Novo Nordisk is concluding research on Wegovy’s impact on osteoarthritis

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Good morning, all. Damian here with a look at the future of treating Duchenne muscular dystrophy, the departure of an influential biotech CEO, and the next phase of the GLP-1 panic.

The need-to-know this morning
• Novo Nordisk reported third-quarter earnings of 5 Danish krone per share on total revenue of 58.73 billion krone — 29% higher year over year and topping consensus estimates. Sales of GLP-1 obesity drug Wegovy rose 28% to 9.65 billion krone, or $1.4 billion — beating consensus. Sales of the diabetes drug Ozempic were 23.9 billion krone, or $4.2 billion.
• Eli Lilly reported third-quarter adjusted earnings of 10 cents per share on total revenue of $9.5 billion — ahead of consensus. Sales of the diabetes drug Mounjaro were $1.4 billion, better than expected.
• Regeneron Pharmaceuticals reported third-quarter adjusted earnings of $11.59 per share on total revenue of $3.36 billion — ahead of consensus. Sales of Eylea were $1.49 billion.
• Moderna reported an adjusted third-quarter loss of $9.53 per share, driven by mostly non-cash charges related to resizing its manufacturing capacity and tax allowances. Revenue was $1.83 billion, a decrease of 47% related to lower sales of its Spikevax Covid vaccine, but still topping Wall Street’s consensus.

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