The market value of Novo Nordisk exceeded $500 billion – Kommersant
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Danish pharmaceutical company Novo Nordisk has become the second European company whose market value has exceeded $500 billion. As reported Bloomberg, over the year the company’s shares on the Copenhagen stock exchange rose by 60%. Today, January 31, in morning trading the securities added 4.1% after the publication of positive quarterly and annual reports and confident forecasts for the current year. Until now, only the French company LVMH, a famous manufacturer of luxury goods, has achieved a market value above $500 billion.
By the end of 2023 sales Novo Nordisk grew by 31%, to $33.71 billion, operating profit increased by 37%, to $14.9 billion, and net profit by 51%, to $12 billion. Strong performance was driven by strong demand for products from Novo Nordisk’s drug manufacturing division for diabetes and excess weight, primarily Wegovy and Ozempic. At the same time, sales of excess weight products grew by 154%, to $6 billion, and demand for Wegovy was so high that the company did not have time to fulfill all orders.
Novo Nordisk expects orders for key drugs to increase this year and prices to begin to decline. The company is expanding production capacity to meet growing demand. It is expected that sales in 2024 will grow by 17-25%, operating profit will increase by 19-27%.
An analogue of Ozempic, a popular drug for controlling glucose levels produced by the Danish company Novo Nordisk, has appeared in Russia. Read more about this in the Kommersant article. “Pharmacies are reducing sugar”.
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