On October 13th local time, the official website of Novo Nordisk (NVO.US) announced that based on a fixed exchange rate (CER), sales for the first nine months of 2023 increased by 33% year-on-year, and operating profit increased by 37% year-on-year. In addition, the company has raised its annual sales and operating profit expectations, with sales expected to increase by 32% to 38% and operating profit expected to increase by 40% to 46%. Previously, the expected sales growth was 27% to 33%, while operating profit growth was 31% to 37%.
Novo Nordisk stated that the updated performance for 2023 mainly reflects higher expectations for Ozenpic's full year sales in the United States, as well as adjustments to Ozenpic and Wegovy's net sales in the United States. Ozempic is Smeglutide, a GLP-1 drug under Novo Nordisk. This name is the English trade name of the drug's diabetes indication, and Wegovy is the English trade name of Smeglutide's weight loss indication. Elon Musk, CEO of Tesla, used the latter to lose weight, which was later regarded by some people as a "magic drug for weight loss".
Novo Nordisk's official website in China shows that the company's history can be traced back to 1923, and its headquarter is located in Copenhagen, the capital of Denmark. Its business covers diabetes, obesity, rare blood diseases, endocrine disorders and other diseases. Before GLP-1 drugs, Novo Nordisk was known for insulin and was recognized as one of the global insulin giants.
With GLP-1 class drugs, Novo Nordisk has achieved high performance. According to the financial report, the sales revenue of Smeglutide weight loss indications in 2022 was 6.188 billion Danish kroner, a year-on-year increase of 346%. According to Novo Nordisk's 2023 semi-annual report, the sales of Smeglutide weight loss indications were 12.081 billion Danish kroner (approximately 1.781 billion US dollars), a year-on-year increase of 367%. Novo Nordisk is expected to release its results for the first nine months on November 2nd.
In addition to diabetes and weight loss, smeglutide has the potential to expand its indications. On October 10 local time, Novo Nordisk announced the early termination of FLOW, a phase III clinical study of Smeglutide in the treatment of patients with type 2 diabetes mellitus complicated with renal insufficiency and chronic kidney disease, because the Independent Data Monitoring Committee (IDMC) analyzed the interim data, and the efficacy of the drug has reached specific preset standards. Earlier, Novo Nordisk also mentioned the effectiveness of smeagllutide in preventing major adverse cardiovascular events.
It is worth noting that Smeglutide is also facing safety tests. For example, the European Union Drug Administration (EMA) has said that it is investigating two drugs under Novo Nordisk, including Ozempic, a GLP-1 diabetes drug, and Saxenda, another GLP-1 weight loss drug.
In the secondary market, Novo Nordisk's stock price has also been steadily rising. On September 1st, according to foreign media reports, Novo Nordisk ended its two and a half year long ranking at the top of luxury goods manufacturer LVMUY. US, becoming the company with the highest market value in Europe. On October 12th, Novo Nordisk's stock price reached a new high, and as of the close of the day, it was at $100.18 per share, up 1.36%. After the US stock market opened on October 13th, Novo Nordisk continued to rise, rising by over 2% as of press release, with a market value exceeding $457.1 billion.