(AOF) – Novo Nordisk (+3.84% to 714.10 Danish crowns) is in good shape today on the Copenhagen stock exchange after record results. The pharmaceutical group, the largest European capitalization since the start of the school year after stealing its crown from LVMH, posted diluted earnings per share of 13.71 crowns (1.83 euros) over the first nine months of the year, up 49% over a year. Turnover increased by 33% year-on-year at constant exchange rates to 166.4 billion crowns (22.29 billion euros).
Novo Nordisk owes its good stock market fortune to its anti-obesity drug Wegovy, which also has the property of reducing the risk of heart disease by 20%. It is a derivative of the antidiabetic drug, Ozempic, the group’s other star drug.
9-month sales in diabetes and obesity jumped 40% at constant exchange rates to 153.8 billion crowns, mainly driven by growth in sales of GLP-1 for diabetes, from 49 % at constant exchange rates, and growth in the obesity area, by 167% at constant exchange rates to 30.4 billion. Wegovy alone represents 21.73 billion, up 492%.
Rare diseases sales decreased 18% at constant exchange rates reflecting a temporary reduction in manufacturing production.
The Danish pharmaceutical laboratory confirmed the increase in its outlook announced in mid-October, with turnover up 32 to 38% for 2023 and operating profit up 40 to 46%.
Despite these good results, UBS remains Sell with a price target of 360 crowns.
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