Novo Nordisk Boosts 2023 Outlook

Danish pharmaceutical company Novo Nordisk, known for its blockbuster weight-loss drug Wegovy, has raised its 2023 outlook. In the first half of the year, the company reported a 30% sales increase (at constant exchange rates) to 107.7 million Danish kroner ($15.9 million), with a 43% rise in net profit to 39.2 million kroner. The diabetes and obesity division, driven by interest in Wegovy, contributed significantly to this performance. Novo Nordisk expects 2023 sales growth of 27%-33% and operating profit growth of 31%-37%. Due to ongoing supply constraints, the company will continue to restrict the lower-dose strengths of Wegovy, and CEO Lars Fruergaard Jorgensen indicated that the high demand for Wegovy might lead to supply limitations well into 2024. Wegovy's active ingredient, semaglutide, imitates a natural gut hormone to regulate appetite.