Why Novo Nordisk Stock Is Surging Higher Today
It's exceedingly rare to see a century-old company with a market value of more than $450 billion post-double-digit percentage sales growth. But that is exactly what Novo Nordisk (NYSE: NVO) did Thursday. The Danish drugmaker reported results for the nine-month period covering Jan. 1 through Sept. 30 ahead of the opening bell. In response, traders bid up the pharma giant's stock by 3.5% as of 2:10 p.m. ET Thursday, adding more than $15 billion to its market cap in the process.
Thanks to the breakout success of its type 2 diabetes and weight loss drug semaglutide, Novo Nordisk generated a sizzling 29% year-over-year increase in sales (in Danish kroner) over the first nine months of 2023. Semaglutide is marketed as Ozempic and Rybelsus for type 2 diabetes and as Wegovy for weight loss.
Perhaps the best part for investors, though, is that this blistering growth probably won't slow down anytime soon. The company scored yet another major win for its flagship medication last month.
Source Fool.com
