Ozempic maker Novo Nordisk's (NYSE:NVO) weight loss drug sales were below expectations in the second quarter but this is not a significant concern, analysts said.
Sales of Wegovy, the brand for semaglutide approved as a weight loss treatment, came in 14% below consensus, while sales of Ozempic, which is approved in the US for diabetes, were 3% lower than consensus forecasts.
"We don't see the Wegovy miss as a significant concern," said UBS, noting this was another example of volatility in the gross-to-net rebates impact between quarters, "and the underlying volume demand has continued to be strong".
Novo said the supply of initiation doses remains capped in the US.
Operating profit for the quarter was in line with consensus, but operating profit guidance was cut.
UBS said this was "as expected", likely to do with the impact from the halting of an ocedurenone phase 3 trial, which analysts noted is a 5.6% headwind to operating profit growth.
"We note no additional commentary has been provided on Novo's early-stage CB1 program in obesity. This is a key investor focus asset and is likely to be a key topic on the management call."
Overall, the Swiss bank's analysts said it was a "mixed" performance for the quarter.
"We see robust underlying trends and believe the new guidance provides confidence into the second half."
The Wegovy miss "shows volatility in the rebates recognised Q-on-Q, but the extent of the miss will likely raise questions as to whether consensus is modelling the right price."