Shares of Novo Nordisk (NVO) are up 8% in European trading after the Danish pharmaceutical company posted financial results that showed accelerating sales of its weight loss medications.
The drug maker’s third-quarter sales came in slightly below expectations at 71.3 billion Danish crowns ($10.3 billion U.S). Earnings per share (EPS) of DKK 6.12 beat estimates of DKK 6.
However, the stock is up on news that sales of the company’s Ozempic and Wegovy medications that treat weight loss and diabetes came in better-than-expected.
Novo Nordisk has become Europe’s most valuable publicly traded company by market capitalization due largely to rising demand and sales of its diabetes and obesity drugs.
The global market for obesity drugs is currently dominated by Novo Nordisk and U.S. pharmaceutical company Eli Lilly (LLY).
Prior to today (Nov. 6), the stock of Novo Nordisk had risen 7% so far this year to trade at $110.13 U.S. per share.