Novo Nordisk Gets 2023 Profit Beat Fueled by Ozempic, Wegovy Sales Spike
**Novo Nordisk's Profit Surge Fueled by Soaring Ozempic and Wegovy Sales**
Novo Nordisk, a Danish pharmaceutical giant, reported a significant beat in its 2023 profit results driven by surging demand for its diabetes and weight loss drugs, Ozempic and Wegovy. The company's sales for 2023 reached $33.7 billion, a 36% increase at constant exchange rates, exceeding analysts' expectations.
- Ozempic and Wegovy, part of Novo Nordisk's diabetes and obesity care division, contributed greatly to the company's performance.
- Ozempic and Wegovy sales increased by 38% and 147% at constant exchange rates, respectively, spurred by the high demand for their active ingredient, semaglutide.
- Full-year operating profit jumped 37% in Danish kroner and 44% at constant exchange rates, totaling 102.6 billion kroner.
- Novo Nordisk anticipates sales growth in 2024 to fall between 18% and 26% at constant exchange rates, with operating profit growth ranging between 21% and 29%.
Competition in the weight loss and obesity sector is growing, with Eli Lilly's Zepbound (another GLP-1-based drug) emerging as a rival to the semaglutide-based products. Despite this, Novo Nordisk remains optimistic, investing heavily in expanding production capacities and exploring new collaborations and licensing deals, such as their recent $255 million agreement with EraCal to develop and commercialize a small molecule asset for weight control.
Novo Nordisk's stock performance reflected the strong results, with its market value reaching approximately $506 billion. The company reported a rise in obesity and diabetes care sales, making Novo Nordisk the largest public company in Europe and surpassing French luxury goods firm LVMH in market value.