Novo Nordisk reported a third-quarter beat on sales of its weight-loss drug Wegovy and adjusted its 2024 full-year growth guidance. The company’s shares rose by 7.7% in London trading.
In the third quarter, Novo Nordisk’s net profit reached 27.3 billion Danish kroner, surpassing estimates. Sales of Wegovy were 79% higher year-on-year at 17.3 billion Danish kroner, exceeding analyst expectations.
The company revised its 2024 sales growth outlook to 23% to 27% and operating profit growth guidance to 21% to 27% at constant exchange rates. This adjustment was based on expectations for sales growth in North America and internationally, driven by GLP-1 treatments.
Novo Nordisk highlighted its investments in increasing supply capacity to address periodic supply constraints. Sales in North America rose by 22% in the third quarter, with the U.S. market seeing a 21% increase and GLP-1 volume growth up by 15%.
The company remains a market leader in the healthcare sector, facing competition but also benefiting from recent developments in the weight-loss field. The availability of all Wegovy doses in the U.S. and positive findings on Ozempic’s potential to reduce Alzheimer’s risk have been significant milestones for Novo Nordisk.
