Sales of Ozempic, a diabetes drug that doctors have been increasingly, have exploded, generating $3.2 billion in the second quarter — up from $2.1 billion in the same period last year.
Novo briefly assumed the top spot as Europe’s most valuable company on Friday, overtaking French luxury empire LVMH, which is run by Bernard Arnault.Wegovy and Saxenda, Novo drugs that have been approved to treat obesity, more than tripled their combined sales to $1.6 billion in the second quarter.Eli Lilly’s diabetes drug, Mounjaro
, generated $980 million in sales for the second quarter — up 72% from the first quarter of this year. Lilly’s shareholders have seen a handsome return on their investment. In the last year, Lilly’s stock has soared by more than 80%. LVMH, whose brands include Louis Vuitton, Dior, Sephora, and Dom Pérignon, has been Europe’s most valuable company for the past two-and-a-half years.LVMH reported a drop in sales for the second quarter — an indication that spending on luxury retail goods among inflation-saddled Americans was on a downward keel.Arnault and his family still boast of the second largest fortune in the world.