Novo Nordisk Narrows Forecast Amid Strong Demand for Diabetes Treatments

Novo Nordisk reported third-quarter operating profits aligning with expectations and refined its full-year sales. The company's adjusted sales growth forecast stands between 23% to 27%, with operating profit growth predicted between 21% to 27% in local currencies. The demand for GLP-1 diabetes treatments drives this upward trend.

Novo Nordisk, a leader in diabetes treatment, reported third-quarter operating profits on Wednesday that met market expectations, while adjusting its full-year sales and profit guidance. The pharmaceutical giant, known for its popular weight-loss medication Wegovy, now forecasts sales growth for the year to fall within 23% to 27% in local currencies.

This adjustment narrows the previous forecast range of 22% to 28%. Operating profit growth is similarly adjusted, with expectations now placed between 21% and 27%, down from a broader 20% to 28% forecast. These revisions reflect rising demand for Novo Nordisk's GLP-1-based diabetes and obesity treatments.

CEO Lars Fruergaard Jorgensen attributed the growth to serving a burgeoning patient base. Notably, operating profit for the quarter increased by 26%, reaching 33.8 billion Danish crowns, slightly above analysts' forecasts. The company had adjusted its 2024 sales outlook twice this year but reduced operational profit expectations in August.