NVO - Demand Soars For Novo Nordisk's Weight-Loss Drug Wegovy Despite Supply Constraints And Eli Lilly Competition | Benzinga
Novo Nordisk A/S (NYSE:NVO) is witnessing a surge in the number of patients starting on its weight-loss drug, Wegovy, in the U.S. This increase comes despite supply constraints and competition from Eli Lilly & Co. (NYSE:LLY).
What Happened: The Danish pharmaceutical company is now shipping more introductory doses of Wegovy to the U.S., as it grapples with supply constraints and competition from Eli Lilly, reported Bloomberg on Friday.
Despite the challenges, Wegovy sales more than doubled to 9.38 billion kroner ($1.35 billion) in the first quarter. This figure, however, fell short of analysts’ estimates due to pricing pressure. The company’s stock declined, despite a surge in quarterly profit and an increased forecast.
Novo Nordisk is doubling its investment in manufacturing capacity this year to about $6.4 billion. This figure does not include the planned $11 billion acquisition of three factories originally owned by contract manufacturer Catalent Inc. (NYSE:CTLT).
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