Novo Nordisk reported mixed Q3 2024 earnings, beating EPS expectations at $0.88 but slightly missing revenue at $10.2 billion. Wegovy sales surged 81% year-over-year to $2.5 billion, while the company tightened its 2024 outlook due to pricing and supply pressures, expecting sales growth of 23%-27%. Despite increased patient numbers, supply constraints for its GLP-1 drugs persist.
Novo Nordisk has confirmed that all doses of its GLP-1 medications, Ozempic and Wegovy, are now available in the U.S., ending a shortage that began in March 2022. Despite this, patients may still face challenges filling prescriptions due to variability at pharmacies. The company has invested significantly in manufacturing capacity to meet the high demand driven by the drugs' effectiveness in weight loss and reducing health risks.
Eli Lilly's third-quarter earnings fell short of Wall Street expectations, with revenue at $11.4 billion, missing forecasts of $12.1 billion. Sales of its obesity drugs, Mounjaro and Zepbound, reached $3.1 billion and $1.26 billion, respectively, but were lower than anticipated, leading to a significant drop in shares and a revised revenue guidance for the year. Despite these setbacks, company executives noted continued growth in underlying demand for their products.
Big Pharma has increased its lobbying efforts in the 2024 election, with significant contributions flowing to both Democrats and Republicans. Notably, Harris has received nearly $1.7 million from the pharma sector, while Trump garnered just over $300,000. Companies like Eli Lilly and Amgen are actively engaging in political donations, with Amgen favoring Republicans, while Roche and AstraZeneca show a slight Republican lean but with declining contributions.
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