Novo raises annual outlook as demand for Wegovy grows

Novo has raised its financial outlook for the year, saying its obesity medicines are driving growth as demand for its Wegovy weight-loss drug increases in the United States and it launches the treatment in more countries.

The Danish drugmaker now expects revenue and profit to rise by as much as 2 per cent this year. It had previously forecast that both would be flat or fall by up to 6 per cent, according to ANP, citing the company’s update.

It is the third time this year Novo has upgraded its outlook. Chief executive Mike Doustdar said in a statement that growth was being driven by the company’s obesity portfolio.

Novo is competing with US rival Eli Lilly in the weight-loss medicines market. Lilly also raised its outlook last week, citing strong demand for its medicines, ANP reported.