Novo Nordisk raises 2024 outlook as company races to boost output of Wegovy weight-loss drug [Globe and Mail, The (Toronto, Canada)]
Eli Lilly and Company (LLY)
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Source: Globe and Mail, The
the Danish drugmaker races to boost output of its Wegovy weight-loss drug and fend off competition from rival Eli Lilly LLY-N The group's shares were down by 2.9 per cent at 1004 GMT, as analysts noted the performance was boosted by one-off factors. Jyske Bank said the beat and upgrade were driven by a one-off U.S. sales adjustment, while underlying growth was a bit weaker than expected. Novo is currently the most valuable company in Europe by market capitalization, worth some €540.4-billion ($576.44-billion) before Thursday's earnings, on the back of Wegovy's popularity. The shares have risen around 260 per cent since Wegovy's launch in the United States in June 2021. The company is spending billions to boost its manufacturing capacity to meet runaway demand for the weekly Wegovy injection. It increased the amount of Wegovy for the U.S. market in the first quarter, CEO Lars Fruergaard Jorgensen told a media call. About 27,000 new patients in the U.S. are now starting on the w
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