Novo Nordisk cuts profit guidance
Danish pharma major Novo Nordisk (NOV: N) was trading nearly 4% lower on Wednesday afternoon after earlier presenting its latest quarterly financial results and guidance for the rest of 2024.
The firm’s second quarter sales jumped by 25% to 68.06 billion Danish kroner ($19.53 billion). But this rise was below the 26% increase expected by analysts, a miss blamed on lower-than-expected sales of the weight loss product Wegovy (semaglutide).
Analysts expected the drug to generate around 13.6 billion kroner during the quarter, but in fact it raised 11.66 billion kroner. Competition from Eli Lilly (NYSE: LLY), pricing pressure and supply issues are believed to be behind the stagnation.
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