![Novo Nordisk forecasts double-digit growth for the fiscal year, while fourth-quarter profit exceeds expectations](https://i-invdn-com.investing.com/trkd-images/LYNXMPEK0U06T_L.jpg)
©Reuters. The brand of Danish drug producer Novo Nordisk, Copenhagen, Denmark, September 26, 2023. REUTERS/Tom Little
COPENHAGEN/LONDON (Reuters) -Novo Nordisk on Wednesday reported fourth-quarter working revenue that beat expectations and likewise forecast one other 12 months of report double-digit gross sales and working revenue progress due to standard weight-loss drug Wegovy.
“We’re more than happy with the robust efficiency in 2023, which displays that greater than 40 million folks are actually benefiting from our revolutionary diabetes and weight problems remedies,” CEO Lars Fruergaard Jorgensen mentioned in an announcement.
The Danish firm mentioned it expects gross sales progress of between 16% and 25% this 12 months and working revenue to rise 19%-28% as demand for Wegovy and diabetes drug Ozempic, which incorporates the identical energetic ingredient, soars.
On common, analysts count on Novo Nordisk (NYSE:) to publish 21% income progress this 12 months, based on LSEG knowledge.
Novo Nordisk, which is scrambling to extend manufacturing amid Wegovy shortages, mentioned it started steadily rising provide of the decrease dose of the drug in the USA in January.
The corporate has restricted provides of decrease doses since final Might.
The outcomes underscore Wegovy’s success and Novo’s lead within the fast-growing weight problems drug market, at the same time as the corporate faces early competitors from U.S. rival Eli Lilly (NYSE:).
Sturdy demand for Wegovy and Ozempic has pushed Novo shares to report highs, making it Europe’s most precious listed firm with a price of greater than 450 billion euros ($487 billion), forward of LVMH.
It additionally created an financial growth for residence nation Denmark.