Why Novo Nordisk Stock Is Soaring Today
Shares of Novo Nordisk (NYSE: NVO) were moving higher on Wednesday. The company's stock gained 4.9% as of 1:50 p.m. ET, but gained as much as 5.8% earlier in the day. The leg up comes as the S 500 (SNPINDEX: ^GSPC) gained 0.2%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 0.1% on the day.
The pharmaceutical giant and maker of Ozempic and Wegovy reported better-than-expected numbers Wednesday morning. The drugmaker delivered 25% year-over-year (YOY) revenue growth, with 2024 sales coming in at $40.5 billion. That exceeded Wall Street's target of $39.5 billion. For Q4, the company reported $11.6 billion in sales -- up 30% YOY -- beating the expected $11.2 billion.
The strong performance was driven by the company's pair of semaglutide drugs, Wegovy and Ozempic. Of the full year's total sales of $40.5 billion, the two were responsible for $24.9 billion. Novo is leading the GLP-1 contest with 52% of the market share, outperforming key rivals like Eli Lilly.
Source Fool.com
