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 by way of Getty Photographs)
Jakub Porzycki | Nurphoto | Getty Photographs
Novo Nordisk on Wednesday posted weaker-than-expected internet revenue within the second quarter and trimmed its working revenue outlook.
The pharmaceutical big mentioned its internet revenue got here in at 20.05 billion Danish kroner ($2.93 billion) within the three months to the top of June. A LSEG mixture 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 progress was now anticipated to come back in between 20% and 28%, relatively than the beforehand anticipated 22% to 30% vary.
Shares of Novo Nordisk tumbled near 7% at one level earlier than paring again losses and have been final down 2.71% at 9:40 a.m. London time.
Within the first quarter of 2024, the Wegovy maker had posted a internet 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 progress.
Gross sales progress expectations have been raised as soon as extra on Wednesday, with the corporate now issuing a steerage of twenty-two% to twenty-eight% at fixed trade charges for full-year 2024. The gross sales progress outlook for the interval had been penciled in at 19% to 27% beforehand.
Gross sales of in style 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 mentioned that the corporate was anticipating “enticing progress” within the coming months.
“We’re very assured in our means to scale and in addition provide sufferers and ship now stronger progress 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 so on, have a look at our steerage and we imagine there is a very enticing progress in entrance of us,” he informed CNBC’s “Avenue Indicators Europe.”
Novo Nordisk is going through rising competitors within the weight reduction house, each from smaller firms and from pharmaceutical giants corresponding to Roche, which final month shared promising early-stage trial knowledge from its personal weight problems drug candidate.
Jørgensen mentioned that early trial knowledge might appeal to consideration, however wouldn’t influence Novo Nordisk’s enterprise within the brief time period. Pointing to Novo Nordisk’s product pipeline, the CEO mentioned 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 authorised in China within the second quarter, opening it on the market on the planet’s second largest financial system. Elsewhere, the U.Ok.’s and European Union’s medical regulators mentioned it was backing Wegovy as a approach to reduce dangers of great coronary heart occasions amongst obese and overweight adults.
