Danish pharmaceutical company Novo Nordisk has achieved the highest year-on-year revenue growth by sales during the second quarter of 2023 – in comparison to the other 20 top pharmaceutical firms, says new press release from the GlobalData Media Centre. They share the record with American medical group, Eli Lilly.
The remarkable revenue has gone up from $2.1 billion to $3.2 billion and was driven by their obesity and type-2-diabetes medications. The increase even caused manufacturing challenges in terms of production and limited supplies of the drug, done by Wegovy.
Pharma Analyst at GlobalData, Akash Patel, comments:
“Novo Nordisk will face significant demand to resolve its Wegovy supply chain issues, with demand continually outstripping supply and with investor confidence in the drug further fueled by recent results demonstrating reduced risk of major cardiovascular events and stroke. This data on cardiovascular benefit is undoubtedly positive for the increased growth in Wegovy’s market share and improved outcomes for patients with obesity, who often have comorbidities such as T2D and heart disease.”
Why are the medications so popular?
The answer is quite simple. The weight-loss-medication can contribute treating a wide range of cardiometabolic disorders, and for now it is expected to become a ‘blockbuster drug’ with an annual sale of $10 billion in the next decade.
“As further approvals for other cardiometabolic disorders are achieved, it is likely that physicians will increasingly take up these therapies as patients develop the complex comorbidities that T2D and obesity tend to bring, enabling patients to have an efficacious therapy that treats multiple disorders simultaneously,” Patel concludes.
Source: GlobalData Media Center Press Release