Benzinga -
- Diabetes and obesity drug developer Novo Nordisk A/S (NYSE: NVO) raised its 2023 operating profit and sales growth expectations supported by stronger expected sales of its Wegovy (semaglutide) obesity drug.
- "The sales outlook for 2023 is raised, primarily reflecting Wegovy prescription trends in the first quarter and higher full-year expectations for sales of Wegovy in the U.S.," Novo Nordisk said.
- Also Read: Novo Nordisk's Obesity Drug May Find Place On World Health Organization's 'Essential Medicines List'
- Novo now expects sales growth in local currencies for 2023 between 24%-30% and operating profit growth between 28%-34%, up from a February guidance of 13%-19% for both metrics.
- The updated sales outlook also reflects higher full-year expectations for Ozempic sales, based on the same ingredient as Wegovy, mainly in the U.S., following accelerated volume growth of the GLP-1 class.
- Novo also said that a second contract manufacturer is ready to begin production of Wegovy, which would increase supply.
- In Q1 of 2023, sales increased by 25%, and operating profit rose by 28% in local currencies.
- Wednesday, the Canadian biotech Aspect Biosystems announced a partnership with Novo Nordisk to produce bioprinted tissue therapeutics for diabetes.
- In this deal, Aspect will receive $75 million from Novo Nordisk in initial payments, up to $650 million in future milestone payments per product arising from the collaboration, and tiered royalties.
- Price Action: NVO shares are up 1.98% at $166.78 on the last check Thursday.