Novo Nordisk raised its full-year outlook after reporting third-quarter earnings ahead of expectations, with sales of its Wegovy weight-loss pill exceeding analysts’ estimates.
The Danish drugmaker now expects adjusted revenue and operating profit to grow or fall by between 2% at constant exchange rates. Its previous forecast, raised in August, projected declines of as much as 6% for both measures, with growth at the upper end of the range.
Third-quarter revenue reached 79.2 billion Danish kroner, up 4% year over year at constant exchange rates and above the 73.6 billion kroner expected by analysts surveyed by FactSet. Adjusted operating profit was 31.7 billion kroner, compared with expectations of 28.6 billion kroner.
Sales of the Wegovy pill, launched earlier this year, totaled 5.4 billion kroner, exceeding analysts’ estimate of about 4.5 billion. Injectable Wegovy generated 20.4 billion kroner in sales, while diabetes treatment Ozempic brought in 29.7 billion kroner; both were also ahead of expectations.
Novo is seeking to regain momentum after losing ground to rival Eli Lilly in the U.S., its largest market. Investors are also watching the companies’ next-generation weight-loss drugs and their potential to address conditions associated with obesity, including heart and kidney disease, sleep apnea and arthritis.
Sources: CNBC Markets.