Novo Nordisk's stellar Wegovy-fuelled run could be ending

Since launching its wildly popular weight-loss drug Wegovy in 2021, Novo Nordisk has raised its annual sales guidance several times a year.

- MAGGIE FICK

But recent weak US prescription data is leading some investors and analysts to question whether that stellar run — which helped make Novo Europe’s most valuable listed company worth $615 billion at its peak — is coming to an end.

In February, the Danish drugmaker forecast 2025 sales growth of 16% to 24% at constant exchange rates, a much slower pace than in the past few years.

Half a dozen analysts and investors say even that may no longer be realistic and the company could cut the guidance when it releases first-quarter results on May 7.

Novo said in February it had increased supplies of Wegovy to the United States to meet booming demand and that its guidance reflected this.