Novo’s GLP-1 sales boost profits, yet full potential still curbed by supply squeeze
Novo Nordisk is still hitting a glass ceiling in revenues due to GLP-1 supply constraints even as sales keep rising. The price of Wegovy dropped in the first quarter, a trend that the company expects to continue due to competition as well as its so-called “volume-based strategy.”
The drugmaker’s sales in the first three months of 2024 increased 24% in constant exchange rates from the same period last year to 65.3 billion Danish kroner ($9.4 billion). It also reported a 43% rise in Ozempic sales to 27.8 billion Danish kroner ($3.9 billion) and more-than-doubling of Wegovy sales for obesity to 9.4 billion Danish kroner ($1.4 billion). It’s raising both revenue and profit forecasts.
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