The two companies have emerged as the dominant powers in the weight-loss drug frenzy that has swept up consumers and riveted Wall Street. Both companies fielded questions from financial analysts about their progress in meeting demand, which has exceeded their capacity and prompted the Food and Drug Administration to designate them as drugs in short supply.
Novo executives said Thursday the company still isn’t able to fully meet demand for Wegovy, an anti-obesity drug, and it will continue to limit beginning doses to ensure adequate supply for existing patients. Lilly has ramped up the supply of Mounjaro, helped by a new manufacturing facility in North Carolina that came online earlier this year, and all strengths of the drug are currently listed as available on FDA’s drug shortage database.
“This is really all hands on deck,” David Ricks, Lilly’s chief executive, said on the company’s earnings call Thursday.
Lilly’s share price was up 5 percent in early trading Thursday, and has gained about 60 percent so far this year, giving the company a stock-market value of roughly $550 billion — the largest among U.S. drugmakers. Novo shares were up about 4 percent Thursday, and have increased nearly 50 percent this year.