Novo Nordisk’s shares surged on Wednesday after the Danish pharmaceutical company reported less-bad-than-expected first-quarter results and revised its full-year guidance upward.
The company, which competes with Eli Lilly in the obesity drug market, has gained momentum following the successful U.S. launch of its Wegovy pill. Novo Nordisk now expects adjusted sales to decline by 4% to 12% in 2024, an improvement from its prior forecast of a 5% to 13% drop. The company also adjusted its adjusted operating profit guidance to a 4% to 12% decline, matching the sales outlook.
Novo Nordisk attributed the improved outlook to better-than-expected sales performance of its key products, including Wegovy. The company did not provide specific revenue figures for the drug in its earnings release.
Wegovy, a GLP-1 receptor agonist, has been a major driver of growth for Novo Nordisk, contributing to its dominance in the obesity and diabetes treatment markets. The drug’s success has helped the company narrow the gap with rival Eli Lilly, which markets the blockbuster Zepbound for obesity.
Novo Nordisk’s first-quarter earnings report also included updates on other pipeline drugs and regional performance, though detailed financial figures were not disclosed in the summary.
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