Ozempic maker Novo Nordisk posts strong results but competition weighs

An employee walks past a door bearing the logo of Novo Nordisk at the factory in Hilleroed on September 26, 2023.[AFP]

Danish pharmaceutical giant Novo Nordisk posted a sharp rise in second-quarter net profit Wednesday, but rising competition is weighing on sales of its diabetes and obesity treatments Ozempic and Wegovy in the United States.

The group reported a net profit of 26.5 billion kroner ($4.1 billion), a 32 percent increase from the same period last year, while sales increased by 18 percent to 76 billion kroner.