Novo Nordisk Wegovy manufactured by Novo Nordisk packaging is seen on this illustration photograph taken in a pharmacy in Krakow, Poland on April 8, 2024. (Picture by Jakub Porzycki/NurPhoto by way of Getty Photos)
Jakub Porzycki | Nurphoto | Getty Photos
Novo Nordisk on Wednesday posted weaker-than-expected internet revenue within the second quarter and trimmed its working revenue outlook.
The pharmaceutical large mentioned its internet revenue got here in at 20.05 billion Danish kroner ($2.93 billion) within the three months to the tip of June. A LSEG mixture forecast had projected the determine would are available in at 20.9 billion Danish kroner.
EBIT — earnings earlier than curiosity and tax — got here in at 25.93 billion Danish kroner within the second quarter, which was additionally under the LSEG forecast of 26.86 billion Danish kroner.
Novo Nordisk additionally trimmed its working revenue outlook for full-year 2024, saying development was now anticipated to come back in between 20% and 28%, slightly than the beforehand anticipated 22% to 30% vary.
Shares of Novo Nordisk tumbled near 7% at one level and have been final down 4.73% at 9:00 a.m. London time.
Within the first quarter of 2024, the Wegovy maker had posted a internet revenue improve of 28% to 25.4 billion Danish kroner 12 months on 12 months, barely bumping up its forecasts for gross sales and working revenue development.
Gross sales development expectations have been raised as soon as extra on Wednesday, with the corporate now issuing a steerage of twenty-two% to twenty-eight% at fixed alternate charges for full-year 2024. The gross sales development outlook for the interval had been penciled in at 19% to 27% beforehand.
Gross sales of well-liked weight reduction drug Wegovy jumped 55% within the second quarter of 2024, in comparison with the identical interval in 2023, coming in at 11.66 billion kroner.
Novo Nordisk is going through rising competitors within the weight reduction house, each from smaller corporations and from pharmaceutical giants similar to Roche, which final month shared promising early-stage trial knowledge from its personal weight problems drug candidate.
Novo Nordisk’s Wegovy has additionally had promising information in current months. The drug was authorised in China within the second quarter, opening it on the market on this planet’s second largest financial system. Elsewhere, the U.Ok.’s and European Union’s medical regulators mentioned it was backing Wegovy as a technique to reduce dangers of significant coronary heart occasions amongst chubby and overweight adults.
This breaking information story is being up to date.
