Novo Nordisk Wegovy manufactured by Novo Nordisk packaging is seen on this illustration picture taken in a pharmacy in Krakow, Poland on April 8, 2024. (Photograph by Jakub Porzycki/NurPhoto by way of Getty Pictures)
Jakub Porzycki | Nurphoto | Getty Pictures
Novo Nordisk on Wednesday posted weaker-than-expected internet revenue within the second quarter and trimmed its working revenue outlook.
The pharmaceutical big stated 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%, quite than the beforehand anticipated 22% to 30% vary.
Shares of Novo Nordisk tumbled as markets opened in Europe and have been down 6.85% at 8:07 a.m. London time.
Within the first quarter of 2024, the Wegovy maker had posted a internet revenue enhance of 28% to 25.4 billion Danish kroner yr on yr, 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 steering of twenty-two% to twenty-eight% at fixed change 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 dealing with growing competitors within the weight reduction area, each from smaller firms and from pharmaceutical giants comparable 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 the planet’s second largest economic system. Elsewhere, the U.Okay.’s and European Union’s medical regulators stated it was backing Wegovy as a solution to reduce dangers of great coronary heart occasions amongst chubby and overweight adults.
This breaking information story is being up to date.
