Novo Quadruples US Patients Starting Wegovy, Boosts Outlook [BNN Bloomberg (Canada)]
Eli Lilly and Company (LLY)
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About 20,000 patients are starting on the treatment each week in the US, said Negelle Morris, a Novo senior vice president. That's up from about 5,000 each week in December. “We're expecting that to continue to grow,” she said in an interview. Demand for the obesity blockbuster and its sister medicine for diabetes prompted the Danish company to revise its forecast on Thursday, saying sales could surge as much as 27% this year and operating profit by as much as 30%. Ramping up production is a key element of Novo's strategy as it battles Eli Lilly & Co. for supremacy in the weight-loss market. The pharma company is doubling its investment in manufacturing capacity this year to about $6.4 billion — a figure that doesn't include the planned $11 billion acquisition of three factories originally owned by contract manufacturer Catalent Inc. Still, Novo will continue to restrict access to the lower doses of Wegovy that are used as patients slowly ramp up on the drug, according to Morri
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- 4/30/24 - Beat
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Sec Filings
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- 5/3/24 - Form SD
- 4/30/24 - Form 10-Q
- LLY's page on the SEC website