Novo Nordisk, Europe’s largest company by market cap, reported an impressive surge in third-quarter profit and revenue. The company’s profit jumped 56% to 22.48 billion Danish crowns ($970 million), while revenue saw a 29% increase to 58.73 billion crowns.
Sales of obesity care skyrocketed by 306% in North America, with diabetes sales in the region also experiencing a substantial gain of 42%. This success further solidifies Novo Nordisk’s dominant position alongside Eli Lilly in the market for GLP-1 drugs. Analysts predict that these drugs, known for their weight-loss properties and potential to reduce side effects like heart disease, could generate yearly sales of up to $100 billion.
Despite its remarkable achievements, Novo Nordisk is still struggling to keep up with the high demand for its weight-loss medications. As a result, the company plans to limit the availability of lower-dose strengths of its popular weight-loss drug, Wegovy, in the U.S., and has only made a limited launch outside the country.
In the first nine months of this year alone, GLP-1 drugs accounted for an impressive 85.37 billion crowns in sales for Novo Nordisk.