Europe's largest pharma company, Novo Nordisk (NYSE:NVO), has unveiled plans for a significant investment of more than US$6 billion to cater to the increasing demand for its Wegovy weight-loss treatment and other pharmaceutical products.
The company will focus on expanding its Kalundborg facility in Denmark, enhancing capabilities throughout its value chain.
This includes a substantial increase in the production of active pharmaceutical ingredients (API) and improvements in packaging processes.
A key aspect of this investment is the expansion of capacity for GLP-1 products, which are crucial components in both Wegovy and Novo Nordisk (NYSE:NVO)'s diabetes treatment, Ozempic.
In October, the Danish group told investors it expects 2023 sales growth in local currencies of 32% to 38%, from a previous outlook of 27% to 33%, according to a press release, propelled by stellar demand for both products.
In early trading, the shares were down 2.8% at 695.50 Danish kroner.