Obesity drugmaker Novo Nordisk raises outlook, Q1 profit beats forecast

Operating profit growth this year is now seen at between 22% and 30% in local currencies, slightly up from its previous forecast of 21% to 29%. Novo reported first-quarter earnings before interest and taxation (EBIT) of 31.8 billion Danish crowns, above the 29 billion forecast by analysts in a LSEG poll this week.

(Adds profit, outlook, detail) LONDON, May 2 (Reuters) -

Novo Nordisk raised its 2024 outlook on Thursday as it posted first-quarter operating profit above analyst forecasts. The raised outlook and strong results underscore Wegovy's success and Novo's lead in the fast-growing obesity drug market, even as the company faces fierce competition from U.S. rival Eli Lilly.

Novo said it now expects sales growth this year of between 19% and 27% in local currencies, compared to the previously guided range for 18% to 26% growth. Operating profit growth this year is now seen at between 22% and 30% in local currencies, slightly up from its previous forecast of 21% to 29%.

Novo reported first-quarter earnings before interest and taxation (EBIT) of 31.8 billion Danish crowns, above the 29 billion forecast by analysts in a LSEG poll this week.