Why Novo Nordisk (NVO) Is Climbing Today

Danish weight-loss drug maker Novo Nordisk (NVO) is jumping 5% after the company reported higher-than-expected net income for the fourth quarter. Additionally, the company’s CEO now believes that it will be able to introduce a weight loss pill in the U.S. before its key rival does so.

The company markets the popular weight-loss drug, Wegovy.

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Q4 Profit Beats Expectations as Wegovy Sales More Than Double

NVO generated net income of 28.23 billion Danish kroner or $3.98 billion in Q4. Analysts on average had estimated that its bottom line would come in at 26.09 billion Danish kroner.

The company’s revenue from Wegovy jumped 107% versus the same period a year earlier to 19.87 billion Danish kroner or $2.76 billion.

Novo Nordisk’s Comments

Speaking to CNBC today, NVO CEO Lars Fruergaard Jørgensen said that his company now expects to be able to introduce a weight loss drug in pill form in the U.S. before its top rival in the weight loss category, Eli Lilly (LLY), does so.

NVO expects to submit an application for regulatory approval of a weight loss pill in the U.S. “within a couple of months,” the CEO stated. He added that the company could launch the drug in 2026.

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Disclosure: None. This article is originally published at Insider Monkey.