Yes my levels were huge (similar to yours, if not more, but I don't have my notes here with me, so can't be sure). My Dr explained that it was because my body was producing more than enough without the help of the pessaries. Nothing to worry about at all.
My P4 levels didn't stay high throughout the pregnancy at all - it subsided after a week or so once I stopped the pessaries, and the bloating reduced over the course of that time as well.
And my son is now almost 4 so no, it won't do any damage aside from pretty awful discomfort for you.
Bookmarks