Danish pharmaceutical company Novo Nordisk (NYSE:NVO) announced in a press release Monday that the European Commission has approved the company's applications to market its Tresiba and Ryzodeg drugs in Europe to treat adults with diabetes.
This latest strong note marks another step forward for Novo Nordisk's insulin diabetes treatments, as Tresiba and Ryzodeg received regulatory approval in Japan in September and December of last year, respectively. Both drugs are waiting on FDA approval in the United States after each gained a positive recommendation from the FDA advisory committee in November.
According to Monday's release, Novo Nordisk plans to launch Tresiba in the United Kingdom and Denmark in the first half of this year, with further European releases planned throughout 2013 and 2014. The company will launch Ryzodeg a year after Tresiba.
Analysts have been optimistic on Novo Nordisk's prospects with the drugs, projecting peak sales for the Tresiba/Ryzodeg diabetes-treating franchise that range from $2 billion to $4 billion per year.
Dan Carroll has no position in any stocks mentioned. The Motley Fool recommends National Oilwell Varco. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.