The popularity of Novo Nordisk's (NVO) blockbuster obesity drug Wigovy and weight-loss diabetes drug Ozempic was so high in 2023 that it is believed to have supported the entire Danish economy. Due to its impact and buzz, Yahoo Finance named Novo Nordisk his 2023 Company of the Year.
Novo's gross profit in 2023 was approximately $26 billion, an increase of almost 27% from the previous year. And the stock price has risen more than 50% in the past year before crashing.
Let's take a look at what started the Novo boom Beyond the tickerHere's a closer look at some of the company's biggest moments.
1923
Nordisk Insulinlaboratorium has commercialized the production of insulin.
1925
Two employees left Nordisk to form a rival company, Novo Terapeutisk Laboratorium.
1982
Nordisk first established its presence in the United States.
1985
The first insulin pen device, the NovoPen, is launched.
1989
Nordisk and Novo have merged to form Novo Nordisk A/S, the world's largest insulin producer.
2017
The FDA has approved Ozempic for diabetes.
2021
The FDA has approved Ozempic for the treatment of obesity in patients with diabetes. The FDA has also approved Wegovy for weight loss in obese or overweight adults. These two products of his ushered in a new era of GLP-1 that began in 2005.
2020-present
Novo is spending more than $7 billion on diabetes and obesity biotechnology, strengthening its lead in an entirely new obesity market.
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Editor's note: This video was produced by: Zach Falls.
video transcript
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– Novo Nordisk is a Danish multinational company with a powerful position in the weight loss industry, and some say it created the obesity market out of thin air. The blockbuster obesity drug Wigoby and weight loss diabetes drug Ozempic are so popular that they are said to have supported the Danish economy as a whole.
Due to its impact and buzz, Yahoo Finance named Novo Nordisk its 2023 Company of the Year. Novo's gross profit in 2023 was approximately $26 billion, an increase of almost 27% year over year. And the stock price has risen more than 50% in the past year before crashing.
The company began posting double-digit profit growth in 2020. So, let's take a look at the beginning of Novo's boom in “Beyond the Ticker.” So let's take a closer look at some of the company's biggest moments. Novo's origins date back to 1923, when the founder brought Nordisk from Canada and his Insulin Laboratory commercialized insulin. Two years later, two employees split up and founded a rival company, Novo Terapeutisk Laboratorium.
Almost 50 years later, Nordisk first established a presence in the United States. And in 1985, he launched his first insulin pen device, the NovoPen. Four years later, his two competing companies, Nordisk and Novo, merged to form the behemoth they are today, and the world's largest insulin producer.
The company finally weaned itself from its dependence on insulin revenue in 2017, when the FDA approved Ozempic as a treatment for diabetes, and later in 2021 for the treatment of obesity in diabetics. That was the same year Wegovy was approved as a weight loss drug for obese or overweight adults. Without diabetes. These two of his products ushered in a new era for his GLP-1, which began in 2005.
Since 2020, Novo has spent more than $7 billion in acquisitions in diabetes and obesity biotechs, strengthening its leadership in an entirely new obesity market.
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