Novo Nordisk (NYSE: NVO), a Danish pharmaceutical company, is the developer of Ozempic, which is often referred to as a weight-loss drug. But there is actually a nuance, albeit an important one, to discuss.

Ozempic is a glucagon-like peptide-1 (GLP-1) agonist that uses semaglutide and is typically prescribed for patients with diabetes. While losing weight can be affiliated with taking it, the drug itself is not approved by the Food and Drug Administration (FDA) for that specific use.

Nevertheless, demand for the drug is off the charts. In 2023, sales from Novo Nordisk's GLP-1 diabetes therapies grew 52% year over year. Ozempic and a sibling treatment called Rybelsus are to thank for that growth.

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Source Fool.com