Novo Nordisk Shares Hit Record High as Wegovy Receives Approval in China for Chronic Weight Management

Source: Wall Street Observer

Holding the "Weight Loss Wonder Drug"Novo Nordisk, Stock Price Hits New High!

On Tuesday, the European shares of Novo Nordisk A/S, listed in Copenhagen, Denmark, closed up about 4% at 1028 Danish crowns, hitting a record high and breaking through 1000 Danish crowns (approximately 144 US dollars) for the first time in history.

As the pharmaceutical company with the highest market value in Europe, Novo Nordisk's surge strongly supported the Danish stock index, making it stand out among European countries. The Danish OMX Copenhagen 20 Index closed up 2.70%, marking the largest single-day increase since June 6, and hit a record high closing level, surpassing the previous high set on June 10.

Novo Nordisk, listed on the NYSE, also surged strongly on Tuesday. During the early session of the US stock market, it hit a new daily high, rising over 4.1% at one point. Later, the gains narrowed to less than 4%, still on track to close at a record high.

Novo Nordisk announced on Tuesday that its weight-loss drug Wegovy has been approved in China for long-term weight management, specifically for patients with obesity and weight-related comorbidities.

Novo Nordisk stated that this is the world's first and currently only glucagon-like peptide-1 receptor agonist (GLP-1) weekly formulation for long-term weight management, capable of achieving an average weight loss of 17% (16.8kg). It also brings multiple health benefits beyond weight reduction to patients, with its safety being widely validated.

The indication approved this time is for patients with overweight and obesity, with an initial BMI (Body Mass Index, weight (kg)/height (m)²) greater than or equal to 30; or between 27 and 30, with at least one weight-related comorbidity, administered once a week. Novo Nordisk did not disclose the price or specific launch timing of the weight-loss version of semaglutide, but Novo Nordisk China told reporters from The Paper that it would bring this product to China as soon as possible to benefit patients with obesity.

Another GLP-1 drug from Novo Nordisk, Ozempic, was approved for use in China in 2021 to treat diabetes, and its sales doubled last year, reaching $693.6 million.

Moreover, Novo Nordisk announced on Monday a plan to invest $4.1 billion to expand its manufacturing capacity in the United States, aiming to meet the enormous demand in the weight-loss drug market.

Editor: Guo Mingyu