Novo Nordisk's Market Value Hits $500B with Surging Demand for Wegovy
Novo Nordisk reports its highest annual profit in decades, driven by strong sales of diabetes and obesity drugs like Ozempic and Wegovy. The company is increasing supplies of Wegovy in the US to address shortages, with plans to gradually ramp up supply through 2024. Demand for their GLP-1 drugs has been high, leading to an FDA shortage designation and the emergence of specialized pharmacies making copies of the drug. Novo's annual profit in 2023 reached 83.7 billion Danish kroner, marking its largest annual net profit since 1989, with Ozempic accounting for 41% of total sales and Wegovy bringing in about $4.5 billion in sales.