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. (Picture by Jakub Porzycki/NurPhoto through Getty Photos)
Jakub Porzycki | Nurphoto | Getty Photos
Novo Nordisk on Wednesday posted weaker-than-expected web revenue within the second quarter and trimmed its working revenue outlook.
The pharmaceutical large stated its web revenue got here in at 20.05 billion Danish kroner ($2.93 billion) within the three months to the tip of June. A LSEG combination forecast had projected the determine would are available 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 return in between 20% and 28%, fairly than the beforehand anticipated 22% to 30% vary.
Shares of Novo Nordisk tumbled near 7% at one level earlier than paring again losses and had been final down 2.71% at 9:40 a.m. London time.
Within the first quarter of 2024, the Wegovy maker had posted a web revenue improve of 28% to 25.4 billion Danish kroner 12 months on 12 months, barely bumping up its forecasts for gross sales and working revenue development.
Gross sales development expectations had been raised as soon as extra on Wednesday, with the corporate now issuing a steerage of twenty-two% to twenty-eight% at fixed alternate 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 common 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 CEO Lars Fruergaard Jørgensen on Wednesday stated that the corporate was anticipating “engaging development” within the coming months.
“We’re very assured in our means to scale and likewise provide sufferers and ship now stronger development for the second half. So I say fear much less about what occurred particularly in [the second quarter], there was some changes to, to rebates and many others, have a look at our steerage and we imagine there is a very engaging development in entrance of us,” he informed CNBC’s “Road Indicators Europe.”
Novo Nordisk is going through rising competitors within the weight reduction area, each from smaller corporations and from pharmaceutical giants corresponding to Roche, which final month shared promising early-stage trial knowledge from its personal weight problems drug candidate.
Jørgensen stated that early trial knowledge could entice consideration, however wouldn’t impression Novo Nordisk’s enterprise within the quick time period. Pointing to Novo Nordisk’s product pipeline, the CEO stated he was nonetheless “very assured” that the corporate might “maintain competitiveness long run.”
Novo Nordisk’s Wegovy has additionally had promising information in current months. The drug was accepted in China within the second quarter, opening it on the market on the earth’s second largest financial system. Elsewhere, the U.Ok.’s and European Union’s medical regulators stated it was backing Wegovy as a method to reduce dangers of significant coronary heart occasions amongst obese and overweight adults.
