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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Mahindra Clocks Robust 13% Sales Growth in April, Registers 70,471 Unit Sales
Apple shares jump as record buyback, sales growth forecast lure investors
Apple shares jump as record buyback, sales growth forecast lure investors
InvestoXpert Reports a Surging 56% Increase in Revenue for FY24, Driven by Sales Growth
Strong start to 2-wheeler for 2024-25 with 31% sales growth in April; overall passenger vehicles segment subdued