Despite facing shortages due to high demand, Novo Nordisk is increasing its sales and profit expectations for the year following a strong quarter with $3.6 billion in net income on $9.4 billion in revenue. The company's weight loss drugs, originally marketed for diabetes but gained popularity for their appetite-suppressing properties, have been so successful that they're significantly boosting Denmark's GDP.
Key takeaways:
- Novo Nordisk is expanding its deal with Metaphore Biotechnologies, committing up to $600 million to help develop new medicines.
- Metaphore Biotechnologies, a biotechnology incubator, uses machine learning and molecular mimicry to develop new products.
- Despite shortages of its weight loss drugs Ozempic and Wegovy, Novo Nordisk is raising its sales and profit expectations for the year after a strong quarter.
- Novo Nordisk, Metaphore Biotechnologies, and Flagship Pioneering are collaborating on three research projects, aiming to innovate in biopharmacy.