Novo Nordisk on Wednesday mentioned its fourth-quarter revenue surged by almost two-thirds, pushed by the recognition of its weight-loss medicine which have made it Europe’s largest firm.
Novo Nordisk
NVO,
mentioned its revenue rose 62% to 21.96 billion kroner ($3.19 billion), as gross sales climbed 37% to 65.86 billion kroner. Its working revenue got here in 5% forward of a company-compiled consensus, whereas gross sales had been 4% forward of estimates.
Novo Nordisk shares
NOVO.B,
rose 2% in early Copenhagen commerce, and the inventory has soared 62% over the past 52 weeks.
Growth was pushed by what’s known as the GLP-1 class of medicine, as its weight problems care gross sales greater than doubled, rising 105%, after its diabetes care medicine that will also be used for weight reduction noticed a 33% rise.
Ozempic, which is used to deal with kind 2 diabetes, noticed fourth-quarter gross sales of 30.07 billion kroner. Wegovy, which is prescribed for weight reduction and weight administration, recorded gross sales of 9.61 billion kroner.
Novo Nordisk and Eli Lilly
LLY,
are anticipated to dominate the GLP-1 market, which may rise to be value $100 billion per 12 months, for many years to return. Analysts at Citi estimate Novo Nordisk alone might even see peak gross sales of $77 billion from the category of medicine.
Novo Nordisk’s largest situation continues to be provide. It mentioned in January it had began to regularly improve the availability of lower-dose strengths of Wegovy within the U.S., and it was going to regularly roll out Wegovy, with capped volumes, internationally.
Novo Nordisk mentioned it’s anticipating gross sales progress in 2024 between 18% and 26% at fixed change charges, and working revenue progress between 21% and 29% at fixed change charges. The forex translation is anticipated to tug on gross sales by 1 share level and revenue progress by 2%. Analysts at JPMorgan say the steerage implies that Wall Street estimates for earnings this 12 months must rise by as a lot as 4%.
Novo Nordisk mentioned it’s beginning a brand new inventory buyback plan of as much as 20 billion kroner, and proposed a ultimate dividend of 6.40 kroner per share.
Source web site: www.marketwatch.com
