Novo Nordisk Stock Hits Record High as Wegovy Maker Sees Up To 26% Sales Growth This Year

The American depositary receipts (ADRs) of Novo Nordisk (NVO), the market leader in weight-loss drugs, rose sharply in early trading Wednesday, hitting an all-time high, after the Danish company said it expects sales growth this year of between 18% and 26% in constant exchange terms.

The company also reported better-than-forecast sales that were 36% higher last year at 232.3 billion kroner ($33.8 billion) on the back of buoyant demand for its weight loss drug Wegovy and diabetes drug Ozempic. 

“Our focus in 2024 will be on reaching more patients, progressing and expanding our pipeline as well as the continued significant expansion of our production capacity,” Lars Fruergaard Jørgensen, president and CEO of the company, said in the company’s earnings statement.

The stock gained more than 50% last year as booming demand for its key drugs garnered it the title of Europe’s most valuable company.

Novo Nordisk ADRs were up 6% at $115.54 about a half hour into the New York trading session.