Danish pharma company Nova Nordisk has seen a surge in value after the release of two wonder treatments Ozempic and Wegovy making its net worth more than the economy of Denmark. The FDA has approved both these treatments: Ozempic for treating Type 2 diabetes and Wegovy for treating obesity. Elon Musk credited Wegovy for helping him lose weight.
Nova Nordisk is a 100-year-old pharmaceutical company in Denmark. Although it has been a successful one, it saw a recent surge in profits after it began manufacturing semaglutide, a chemical that is necessary for the production of its diabetic treatment called Ozempic and for weight treatment through Wegovy. It is the only company approved by the FDA in the U.S. to manufacture the chemical.
Nova Nordisk CEO Lars Fruergaard Jørgensen raised full year sales and earnings targets as the demand for the chemical used in both diabetic and weight loss treatments surged in the U.S.
In the first half of 2023, Nova Nordisk helped 39 million people deal with diabetes and weight loss. This is 4 million more than 2022, in the same period of time.
The immense popularity of obesity care treatments with Wegovy increased sales by 157 percent. This resulted in sales growth of roughly 30 percent.
On Tuesday, Nova Nordisk revealed that a study showed that popular obesity treatment Wegovy could reduce the risk of strokes and heart attacks by 20 percent.
This new announcement gave Nova Nordisk a huge boost and its market value climbed above the economy of Denmark which is more than $400 billion. The company’s shares rose by 17 percent.
Obesity treatments are expected to continue to see a surge as the weight loss industry will be worth $200 billion according to Barclays forecasts that were announced in April. Nova Nordisk is expected to see an increasing demand, mainly for Wegovy. There is a current shortage as the demand for the injectable weight loss treatment as well as for its diabetes treatment from Nova Nordisk continues in the U.S.
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