Yet Again, Ozempic Could Soon Get Even Better for Novo Nordisk Stock
As if it wasn't obvious by the endless fountain of ebullient headlines, Ozempic is the gift that keeps on giving for Novo Nordisk (NYSE: NVO) and its investors. Ozempic's active ingredient, semaglutide, received initial approval from the FDA for treating type 2 diabetes. It's now also approved for sale under different trade names like Wegovy to treat obesity, and there's plenty of ongoing research that indicates that it could be helpful for a smattering of other conditions as well.
As of Sept. 6, per a small study published in the New England Journal of Medicine (NEJM), Ozempic might be tremendously helpful for patients with type 1 diabetes, too, potentially freeing them from the need to take insulin with their meals to control their blood sugar. But what are the chances of the business actually commercializing another version of Ozempic for that purpose, and if they succeed, how much would it help the stock? Let's dive in and figure it out.
To frame the conversation about Ozempic, it's helpful to appreciate just how big of a driver it is for Novo Nordisk's revenue so far. For 2023, GlobalData estimates that sales of Ozempic will be more than $12.5 billion in 2023, up 23% from a year prior. Other industry commentators see it generating as much as $20.6 billion this year. For reference, the company's annual revenue in 2022 was just over $25 billion, so to say that good news for Ozempic is good news for Novo Nordisk is an understatement.
Source Fool.com
