Shares of Novo Nordisk (NYSE: NVO) climbed 16% this week, according to data provided by S&P Global Market Intelligence, after the Danish pharmaceutical company announced encouraging trial results for a key product, then followed that with strong first-half 2023 results and a significantly increased annual sales outlook.

The bulk of Novo Nordisk's rally came on Tuesday at the same time as the leading pharmaceutical stock announced its SELECT cardiovascular outcomes double-blinded trial showed that its once-weekly treatment of weight-management drug semaglutide 2.4 mg (also known as Wegovy®) reduced incidents of major adverse cardiovascular events (MACE) by 20%.

The trial enrolled 17,604 adults aged 45 years or older who were overweight or obese with established cardiovascular disease and no prior history of diabetes. Novo Nordisk expects to file for regulatory approvals of a label indication expansion for Wegovy® in the U.S. and Europe by the end of 2023.

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Source Fool.com