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☆ Novo Nordisk cuts some US supply of obesity drug Wegovy to cope with demand
  + stars: | 2023-05-04 | by ( Nikolaj Skydsgaard | ) www.reuters.com   time to read: +3 min
SummarySummary Companies Novo halves supply of Wegovy starter doses in U.S. "To safeguard continuity of care, the supply of the lower Wegovy dose strengths in the US will be reduced temporarily," Novo said in a statement. Novo has faced supply constraints for its hugely popular Wegovy drug as a result of overwhelming demand, and has invested massively in increasing supply. Supply of starter doses in the U.S. would be cut by around 50% for "some months," Jorgensen added. Credit Suisse analysts said they were not surprised by the move, given the level of demand for the drug.
☆ Novo Nordisk cuts some supply of Wegovy obesity drug as demand grows
  + stars: | 2023-05-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNovo Nordisk cuts some supply of Wegovy obesity drug as demand growsKarsten Munk Knudsen, chief financial officer at Novo Nordisk, says the company is halving the supply of starter doses of its Wegovy weight loss drug to ensure "continuity of care" for existing patients.
☆ Weight-loss drug maker Novo Nordisk beats earnings forecast
  + stars: | 2023-05-04 | by ( ) www.reuters.com   time to read: +1 min
Companies Novo Nordisk A/S FollowCOPENHAGEN, May 4 (Reuters) - Danish drug developer Novo Nordisk (NOVOb.CO) on Thursday reported first-quarter operating profit above analyst forecasts, helped by sales in the United States of its hugely popular Wegovy weight-loss drug. Novo reported earnings before interest and taxes (EBIT) of 25 billion Danish crowns ($3.72 billion), above an average analyst forecast of 22.4 billion, according to a Refinitiv poll. Earlier this month, Novo, the second-most valuable company in Europe by market capitalisation, significantly raised its full-year operating profit and sales expectations on the back of strong demand for Wegovy. Novo on Thursday maintained the full-year growth guidance in local currencies. It specified that sales and operating profit growth reported in Danish crowns are now expected to be 6 and 9 percentage points lower than at local currencies, respectively.
☆ Novo Nordisk rivals see room to compete in $100 billion weight-loss drug market
  + stars: | 2023-05-04 | by ( Michael Erman | ) www.reuters.com   time to read: +6 min
The company has two oral GLP-1 drugs in mid-stage trials, and aims to choose one for a late-stage trial this year. He forecasts GLP-1s or similar drugs topping $100 billion in annual sales early in the 2030s, with Lilly's product accounting for more than $50 billion in sales. Smaller biotechs are also vying for a piece of the obesity market and hope large pharmaceutical companies will pay up for partnerships. "I don't know if it's $90 billion or $80 billion or $50 billion. The current GLP-1 drugs can cause nausea and vomiting.
☆ Novo Nordisk cuts some U.S. supply of Wegovy obesity drug as demand soars
  + stars: | 2023-05-04 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +1 min
Danish pharmaceutical company Novo Nordisk said Thursday it was cutting the supply of starter doses of its obesity drug Wegovy in the U.S. as it struggles to keep up with surging demand. Novo Nordisk reported forecast-beating first-quarter sales Thursday following a spike in demand for its blockbuster weight-loss drug. Still, shares of the pharmaceutical giant were down 7% on Thursday morning on news of the supply cut. He added that there were further plans to increase production in the coming years. "This is also a reflection of a very big market and a very big unmet need for safe and efficacious medication, and that's where Wegovy comes in, being very efficacious and safe for patients [with obesity]," he said.
☆ Novo Nordisk’s chunky valuation risks crash diet
  + stars: | 2023-05-04 | by ( Aimee Donnellan | ) www.reuters.com   time to read: +4 min
LONDON, May 4 (Reuters Breakingviews) - Novo Nordisk’s (NOVOb.CO) weighty valuation could be headed for a crash diet. This lofty position is thanks to its domination of the obesity market via its Wegovy drug. Obesity sales for Novo are still only expected to reach $12 billion by 2027, according to estimates from Visible Alpha. It also remains unclear how fast the obesity drug market will grow. Novo reported earnings before interest and taxes of 25 billion Danish crowns ($3.72 billion), above an average analyst forecast of 22.4 billion, according to a Refinitiv poll.
☆ An investment chief who manages $1 billion in assets shares 10 investments that will reduce your portfolio's volatility while this bear market lasts longer than expected.
  + stars: | 2023-05-03 | by ( James Faris | ) www.businessinsider.com   time to read: +5 min
Here are 10 ways to protect against losses and volatility in this long-lasting bear market. "It went beyond dodging a bullet," Steve Sosnick, the chief strategist at Interactive Brokers, said of first quarter earnings results in a late April interview with Insider. Weaker earnings raise valuation concernsBut some investors aren't impressed by Q1 earnings — at least not enough to get bullish. Besides weaker earnings growth and lofty valuations, another risk for stocks is that upcoming quarterly results will miss higher expectations in a shaky economy. "We're still looking at fairly high-single-digit earnings growth for the next couple of quarters overall," Sosnick said.
☆ Investors see big Novo Nordisk stock boost if obesity drug shows heart benefit
  + stars: | 2023-05-03 | by ( Maggie Fick | ) www.reuters.com   time to read: +5 min
Demand for the Danish company's weight-loss treatment Wegovy is soaring in the United States, leading it to significantly raise its full-year profit and sales expectations last month. "But most insurance companies (...) may need to see that data, to definitively see the correlation between weight loss and improved outcomes." Less than 15% could put downward pressure on the stock while around 10% would be a major disappointment, some of the investors and analysts said. Booming demand and production issues have caused shortages of Wegovy though, forcing Novo to delay launching the weekly injection in most of Europe. Even with the medical benefit, investors say the company faces a challenge convincing Europe's cost-conscious health authorities to pay for the drug.
☆ Obesity is a chronic disease. It's why treating it will be so profitable unless payers push back
  + stars: | 2023-04-30 | by ( Christina Cheddar Berk | ) www.cnbc.com   time to read: +9 min
Lilly manufactures tirzepatide, which is sold under the brand name Mounjaro as a type 2 diabetes treatment. It's the chronic nature of obesity that will make these drugs so profitable, analysts have said. Huynh increased his target due to higher expectations for Mounjaro sales this year. Huynh boosted his prediction for the drug's sales this year to $3.7 billion from an prior estimate of $2.7 billion. "$48 billion is a monster number," Holz said, referring to an annual sales estimate that Bank of America has floated for future Mounjaro sales.
☆ A solid start to earnings season will be put to the test in the week ahead
  + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com   time to read: +14 min
The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.
☆ This weight-loss drug maker's stock is up 20% this year — and Barclays sees it going higher
  + stars: | 2023-04-28 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +3 min
Wegovy catapulted into the spotlight thanks to its success in weight loss and the endorsement by celebrities and social media influencers, including Tesla CEO Elon Musk. However, some investors are concerned that Novo's stock has already factored in this growth potential, as its shares have risen by 137% since the U.S. Food and Drug Administration approved the drug in June 2021. Novo's shares are also traded in New York Stock, London , and Frankfurt. NVO 5Y mountain According to Barclays' Field, the market for obesity treatment drugs could be worth as much as $200 billion within the next decade. "So does the weight loss that comes with taking Wegovy prevent you from having a heart attack or a stroke among those that have a higher risk?
☆ Obesity Drug Hype Outweighs Profit Miss at Eli Lilly
  + stars: | 2023-04-27 | by ( David Wainer | ) www.wsj.com   time to read: 1 min
Illustration: Elizabeth SmelovEli Lilly first-quarter profit miss will hardly matter for investors, who got plenty of good news on the company’s most important drug. The company announced results from a late stage study on Thursday showing that Mounjaro helped people with Type 2 diabetes who are also overweight or obese lose up to 15.7% of their body weight. The results arguably bested a similar study by Novo Nordisk , which showed that its competitor drug Wegovy led to an average weight loss of 9.6%.
☆ Medicare is prohibited from covering weight-loss drugs — Ozempic could change that
  + stars: | 2023-04-25 | by ( Lydia Ramsey Pflanzer | ) www.businessinsider.com   time to read: +5 min
Medicare is prohibited from covering new weight-loss medications. Medicare, the federal program that covers healthcare for people 65 and older, is prohibited by law from covering any weight-loss medications. That includes looking at programs that test out Medicare coverage and proposed limits to coverage, The Journal reports. The future of the $100 billion weight-loss drugs marketExpanding Medicare coverage to new weight-loss medications could drastically change how Americans access the drugs. Meanwhile, other Americans will continue to go to Canada, Mexico, and unregulated online pharmacies to get the weight-loss medications for cheap.
☆ Weight-Loss Drugmakers Lobby for Medicare Coverage
  + stars: | 2023-04-24 | by ( Liz Essley Whyte | ) www.wsj.com   time to read: 1 min
Illustration: Elizabeth SmelovWeight-loss drugmakers are lobbying Congress to grant them access to a monster payday for their blockbuster treatments: Medicare coverage. New drugs to treat diabetes and obesity are helping people shed pounds and generating huge sales for Novo Nordisk AS and Eli Lilly & Co. But they cost hundreds of dollars a month or more and Medicare doesn’t cover them to treat obesity. The law governing Medicare’s prescription-drug benefit excludes weight drugs. If that changed, demand from the 65 million older and disabled people insured through Medicare could push sales even higher.
☆ Eli Lilly to sell low blood sugar drug to Amphastar for around $1 billion
  + stars: | 2023-04-24 | by ( ) www.reuters.com   time to read: +1 min
April 24 (Reuters) - Amphastar Pharmaceuticals (AMPH.O) will buy Baqsimi from Eli Lilly and Co (LLY.N) in a deal worth up to $1.08 billion as it aims to boost its portfolio of low blood sugar drugs, the two companies said on Monday. Amphastar will pay $500 million at closing and another $125 million in cash after one year under the deal. Eli Lilly is also eligible to receive milestone payments of up to $450 million based on sales of Baqsimi, the only nasally administered drug to treat severely low blood sugar, or hypoglycemia, in people with diabetes. Launched in 2019, Baqsimi saw worldwide sales worth $139.3 million in 2022, the companies said. Other drugs that are used to treat low blood sugar in diabetes patients include Novo Nordisk's (NOVOb.CO) Zegalogue and GlucaGen and Xeris Pharmaceuticals' Gvoke HypoPen.
☆ Senate legislation would cap insulin at $35 per month for people with private insurance
  + stars: | 2023-04-21 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +1 min
In this photo illustration, insulin pens manufactured by the Novo Nordisk company are displayed on March 14, 2023 in Miami, Florida. Bipartisan Senate legislation introduced Friday would cap the price of insulin at $35 per month for people with private insurance. Biden's Inflation Reduction Act, which became law last year, capped the price of insulin at $35 a month for seniors on Medicare. More than 2 million patients with diabetes who take insulin are privately insured, according to the Health and Human Services Department. In March, Eli Lilly, Novo Nordisk and Sanofi announced they would slash prices of their most widely used insulin products in response to growing public pressure to address rising costs.
☆ Eli Lilly, Novo Nordisk and Sanofi CEOs to testify before Senate on lowering insulin prices
  + stars: | 2023-04-21 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +2 min
In this photo illustration, an insulin pen manufactured by the Novo Nordisk company is displayed on March 14, 2023 in Miami, Florida. Those companies — Eli Lilly, Novo Nordisk and Sanofi — had announced in March that they will slash prices of their most widely used insulin products by 70% or more. The companies' versions of insulin cost at least $275 before the announced price slashes, Sanders noted. Novo Nordisk said its CEO looks forward to "a productive and collaborative discussion about this important issue." PBMs have come under criticism for inflating drug prices and not passing on all the discounts they negotiate to consumers.
☆ Eli Lilly jumps to all-time highs on Alzheimer's news. Here's what it means our investment
  + stars: | 2023-04-21 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +6 min
LLY 1Y mountain Shares of Eli Lilly over the past 12 months. Still, a commercially successful Alzheimer's drug would be material for Eli Lilly and strengthen its long-term position. Mounjaro is the heart of our Eli Lilly investment case. Another catalyst looming for Eli Lilly shares is results from a study conducted by its competitor in the weight-loss category Novo Nordisk . Eli Lilly Pharmaceutical company logo SOPA Images | LightRocket | Getty Images
☆ What Is Ozempic and Why Is It Such a Big Deal Right Now?
  + stars: | 2023-04-20 | by ( Peter Loftus | ) www.wsj.com   time to read: 1 min
Illustration: Elizabeth SmelovA drug approved by the Food and Drug Administration to treat people with Type 2 diabetes has ignited a craze among social-media influencers, the rich and famous and everyday people alike. Ozempic, made by Novo Nordisk A/S, has gained popularity for its off-label use, helping users drop excess pounds within a matter of months. Demand has soared for Ozempic as well its sister drug, Wegovy, and Eli Lilly & Co.’s Mounjaro. Ozempic’s main ingredient, known as semaglutide, is in Wegovy, which was approved by the FDA in 2021 to treat obesity. Lilly’s Mounjaro, whose main ingredient is tirzepatide, was approved by the FDA in 2022 to treat diabetes, though it has also been used for weight loss.
☆ U.S. Buyback Tax Could Hit More Foreign Firms Than First Expected
  + stars: | 2023-04-14 | by ( Jennifer Williams-Alvarez | ) www.wsj.com   time to read: 1 min
Danish pharmaceutical company Novo Nordisk last month sent a comment letter to the Treasury Department objecting to two rules set out in December guidance on the 1% tax on stock buybacks. The U.S.’s new tax on stock buybacks has created a potential pain point for foreign companies: Those with stateside subsidiaries may find they are subject to the 1% levy on share repurchases. As initially written, the 1% tax on buybacks, which went into effect Jan. 1, would hit foreign companies in limited circumstances. Guidance from the government released in late December, however, changed expectations about the potential impact on foreign companies, stirring comment letters from businesses including Danish drugmaker Novo Nordisk A/S and groups representing multinational companies and global manufacturers.
☆ Stocks making the biggest premarket moves: Delta, First Solar, Steve Madden & more
  + stars: | 2023-04-13 | by ( Michelle Fox | ) www.cnbc.com   time to read: +2 min
United Airlines , American Airlines — Shares of other airlines also rose after Delta signaled strong demand for travel. The Wall Street firm boosted the stock's price target to $130, which implies 14% upside from Wednesday's closing price. The Wall Street firm said it expects Steve Madden to begin seeing stronger wholesale reorders in the second quarter. The Wall Street firm said growth in the drugs has "significantly outperformed" its expectations. The Wall Street firm said retail sales could be down close to 20% at U.S. dealers.
☆ Credit Suisse upgrades Novo Nordisk on 'surprise' growth of obesity and diabetes drugs Ozempic and Wegovy
  + stars: | 2023-04-13 | by ( Michelle Fox | ) www.cnbc.com   time to read: +2 min
Credit Suisse upgraded Danish pharmaceutical company Novo Nordisk to outperform from neutral on Thursday, citing growth in its obesity and diabetes drugs. "Rx trends for both Ozempic and Wegovy YTD have been a major surprise and have significantly outperformed our expectations," he wrote. Now that Wegovy is back in supply, Credit Suisse had expected a potential slowdown in growth for Ozempic. Instead, while there has been a rise in new patients taking Wegovy, Ozempic is continuing to see growth, Dunn said. "Novo sees growth being driven by penetration in diabetes rather than off-label obesity use, which is backed up by the fact the Ozempic growth has accelerated despite re-supply of Wegovy for Obesity," he said.
☆ A flurry of news outside the portfolio has implications for 3 of our stocks
  + stars: | 2023-04-13 | by ( Jeff Marks | ) www.cnbc.com   time to read: +7 min
Here are three noteworthy news developments over the past two days, which contain useful insights about our stocks. For the full year 2023, Novo now expects sales growth in the range of 24% and 30%, compared to prior estimates of 13% to 19%. In addition, operating profit growth is expected to be in the range of 28% and 34%, up from a prior range of 13% to 19%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
☆ Stocks making the biggest moves midday: Apple, Tesla, Netflix, Bed Bath & Beyond & more
  + stars: | 2023-04-13 | by ( Brian Evans | ) www.cnbc.com   time to read: +3 min
The Wall Street firm anticipates U.S. retail sales could be down close to 20%. The Wall Street firm said growth in the drugs has "significantly outperformed" its expectations. Alibaba — Shares of the Chinese e-commerce giant rose 2%, rebounding from a near 6% selloff in the previous session. Chipotle — Shares rose 1% after Citi said it was optimistic about the restaurant chain's earnings report later this month. They will look for insight on whether Tesla is planning more price cuts on key models such as the Model 3 and Model Y.
☆ Here are Thursday's biggest analyst calls: Tesla, Apple, Wynn, Costco, Netflix, First Solar & more
  + stars: | 2023-04-13 | by ( Michael Bloom | ) www.cnbc.com   time to read: +8 min
Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Netflix as sell Goldman said it's standing by its sell rating heading into earnings next week. Deutsche Bank adds a catalyst call buy on Enphase Energy Deutsche said it's bullish on the solar company's opportunities in Europe. Citi upgrades Merck to buy from neutral Citi said in its upgrade of the pharmaceutical company that it has an underappreciated pipeline of products. Deutsche Bank names a catalyst buy on Sherwin-Williams Deutsche said the paint company's earnings scheduled for later this month should "alleviate" investor concerns. Citi upgrades Steven Madden to buy from neutral Citi said in its upgrade of the shoe company that it sees "better wholesale trends" for Steven Madden.
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