Novo Nordisk now expects 2023 sales growth of between 32% and 38%.
Novo Nordisk stock was rising Friday after the Denmark-based drug giant raised its sales and operating profit outlook because of strong demand for Ozempic and Wegovy in the U.S.
Novo Nordisk said Friday that it now expects 2023 sales growth of between 32% and 38%, an increase from prior expectations of 27% to 33%. The drug maker also said it expects operating profit growth tof between 40% and 46%, up from previous estimates of 31% to 37%. The company attributed its improved outlook to the strong performance of Ozempic and its cousin drug Wegovy. The demand for these drugs has skyrocketed as patients use them to assist with weight loss. Analysts surveyed by FactSet expect Novo Nordisk to report third-quarter Ozempic revenue of $3.32 billion and Wegovy revenue of $1.07 billion.
American depositary receipts of Novo Nordisk climbed 1.6% Friday to $101.77, and the stock was on track to hit an all-time high, according to Dow Jones Market Data. Novo Nordisk earlier this week announced that Ozempic showed strong success in a trial for kidney failure in diabetes patients. Because of the results, the company decided to end its study early.
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Novo Nordisk boosts sales and profit outlook, buoyed by Ozempic and WegovyEleanor Laise is a healthcare reporter for MarketWatch and is based in Washington.
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