By Jacob Gronholt-Pedersen
COPENHAGEN (Reuters) – Novo Nordisk on Thursday reported record sales and operating profits for the third quarter but said it would keep in place restrictions on supplies of its hugely popular Wegovy weight-loss drug.
The company also said in its quarterly earnings statement that in September and October it had submitted applications with U.S. and European Union authorities for Wegovy to be approved to reduce the risk of cardiovascular events.
That followed results of a large study released in August that showed Wegovy had a clear cardiovascular benefit, boosting the Danish company’s hopes of moving beyond its image as a lifestyle drug.
The U.S. Food and Drug Administration had granted priority review for the application, Novo said.
Novo has struggled to keep up with soaring demand for the appetite-suppressing, anti-obesity drug and has limited the number of U.S. patients who can start treatment since May.
“While supply capacity for Wegovy is gradually being expanded, the supply of the lower dose strengths in the U.S. will remain restricted to safeguard continuity of care,” the company said in a statement.
Wegovy sales totaled 9.6 billion Danish crowns ($1.36 billion) between July and September, up 28% from the previous quarter and up eight-fold from the same period last year.
In August, Novo said the curbs on Wegovy supplies would most likely extend into 2024.
Investors and analysts have called for clarity on when the supply issue would be solved, as rival Eli Lilly expects U.S. approval of its Mounjaro weight-loss drug later this year.
The company also said U.S. prescription volumes for GLP-1 class, its hugely popular weight loss and diabetes drugs, grew by 50% in the quarter compared to last year.
Last month, Novo Nordisk raised its full-year sales and operating profit guidance for the third time this year, reflecting strong demand for its weight-loss drug Wegovy and diabetes medication Ozempic in the United States.
Sales grew 29% year-on-year to 58.7 billion Danish crowns ($8.33 billion), while operating profit (EBIT) rose 33% to 26.9 billion, both in line with preliminary numbers released last month.
($1 = 7.0443 Danish crowns)
(Reporting by Jacob Gronholt-Pedersen, editing by Terje Solsvik and Shri Navaratnam)
