Ozempic maker Novo Nordisk's profits soar further | ABS-CBN
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Ozempic maker Novo Nordisk's profits soar further
Ozempic maker Novo Nordisk's profits soar further
Agence France-Presse
Published May 02, 2024 09:06 PM PHT
This photograph taken on February 23, 2023, in Paris, shows the anti-diabetic medication Ozempic (semaglutide) made by Danish pharmaceutical company Novo Nordisk. Joel Saget, AFP
This photograph taken on February 23, 2023, in Paris, shows the anti-diabetic medication Ozempic (semaglutide) made by Danish pharmaceutical company Novo Nordisk. Joel Saget, AFPCOPENHAGEN, Denmark — Danish pharmaceutical giant Novo Nordisk reported more soaring profits Thursday as it basks in the popularity of anti-diabetes and weight-loss drugs Ozempic and Wegovy which have turned it into Europe's most valuable company.
COPENHAGEN, Denmark — Danish pharmaceutical giant Novo Nordisk reported more soaring profits Thursday as it basks in the popularity of anti-diabetes and weight-loss drugs Ozempic and Wegovy which have turned it into Europe's most valuable company.
Its net profit reached 25.4 billion kroner ($3.6 billion) in the first quarter, a 28 percent jump from the same period last year, the company said in a statement.
Its net profit reached 25.4 billion kroner ($3.6 billion) in the first quarter, a 28 percent jump from the same period last year, the company said in a statement.
Sales rose by 24 percent at current exchange rates to 65.3 billion kroner -- almost two-billion-kroner higher than forecast by analysts surveyed by Bloomberg and financial data firm FactSet.
Sales rose by 24 percent at current exchange rates to 65.3 billion kroner -- almost two-billion-kroner higher than forecast by analysts surveyed by Bloomberg and financial data firm FactSet.
Novo Nordisk raised its outlook for 2024, saying it now expects sales to rise by between 19 to 27 percent -- up from 18-26 percent previously.
Novo Nordisk raised its outlook for 2024, saying it now expects sales to rise by between 19 to 27 percent -- up from 18-26 percent previously.
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"More patients benefit from our innovative treatments," Novo Nordisk chief executive Lars Fruergaard Jorgensen said in a statement.
"More patients benefit from our innovative treatments," Novo Nordisk chief executive Lars Fruergaard Jorgensen said in a statement.
To step up production for its blockbuster drugs, Novo Nordisk is acquiring US drug manufacturing firm Catalent.
To step up production for its blockbuster drugs, Novo Nordisk is acquiring US drug manufacturing firm Catalent.
"The agreement to acquire the three Catalent manufacturing sites will enable us to serve significantly more people living with diabetes and obesity in the future," Fruergaard Jorgensen added.
"The agreement to acquire the three Catalent manufacturing sites will enable us to serve significantly more people living with diabetes and obesity in the future," Fruergaard Jorgensen added.
Novo Nordisk produces Ozempic, an injectable anti-diabetic treatment which became wildly popular on social networks for its slimming properties.
Novo Nordisk produces Ozempic, an injectable anti-diabetic treatment which became wildly popular on social networks for its slimming properties.
It also makes Wegovy, which has the same active ingredient as Ozempic in a different dose and was approved by US regulators to treat obesity.
It also makes Wegovy, which has the same active ingredient as Ozempic in a different dose and was approved by US regulators to treat obesity.
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