Novo has been busy ramping up production in the face of Wegovy shortages, said it had begun a gradual increase in supply of the lowest dose of the drug in the US from January. Last year, Novo was unable to meet the growing demand for Wegovy and, from May onwards, had to limit the number of new US patients able to start treatment, by reducing the supply of the three lowest doses of the weekly injection.

Sales of Wegovy reached DKK 9.6 billion ($1.39 billion) between October and December, down slightly on the previous quarter but quadrupling compared with the same period a year earlier. For this year, Novo is aiming for a "progressive roll-out of Wegovy with limited volumes" outside the United States.

Strong growth in sight this year

The company forecasts sales growth of 16% to 25% and an increase in operating profit of 19% to 28% for the current year, driven by explosive demand for Wegovy and Ozempic, a diabetes treatment that shares the same active ingredient. Analysts, on average, were expecting sales growth of 21% for Novo Nordisk this year, according to LSEG data.

"We are extremely pleased with the excellent performance in 2023, which testifies to the fact that more than 40 million people are now benefiting from our innovative treatments for diabetes and obesity," CEO Lars Fruergaard Jorgensen said in a statement.

The company announced that fourth-quarter sales jumped 37% year-on-year to 65.9 billion kroner, beating the 62.3 billion anticipated by analysts according to an LSEG survey. Earnings before interest and taxes (EBIT) rose by 57% to 26.8 billion, against analysts' expectations of 24.9 billion. These results underline the success of Wegovy and Novo's dominant position in the expanding market for obesity treatments, despite emerging competition from US rival Eli Lilly.

Markus Manns, Novo shareholder and portfolio manager at Union Investment, described the outlook as "solid" and welcomed the improved supply of low-dose Wegovy this month, as the company worked to increase production to meet fast-growing demand. Sustained demand for Wegovy and Ozempic has propelled Novo's shares to record levels, making it Europe's most valuable company on the stock market, with a capitalization in excess of 450 billion euros ($487 billion), ahead of LVMH.

This success also represents an economic boon for Denmark, Novo Nordisk's home country. Novo shares gained 4% to DKK 775.60 at the opening.