The Danes presented the data on Saturday at a congress of the US Heart Society in Philadelphia. The company, which is listed in the Stoxx 50 Europe, had already announced in August that the drug was superior to the usual standard treatment for preventing serious cardiovascular complications such as strokes and heart attacks. In comparison, the risk was reduced by a fifth. At that time, this led to a price jump of a good 17 percent on the stock market in just one day.
According to a company statement, the study details now presented showed that treatment with a dosage of 2.4 milligrams of the drug reduced the risk of disease regardless of age, gender, ethnicity or baseline body mass index. In addition, the positive effect sets in quite quickly, it was said.
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Novo Nordisk filed for approval for the relevant indications in the US and EU. The company expects decisions on this in 2024.
The data was well received by the experts, wrote analyst Peter Welford from the investment house Jefferies in an initial reaction at the weekend. The use of the weight loss drug also against cardiovascular diseases appears to be justified. Insurers may find it difficult to refuse to cover costs. However, something has to be done about the price.
The Danes’ share price has skyrocketed by around half this year alone. The hype on the stock market had already started before mid-2021, i.e. shortly before Wegovy was approved as a weight loss medication for the first time.
Novo Nordisk currently has a market capitalization of the equivalent of almost 420 billion euros, which means it ranks first in the Stoxx 50 Europe. In second place is the luxury goods group LVMH, which brings 344 billion euros to the stock market.
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BAGSVAERD (dpa-AFX)
Image source: Novo Nordisk