Novo posted quarterly earnings ahead of expectations early Wednesday as sales of its Wegovy pill blew past estimates.
The Danish weight-loss drug maker is looking to regain momentum following a tumultuous year in which it fell behind rival Eli Lilly.
The company updated its outlook to now see adjusted revenue and operating profit growth of between negative 2% and 2% at constant exchange rates. It previously saw full-year sales and operating profits, which it hiked in August, at negative 6% to flat for both metrics.
Sales in the third quarter came in at 79.2 billion Danish kroner ($11.9 billion), up 4% year-on-year at constant exchange rates and ahead of FactSet estimates of 73.6 billion kroner. Adjusted operating profit (EBIT) was 31.7 billion kroner, compared with the expected 28.6 billion kroner.
While Novo pioneered the GLP-1 weight-loss drugs now used by around 10% of Americans, it has struggled to keep the momentum going as chief rival Eli Lilly quickly caught up and surpassed Novo in their by far biggest market, the U.S. Several other pharma companies are also eyeing entry into the lucrative market.
Investors are now laser-focused on the pair’s next-generation weight-loss drugs, and whether they can treat obesity-linked diseases such as heart and kidney conditions, sleep apnea and arthritis.
Novo said sales of its Wegovy pill, launched earlier this year, totaled 5.4 billion kroner, compared with the roughly 4.5 billion kroner analysts expected.
Sales of injectable Wegovy and diabetes treatment Ozempic were 20.4 billion kroner and 29.7 billion kroner, respectively, also above expectations.
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