Novo Nordisk Narrows Forecast Amid Strong Demand for Diabetes Treatments

Novo Nordisk reported third-quarter operating profits aligning with expectations and refined its full-year sales. The company's adjusted sales growth forecast stands between 23% to 27%, with operating profit growth predicted between 21% to 27% in local currencies. The demand for GLP-1 diabetes treatments drives this upward trend.

Novo Nordisk, a leader in diabetes treatment, reported third-quarter operating profits on Wednesday that met market expectations, while adjusting its full-year sales and profit guidance. The pharmaceutical giant, known for its popular weight-loss medication Wegovy, now forecasts sales growth for the year to fall within 23% to 27% in local currencies.

This adjustment narrows the previous forecast range of 22% to 28%. Operating profit growth is similarly adjusted, with expectations now placed between 21% and 27%, down from a broader 20% to 28% forecast. These revisions reflect rising demand for Novo Nordisk’s GLP-1-based diabetes and obesity treatments.

CEO Lars Fruergaard Jorgensen attributed the growth to serving a burgeoning patient base. Notably, operating profit for the quarter increased by 26%, reaching 33.8 billion Danish crowns, slightly above analysts' forecasts. The company had adjusted its 2024 sales outlook twice this year but reduced operational profit expectations in August.

(With inputs from agencies.)