Novo Nordisk

Novo Nordisk Puts Pharma Peers in the Shade as Key Earnings Reports Awaited

Chloé Meley and Maggie Shiltagh

Fri, January 26, 2024 at 9:30 AM GMT+1

(Bloomberg) -- Runaway demand for Novo Nordisk A/S’s diabetes and weight-loss drugs has propelled the Danish drugmaker into a class all its own atop Europe’s pharmaceutical sector — and the Stoxx Europe 600 Index — so achieving its 2023 targets should be a shoo-in when it reports next week.

More pressing will be how it expects to keep up with the rampant demand as it scales up production of the Ozempic and Wegovy blockbusters, and fends off competition from Eli Lilly & Co.’s Mounjaro and Zepbound.

Wednesday: Novo Nordisk (NOVOB DC) typically takes a conservative view at the start of the year, but its outlook should still hand investors a point of reference on the additional capacity in obesity and diabetes care it’s targeting, BI said. Estimates for 2024 of 113 billion Danish kroner ($16.4 billion) and 60 billion kroner for Ozempic and Wegovy, respectively, are considered achievable, despite Lilly breathing down its neck. Label expansion for Wegovy, readouts on late stage tests with hemophilia candidate Mim8 and more data on Ozempic and diabetes drug Rybelsus may provide catalysts.

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