NVO Novo Nordisk

By Dominic Chopping

Novo Nordisk's earnings soared by 56% in the third quarter, boosted by blockbuster weight-loss drugs that have quickly made the Danish drugmaker Europe's most valuable company.

However, the company said it will continue to restrict the supply of lower-strength doses of its Wegovy obesity medicine in the U.S. to safeguard supplies for current patients.

With the limited supply of Wegovy, obesity patients have been turning to Novo Nordisk's Ozempic diabetes drug as an alternative because both medications share the same active ingredient, which has also led to Ozempic shortages among patients who use it for treating their diabetes.

In a statement Thursday, the company said it expects continued periodic supply constraints and related drug-shortage notifications while it continues to invest and gradually expand supply capacity.

Ozempic sales rose 46% to DKK23.91 billion in the quarter while Wegovy sales soared to DKK9.65 billion from DKK1.16 billion.

Novo Nordisk last month pre-announced sales and operating profit figures but it said Thursday that net profit in the quarter jumped to DKK22.48 billion from DKK14.41 billion, beating the DKK21.59 billion forecast by analysts in a FactSet poll.

Reported sales rose 29% to DKK58.73 billion, compared with the DKK57.78 billion FactSet estimate, driven by sales of Ozempic and Wegovy.

The company backed recently lifted guidance, expecting 2023 sales growth of 32%-38% and operating profit growth of 40%-46% in local currencies.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

November 02, 2023 03:36 ET (07:36 GMT)

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