The Danish company reported Wednesday (Jan 31) that fourth-quarter operating profit beat expectations.
It also forecast another year of double-digit sales and operating profit growth.
The news sent its shares to new record highs on Wednesday morning, cementing its position as Europe's most valuable listed company, ahead of fashion giant LVMH.
Novo is now worth more than $487 billion.
The firm said it was 'pleased' with last year's strong performance as demand soared for Wegovy and diabetes drug Ozempic.
Looking ahead, it expects sales growth this year between 16% and 25%, and operating profit to potentially rise up to 28%.
Novo has raced to increase output amid shortages of Wegovy.
It said it started gradually increasing the supply of the lower dose strength of the drug in the U.S. in January.
The results highlight Wegovy's success and Novo's lead in the fast-growing obesity drug market, even as competition grows.
U.S. firm Eli Lilly is among the leaders in bringing a rival product to market.
