Novo Nordisk (NYSE:NVO) shares rose more than 4% pre-market today after the company reported robust performance for the first nine months of 2024, with sales climbing 23% in Danish kroner and 24% at constant exchange rates, reaching DKK 204.7 billion. This growth was fueled by rising demand for GLP-1-based treatments, particularly for diabetes and obesity, as the company reached an increasing number of patients.

The diabetes and obesity care segment saw a notable 25% increase in sales, totaling DKK 191.8 billion. Obesity care, bolstered by the success of Wegovy, surged 44%, with Wegovy alone up by an impressive 76% to DKK 38.3 billion. The diabetes segment also saw significant contributions, driven by strong sales of GLP-1 products like Ozempic and Rybelsus, especially in North America where sales rose by 31%.

The company also advanced key R&D initiatives, with its SOUL cardiovascular trial demonstrating the efficacy of oral semaglutide in reducing cardiovascular risks for diabetes patients. Additionally, Novo Nordisk completed a phase 2a trial for its obesity treatment candidate monlunabant, with phase 2b trials set for 2025, aiming to expand treatment options worldwide.