COPENHAGEN (Reuters) – Novo Nordisk said on Thursday it expects another year of double-digit sales growth for its two most popular drugs, including anti-obesity treatment Wegovy despite limitations on supply.
The Danish pharmaceutical group, which this year took the place of LVMH as the largest market capitalization in Europe, announced record sales and operating profit for the third quarter, highlighting the phenomenal success encountered so far by Wegovy.
Faced with high demand, the group had to limit the number of patients who could receive the treatment in the United States.
During a press conference, Novo Nordisk CEO Lars Fruergaard Jorgensen did not want to give a timetable for the end of these limitations and the manufacturing process of the drug.
“We expect underlying demand to continue to outstrip supply in the short to medium term,” he said, adding that production would gradually increase.
In August, Novo Nordisk said restrictions on Wegovy supplies would likely extend until 2024.
Wegovy’s sales totaled 9.6 billion Danish crowns (1.28 billion euros) between July and September, an increase of 28% compared to the previous quarter and an eight-fold increase year-on-year.
Novo Nordisk also expects double-digit sales growth next year for its diabetes drug, Ozempic.
In the third quarter, turnover increased by 29% year-on-year to 58.7 billion Danish crowns (7.85 billion euros) and operating profit (Ebit) increased by 33% to reach 26.9 billion Danish crowns, which corresponds to preliminary figures published last month.
On the Copenhagen Stock Exchange, Novo Nordisk shares gained 2.5% on Thursday morning.
(Report by Jacob Gronholt-Pedersen, by Mariana Abreu, edited by Blandine Hénault)
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