From Morningstar: 2024-05-02 11:49:00

Novo Nordisk, Europe’s largest company, exceeded analyst expectations with first quarter earnings boosted by the sales of weight-loss drugs Ozempic and Wegovy. Quarterly net profit rose to 25.41 billion Danish kroner, sales in North America increased by 34%, and operating profit surpassed consensus by 9%.

Novo Nordisk upgraded its 2024 outlook, expecting sales growth between 19-27% and operating profit growth of 22-30% at constant exchange rates. Analysts attribute this guidance upgrade to gross-to-net price adjustments and business expansions meeting expectations.

Despite beating consensus and slightly raising sales and profit growth forecasts, Novo Nordisk’s shares initially dropped by 4.5% due to lower prices for Wegovy. Chief financial officer Knudsen noted declining product prices, impacting revenue. Competitor Eli Lilly’s tirzepatide is a strong contender in the market with high demand for Zepbound.



Read more at Morningstar: Novo Nordisk Earnings Beat Estimates on Weight Loss…