Novo Nordisk Shares Hit Record Highs as Obesity Drugs Drive Sales and Profit Growth
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Demand for Novo Nordisk's obesity drugs has pushed its share price and market value to record highs. Its market cap exceeded $500 billion.
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Sales of diabetes drug Ozempic and weight loss shot Wegovy jumped 50-154% respectively, driving 31% sales growth and 51% profit growth for Novo.
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Wegovy shortages in the US have eased, letting Novo boost supplies of the top-selling weight loss drug and retain market leadership.
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Novo predicts 18-26% sales growth and 21-29% profit growth in 2024, citing strong obesity drug demand.
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Novo credits obesity epidemic for fueling weight loss drug demand, with over 1.2 billion adults worldwide expected to be obese by 2030.