Novo Nordisk stock was rising on Friday after the Denmark-based drug giant raised its sales and operating profit outlook because of strong demand for Ozempic and Wegovy in the U.S.
American depositary receipts of Novo Nordisk climbed 1.96% Friday to $102.14, and the stock hit a new high.
Novo Nordisk said Friday that it now expects 2023 sales growth of between 32% and 38%, an increase from prior expectations of 27% to 33%. The drug maker also said it expects operating profit growth tof between 40% and 46%, up from previous estimates of 31% to 37%.
The company attributed its improved outlook to the strong performance of Ozempic and its cousin drug Wegovy. The demand for these drugs has skyrocketed as patients use them to assist with weight loss. Analysts surveyed by FactSet expect Novo Nordisk to report third-quarter Ozempic revenue of $3.32 billion and Wegovy revenue of $1.07 billion.
Novo Nordisk earlier this week announced that Ozempic showed strong success in a trial for kidney failure in diabetes patients. Because of the results, the company decided to end its study early.
Novo Nordisk stock has jumped 50% this year.
