Obesity drugmaker Novo Nordisk raises outlook, Q1 profit beats forecast (updated)

Catalent

02/05/2024 06:42

(Adds profit, outlook, detail)
       LONDON, May 2 (Reuters) - 
    Novo Nordisk  NOVOb.CO  raised its 2024 outlook on Thursday
as it posted first-quarter operating profit above analyst
forecasts.
  
        The raised outlook and strong results underscore
Wegovy's success and Novo's lead in the fast-growing obesity
drug market, even as the company faces fierce competition from
U.S. rival Eli Lilly  LLY.N .
  
        Novo said it now expects sales growth this year of
between 19% and 27% in local currencies, compared to the
previously guided range for 18% to 26% growth.
  
        Operating profit growth this year is now seen at between
22% and 30% in local currencies, slightly up from its previous
forecast of 21% to 29%.
  
    Novo reported first-quarter earnings before interest and
taxation (EBIT) of 31.8 billion Danish crowns, above the 29
billion forecast by analysts in a LSEG poll this week.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Novo Nordisk expects double-digit growth as it boosts Wegovy
supplies     urn:newsml:reuters.com:*:nL1N3EL0YM
EARNINGS POLL - Novo Nordisk A/S first quarter results due on
May 2     urn:newsml:reuters.com:*:nL8N3H31LN
FACTBOX-Launches and prices of Novo Nordisk's weight-loss drug
Wegovy     urn:newsml:reuters.com:*:nL8N3CO3HE
Eli Lilly lifts profit view on diabetes and weight-loss drug
strength     urn:newsml:reuters.com:*:nL4N3H33BI
Novo Nordisk's parent to buy Catalent for $16.5 bln to boost
Wegovy supply     urn:newsml:reuters.com:*:nL4N3EQ2PL
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Maggie Fick
Editing by Terje Solsvik)
 ((maggie.fick@thomsonreuters.com; +44 7890 916706;))