Shares in Novo Nordisk (NYSE:NVO) rose 7% in early trading after the Danish drugs giant reported better-than-expected third-quarter sales of its weight-loss drug Wegovy, reaching $2.49 billion, exceeding analyst expectations of $2.29 billion and increasing 48% from the previous quarter.
The strong performance is seen as a positive sign amid competition from Eli Lilly’s obesity drug, Zepbound.
While total group sales grew 21% to $4.87 billion, they were slightly below the $4.93 billion analysts anticipated.
Novo Nordisk adjusted its 2024 sales growth forecast to 23-27%, citing pricing pressures and the cost of expanding production.
Operating profits rose 26% to $4.86 billion, aligning with forecasts.
CEO Lars Fruergaard Jorgensen attributed the company’s growth to increased demand for its GLP-1-based obesity and diabetes treatments.
Early on, the stock was up 55.70 DKK at 801.10 DKK.