NVO - Novo Nordisk Skyrockets To $506B Valuation Driven By 'Miracle' Drugs Ozempic Wegovy | Benzinga
Novo Nordisk (NYSE:NVO) has reported a remarkable increase in its market value, reaching $500 billion, driven by a surge in demand for its key drugs.
What Happened: The Danish pharmaceutical company’s market value soared to $506 billion on Wednesday following the release of its 2023 earnings, CNBC reported. This increase in value was attributed to the high demand for Novo Nordisk’s weight loss drug, Wegovy, and diabetes drug, Ozempic.
Novo Nordisk’s 2023 sales rose by 31% in Danish kroner and 36% at constant exchange rates (CER) to 232.3 billion kroner ($33.71 billion). The full-year operating profit also significantly increased, rising by 37% in kroner and 44% at constant exchange rates to 102.6 billion kroner.
The company predicts a sales growth of 18% to 26% in CER terms for the current year, driven by the soaring demand for Wegovy and Ozempic, which contain the same active ingredient.
Novo Nordisk’s 2023 results were largely influenced by the strong performance of its diabetes and obesity care division, with obesity care experiencing a 154% spike at CER to ...