Sharp rise in Wegovy sales lift Novo Nordisk shares

Shares in Novo Nordisk soared after it said sales of blockbuster weight-loss drug Wegovy more than doubled in the fourth quarter.

The Danish pharmaceutical firm last year lost its title of Europe’s largest company by market capitalization owing to fears of growing competition from other weight-loss drugs such as Eli Lilly’s Mounjaro, as well as licensed copies.

Investors are also worried about disappointing medical results from a recent trial of Novo’s much-touted successor to Wegovy. But the latest results — which analysts called “good enough” — were sufficient to ease investors’ nerves.

GLP-1 obesity drugs such as Wegovy and Mounjaro are forecast to be worth about $150 billion by the early 2030s, Reuters reported.