Novo Nordisk (NVO) is warning about a growing shortage of its popular weight loss drug Ozempic.
The Danish pharmaceutical company has issued a statement saying that the current shortage of Ozempic, which is also used to treat diabetes, has worsened and will persist into this year’s fourth quarter.
Novo Nordisk is recommending that healthcare professionals in Europe continue limiting treatment initiation of new patients on Ozempic until the supply situation improves in 2025.
Management at Novo Nordisk say the company hasn’t been able to keep up with strong global demand for Ozempic and its other weight-loss drug Wegovy.
The company has not said exactly when the supply shortage will be resolved other than to indicate it will likely be sometime next year.
Novo Nordisk’s most recent financial results showed that sales of Ozempic and Wegovy fell short of Wall Street forecasts, posting revenue of $4.2 billion U.S. and $1.7 billion U.S., respectively, for the year’s second quarter.
Some analysts have said that the current supply shortage at Novo Nordisk is positive news for rival Eli Lilly (LLY), which makes competing diabetes and weight loss drugs.
In Q2 of this year, Eli Lilly’s Zepbound drug for weight loss had sales of $1.2 billion U.S. The Mounjaro diabetes drug posted sales of $3.1 billion U.S. Both sales figures surpassed analysts’ consensus expectations.
The stock of Novo Nordisk is up 46% over the past 12 months and currently trading at $139.16 U.S. per share.
