts on common anticipate Novo Nordisk to ship gross sales development of 21% this 12 months, in line with LSEG knowledge.
“We’re more than happy with the robust efficiency in 2023, reflecting that greater than 40 million folks at the moment are benefiting from our progressive diabetes and weight problems remedies,” CEO Lars Fruergaard Jorgensen stated in an announcement.
The corporate stated fourth-quarter gross sales rose 37% from a 12 months earlier to 65.9 billion crowns, in contrast with 62.3 billion forecast by analysts in an LSEG ballot.
Earnings earlier than curiosity and taxation (EBIT) rose 57% to 26.8 billion, in contrast with a forecast of 24.9 billion.
The outcomes underscore Wegovy’s success and Novo’s lead within the fast-growing weight problems drug market, whilst the corporate faces early competitors from U.S. rival Eli Lilly.
Novo shareholder Markus Manns, portfolio supervisor at Union Funding, stated the steering was “robust”, and welcomed information that provides of lower-dose Wegovy this month have improved as the corporate has scrambled to spice up output to satisfy hovering demand.
Robust demand for Wegovy and Ozempic has propelled Novo’s shares to file highs, making it Europe’s most beneficial listed firm, price greater than 450 billion euros ($487 billion), forward of LVMH.
It additionally offered an financial bonanza for its dwelling nation of Denmark.
(This story has been corrected to point out forecasts for gross sales and revenue development will not be for brand new file in paragraph 1)
(Reporting by Jacob Gronholt-Pedersen and Maggie Fick; Enhancing by Josephine Mason, Sherry Jacob-Phillips and Jan Harvey)
