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Novo Nordisk has reported better-than-expected revenues, with sales of its Wegovy obesity drug surging by 86% last year, but expects growth to slow this year.

The Danish company has struggled to keep up with demand for its obesity and diabetes treatments Wegovy and Ozempic, which have to be injected by users once a week. The demand has turned Novo into Europe’s biggest company, but it briefly lost the title to French luxury goods giant LVMH last month after it released disappointing trial results for a next-generation obesity drug, CagriSema.

“We are pleased with the performance in 2024, where 26% sales growth reflects that more than 45 million people are now benefiting from our treatments.

Further, we completed the acquisition of the three Catalent sites, and during the year, we progressed our R&D pipeline, including obesity projects such as CagriSema and amycretin.”