Novo Nordisk AS (NVO) reports strong financial performance with a 24% sales increase, driven by demand for diabetes and obesity treatments, despite challenges in supply and rising R&D costs.

Novo Nordisk on Wednesday reported better-than-expected quarterly sales of its popular Wegovy weight-loss drug and narrowed its 2024 outlook for the year, in a mixed set of results reflecting growing competition in the fast-growing obesity drug market.

Novo Nordisk’s net profit of $3.94bn represents a 21% increase from Q3 2023. Net sales in the quarter jumped by the same amount, totalling $10.6bn. The company narrowed its sales growth for the full year 2024, down to 23% to 27% from 22% to 28% at constant exchange rates.