Novo Nordisk, which makes the weight-loss drug Wegovy, raised its outlook for 2023 Thursday, as it reported soaring sales.
The Danish pharmaceutical company reported a 30% increase in sales (at constant exchange rates) for the first half of this year, while operating profit also rose 32%.
Its diabetes and obesity division performed particularly well, bolstered by interest in its blockbuster injection Wegovy.
“The [sales] growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before,” Lars Fruergaard Jørgensen, president and CEO, said in a statement. “The performance in the first six months has enabled us to raise the outlook for the full year.”
Last week, late-stage trial data showed that Wegovy reduced the risk of major cardiovascular events such as heart attacks or strokes by 20%, compared with a placebo, sending shares higher.
The results of the closely watched “SELECT” trial, which exceeded expectations, were seen as a major boost for the company’s hopes of moving beyond Wegovy’s image as a “vanity drug.”
Shares are up almost 1% in pre-market trading.
This is a developing story and will be updated shortly.
— Sam Meredith contributed to this report.
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