Novo Nordisk (NYSE:NVO)'s shares have jumped after it lifted annual guidance, predicting a boost from higher sales of its diabetes drug Ozempic in the US.
Europe’s most valuable company, after recently dethroning LVMH, said that for the third quarter its sales jumped 38% year-on-year at constant currency, while EBIT rose 47%.
In the first nine months of 2023, Novo Nordisk (NYSE:NVO)’s sales increased by 33% and operating profit increased by 37%, both at constant currency.
Looking to the full-year, it now expects sales growth between 32% and 38% and an EBIT surge of 40% to 46%, above previous expectations of 27% and 33%, and 31% and 37%, respectively.
"The sales outlook for 2023 is updated, primarily reflecting higher full-year expectations for Ozempic volumes sold in the US and gross-to-net sales adjustments for Ozempic and Wegovy in the US," Nordisk said.
Shares are 3.7% higher in Copenhagen.