Novo Nordisk (NYSE:NVO) did not disappoint with the latest trial data update of its blockbuster diabetes drug Wegovy, according to analysts at US bank Citi.
Full results from the SELECT trial released on Saturday confirmed that patients had shed weight but also that it cut the risk of a non-fatal heart attack by 28% and non-fatal strokes by 7% in patients considered overweight.
Citi said that key conclusions from SELECT discussants were the overlap between heart (CVD) and kidney disease (CKD) and the need to treat earlier with GLP-1, the key ingredient in Wegovy, in combination with behaviour intervention strategies.
“Based on our weekend discussions, cardiologist/nephrologist's willingness to embrace GLP-1 in the treatment of their non-diabetic patients is set to increase markedly,” Citi wrote.
“We also anticipate pressure on Medicare to provide access to Wegovy for the treatment of CVD/CKD, with or without the TROA bill being passed to allow access to anti-obesity medications, will increase.“
Citi sees Novo's GLP-1 franchise growing from US$24 billion (GLP-1 market US$36 billion) to US$77 billion over the period 2023-2039.
Ahead of the drug trial details, Novo also announced it was investing US$6 billion to boost production of Wegovy just as the US gave approval to a weight loss version of Eli Lilly’s hugely successful GLP-1- type rival Mounjaro.
Mounjaro is approved for diabetes patients, but the new drug Zepbound is targeted at weight loss.