Where Will Novo Nordisk Stock Be in 5 Years?
Novo Nordisk (NYSE: NVO) has been growing in popularity as a result of two incredibly popular drugs, Ozempic and Wegovy. Because of the company's phenomenal growth, it has been a top buy for many investors. But the business is still growing and Novo Nordisk's top and bottom lines should continue rising in the future. Here's where I see the company being five years from now.
The big impediment for Novo Nordisk today is that it simply can't keep up with demand. The company currently has two contract manufacturers to help with the production of weight-loss drug Wegovy and it hasn't ruled out using a third one before the end of the year.
Investing in more capacity is something that appears to be inevitable down the road. The company's earnings have been stellar and Novo Nordisk should be in an excellent position to grow its operations. Through the first half of 2023, its net profit totaled 39.2 billion Danish kroner ($5.5 billion) and was up 43% year over year. Earlier this year, the company did announce plans to expand production in Denmark but that wasn't related to the production of Wegovy. In the future, I would expect to see more investments in expanding its manufacturing capacity, with a focus on the company's top-selling assets.
Source Fool.com
