Novo Nordisk's (NYSE:NVO) weight loss drug rollout continues to offer scope for upside surprises, Citi analysts have said.
Despite ongoing supply constraints, four-week rolling prescription growth for the company’s GLP-1-based drugs has soared, analysts said on Monday.
This includes a 21% increase in Wegovy prescriptions, for obesity, over the period, alongside a 30% rise for diabetes drug Ozempic.
“We note Wegovy stated doses are rocketing,” analysts from the bank said.
Citi reiterated forecasts for Novo’s sales to increase by 25% this year, against the company’s guidance of 19-27% growth.
Pre-tax earnings growth of 26% was forecast too, compared to Novo’s guided 22-30%.
Novo’s weight loss and obesity drugs, which mimic hormones that lower blood sugar and suppress hunger, should contribute US$23 billion and US$9 billion in sales respectively, analysts added.
A ‘buy’ rating was repeated, alongside a 975 Danish Krone share price target, up 7% on Friday’s close.