Novo Nordisk raised its full-year sales growth forecast to a range of zero to negative six percent at constant exchange rates, narrowing a prior projection of minus four to minus twelve percent, as the drugmaker cited stronger anticipated GLP-1 product sales. The update follows last week's stock drop after an experimental heart medicine disappointed in a late-stage trial.
The Copenhagen-based company reported second-quarter adjusted operating profit of 33.4 billion kroner, an 11 percent increase at fixed exchange rates, while revenue reached 78.5 billion kroner. Net profit of 21 billion kroner fell short of analyst estimates that had averaged 28.7 billion kroner, weighed down by 6.3 billion kroner in pipeline impairments including 4 billion kroner tied to monlunabant.
Novo Nordisk, competing against Eli Lilly in the lucrative obesity and diabetes market, saw its U.S.-listed shares fall roughly six percent following the release.