Shares in Wegovy-maker Novo Nordisk climb, touching record high levels

Investing.com -- Copenhagen-listed shares in Novo Nordisk (CSE:NOVOb) edged up by 3.8% on Thursday, touching a fresh record high.

The Danish pharmaceutical giant has seen its share price surge by more than 38% so far this year thanks in part to strong demand for its lucrative Wegovy weight-loss drug.

In May, Novo said the price of Wegovy had slipped in response to intensifying competition from rivals like U.S. group Eli Lilly (NYSE: LLY) and an uptick in volumes. The company had previously ratcheted up its output of the treatment to meet the soaring demand.

Sales of Wegovy more than doubled in the first quarter to 9.4 billion Danish krone, although the drop in prices caused the figure to miss expectations. Chief Financial Officer Karsten Munk Knudsen also told the Financial Times in an interview that Novo would need to continue to add new Wegovy patients in order to meet future sales goals.

But, according to data cited by Novo, the company still controls over half of the global market for GLP-1 drugs like Wegovy and its diabetes medicine Ozempic. GLP-1 drugs aim to help control blood sugar levels in part by triggering a feeling of fullness.

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