In this illustration photo taken at a pharmacy in Krakow, Poland, on April 8, 2024, Novo Nordisk Wegovy packaging manufactured by Novo Nordisk is seen. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
Jakub Porzycki | Only photo |
Novo Nordisk reported weaker-than-expected second-quarter net profit on Wednesday and revised down its operating profit forecast.
The pharmaceutical giant said its net profit for the three months to the tip of June was 20.05 billion Danish kroner ($2.93 billion), compared with an overall forecast by LSEG of 20.9 billion Danish kroner.
EBIT (earnings before interest and taxes) amounted to DKK 25.93 billion within the second quarter, also below the LSEG forecast of DKK 26.86 billion.
Novo Nordisk also lowered its operating profit forecast for the complete yr 2024, Growth is now expected to be between 20 and 28 percent as a substitute of the previously expected range of twenty-two to 30 percent.
In the primary quarter of 2024, the Wegovy maker reported a 28% increase in net profit to DKK 25.4 billion year-on-year, barely increasing its forecasts for sales and operating profit growth.
Expectations for sales growth were raised again on Wednesday. The company now issued a forecast of twenty-two to twenty-eight percent at constant exchange rates for the complete yr 2024. Previously, the sales growth forecast for this era had been estimated at 19 to 27 percent.
Sales of the favored weight-loss drug Wegovy increased by 55% within the second quarter of 2024 in comparison with the identical period in 2023, reaching 11.66 billion crowns.
Novo Nordisk faces increasing competition within the weight-loss space from each smaller firms and pharmaceutical giants comparable to Roche, which last month released promising results from early-stage testing of its own potential obesity drug.
Novo Nordisk’s Wegovy has also brought promising news in recent months. The drug was approved in China within the second quarter, making it available on this planet’s second-largest economy. Elsewhere, British and European health authorities said they’d back Wegovy since it could reduce the danger of significant heart problems in obese and obese adults.
This breaking news story will probably be updated.
