Novo Nordisk forecasts higher profits amid sales surge
Novo Nordisk is performing better than expected, leading to an upgraded revenue forecast in the wake of strong quarterly results. Initially, the Danish pharmaceutical giant expected to increase sales by 17-25% this year but has revised predictions to 19-27%. Sales of diabetes medication grew by 25% in the first quarter, while obesity drug sales spiked by 30%, driven by high demand for diabetes drug Ozempic and obesity drug Wegovy, both based on semaglutide. North America contributed significantly to this growth with a 34% sales increase. Despite efforts to expand production capacity, including acquiring three filling plants from Catalent in February, Novo Nordisk still struggles to meet demand. CEO Lars Fruergaard Jørgensen emphasized the company’s commitment to aiding more patients with diabetes and obesity. The company’s total revenue for the quarter was 65.3 billion DKK, yielding a pre-tax profit of 25.4 billion DKK.