Strong growth in demand for the slimming medicine Wegovy contributed to the Danish pharmaceutical giant Novo Nordisk increasing its earnings by almost 30 percent, to 25.4 billion Danish kroner, in the first quarter of 2024.
Sales of Wegovy accounted for almost 40 percent of the entire earnings, at 9.4 billion Danish kroner. This is a doubling from the previous year, and a result of the slimming drug now being approved for sale in the heavily weighted American market. More than 25,000 patients have started treatment in the USA, which overall increased sales by 35 per cent.
The company had sales of 65.3 billion Danish kroner during the quarter, up 20 per cent from the same quarter last year. However, the price level of medicines in the US fell somewhat, driven by strong competition from competitor Eli Lilly. The company is still adjusting the guidance for the year.
– We are satisfied with the sales growth in the first three months of 2024, driven by demand for our diabetes and obesity treatment products, says managing director Lars Fruergaard Jørgensen.
Novo Nordisk has long been a winner on the stock exchange, with an increase of 27 per cent so far this year, 60 per cent in one year and as much as 300 per cent in three years. On Thursday, the share falls back somewhat, and at the time of writing is down 1.5 per cent on the Copenhagen stock exchange.
