Novo Nordisk’s Sales Surge Amid Fierce Obesity Drug Market Competition

Novo Nordisk reported a 15% increase in third-quarter sales, surpassing forecasts. Despite the sales boost, the company has lowered its full-year profit and sales forecasts. Increased competition from Eli Lilly and other treatments has slowed down recent sales growth for its obesity drug Wegovy.

Novo Nordisk, the maker of Wegovy, has announced a 15% increase in third-quarter sales, outperforming market expectations. This comes as a positive sign for the new CEO during a significant restructuring period aimed at regaining traction in the competitive obesity drug market.

Despite this sales growth in local currency terms, which marks a slowdown from the previous year, the Danish pharmaceutical firm has revised its full-year profit and sales forecast downwards. Previously, analysts expected an 11.4% increase based on a company-compiled consensus.

Novo Nordisk, known for its blockbuster obesity drug Wegovy, experienced rapid sales growth that briefly positioned it as Europe's most valuable firm. However, the recent deceleration in sales growth has prompted a management restructuring and impacted its share price.

(With inputs from agencies.)