Novo Nordisk Lifts Outlook on Strong Weight Loss Pill Sales
The Danish drugmaker reported an adjusted operating profit of 32.86 billion crowns for the first quarter as its new oral obesity treatment gained significant traction in the United States. Shares rose over 5% as the company narrowed its projected annual sales decline and prepared for international launches.
NOVO NORDISK A/S-B reported adjusted operating profit of 32.86 billion Danish crowns ($5.16 billion), beating the 28.74 billion forecast by analysts. The results follow stronger-than-expected sales of its new weight-loss pill in the United States. Novo is regaining ground on ELI LILLY & CO after a two-year share price decline wiped more than $400 billion from its market value.
Novo Nordisk shares rose 5.4% in midday trading on Wednesday. The company raised its full-year outlook, now forecasting adjusted sales and operating profit declines of 4% to 12%. This is an improvement from the previous guidance of a 5% to 13% fall.
