Novo Nordisk warns of continued Ozempic shortage in Q4

Novo Nordisk (NVO) has said in a note published by the European Medicines Agency that the supply shortage of its diabetes drug Ozempic (semaglutide) will continue into the fourth quarter of 2024.

The drugmaker said increased demand for the injectable GPL-1 drug, coupled with capacity constraints at some of its manufacturing sites have led to the supply shortage for lower strengths of Ozempic.

Intermittent shortages for all strengths of Ozempic are expected into the final three months of the year.

Novo Nordisk (NVO) had temporarily shifted some of its production capacity away from its other diabetes drug, Victoza, to increase the supply of Ozempic. Its latest note said that although Victoza’s supply has improved in the EU region since Q1 2024, some countries still experience intermittent shortages.

The company has recommended healthcare workers to continue limiting start of treatment on Ozempic and Victoza until supply improves.

Novo Nordisk (NVO) was around 0.4% lower in premarket trading on Tuesday. Him and Hers Health (HIMS), which produces a compounded version of Wegovy (semaglutide), was also down around 0.8%.

Novo’s (NVO) Ozempic faces competition from Eli Lilly’s (LLY) Mounjaro (tirzepatide) and multiple candidates under development, including Viking Therapeutics’ (VKTX) VK2735, Zealand Pharma (OTCPK:ZLDPF), which is developing survodutide with Boehringer Ingelheim, and Altimmune (ALT), which is developing pemvidutide.