Following a surge in demand for its weight-loss drug Wegovy and diabetes medication Ozempic, Danish pharmaceutical company Novo Nordisk NVO has revised its full-year sales and operating profit outlook.
Novo Nordisk is now forecasting a sales growth for 2023 in local currencies of 32% to 38%, up from an earlier outlook of 27% to 33%, according to CNBC’s Friday report. The company expects operating profit growth to range from 40% to 46%, a significant increase from the previous forecast of 31% to 37%.
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The updated sales forecast for this year majorly reflects higher expectations for Ozempic sales in the U.S. and “gross-to-net sales adjustments for Ozempic and Wegovy in the U.S.,” as per the company’s press release.
The popularity of the weekly injections of Wegovy and Ozempic, known for their ability to help patients lose significant weight over time, has propelled Novo Nordisk to become Europe’s most valuable company.
The firm is set to disclose its third-quarter earnings on November 2. Following the announcement of the revised forecast, Novo Nordisk’s U.S.-listed shares rose about 1% and reached a new 52-week high on Friday.
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