On Thursday (November 2nd) local time, Danish pharmaceutical giant Novo Nordisk released its third quarter financial report, with record revenue and profit, and sales of the popular weight loss drug Wegovy exceeded expectations.
According to the financial report, Novo Nordisk Q3 sales amounted to 58.73 billion Danish kroner (approximately 8.34 billion US dollars), a year-on-year increase of 29%; The operating profit (EBIT) was DKK 26.91 billion (approximately USD 3.82 billion), a year-on-year increase of 33%; Both data exceeded market expectations.
(Source: Company website)
Wegovy, which is highly concerned by the market, had sales of DKK 9.648 billion (approximately $1.37 billion) in the third quarter, exceeding the market's expected DKK 8.07 billion.
Novo Nordisk stated in a statement that although Wegovy's supply capacity is gradually expanding, it will continue to restrict the supply of low-dose drugs in the United States to ensure the treatment of existing patients.
The company revealed that it had applied to US and EU authorities in September and October to approve Wegovy for reducing cardiovascular disease risk.
In August this year, Novo Nordisk stated that supply restrictions are likely to continue until 2024. Investors and analysts have asked the company to clarify when the supply issue can be resolved, as competitor Lilly expects its weight loss drug Mounjaro to receive US approval later this year.
Novo Nordisk's Wegovy and Lilly's Mounjaro are currently the most widely discussed weight loss drugs on the market, both of which belong to the new class of GLP-1 (glucagon like peptide-1) receptor agonists. Taking these GLP-1 drugs can lower blood sugar levels, increase satiety, and help control appetite and weight. In addition, Wegovy's "sisters product" and Ozempic, which is used to treat diabetes, have also attracted much attention.
Goldman Sachs released a forecast last month that by 2030, the annual sales of the global weight loss drug market may increase to around $100 billion, while Lilly and Novo Nordisk will form a duopoly, with these two pharmaceutical companies accounting for about 80% of the market share.