Novo Nordisk Sales Increase, Wegovy Sales Miss Estimates
Novo Nordisk's sales grew by 25% in the first quarter, reaching $9.5 billion, surpassing expectations of $9.2 billion. The company's blockbuster drugs, Ozempic and Wegovy, contributed significantly to this growth. Ozempic sales totaled $3.9 billion, while Wegovy brought in $1.3 billion.
Despite the strong sales performance, Novo Nordisk missed Wall Street estimates for Wegovy sales by 11%. However, the company's CEO, Lars Jørgensen, stated that the number of weekly prescriptions for Wegovy has increased to 27,000, five times more than the end of the previous quarter.
Jørgensen expressed confidence in the company's growth outlook and the potential of Wegovy's expanded use in treating obese patients with cardiovascular disease risk. He noted that the company is navigating government investigations related to pricing and patents but believes they are ethical in their filings.
Jørgensen also addressed concerns about the list price of Ozempic, emphasizing a 40%