Novo Nordisk raises full-year guidance again as U.S. sales of Wegovy, Ozempic fly

COPENHAGEN (Reuters) -Novo Nordisk on Friday raised its outlook for its full-year sales and operating profit for the third time this year, reflecting strong demand for its weight-loss drug Wegovy and diabetes drug Ozempic in the United States.

Novo’s shares rose more than 5% to a record-high on the news, trading 4.4% higher at 1312 GMT.

The Danish drugmaker said it now expects sales growth this year at between 32% and 38%, from a previous forecast of 27%-33%.

It raised its full-year outlook for growth in earnings before interest and tax (EBIT) to 40-46% from the previous 31-37% range.

Novo became Europe’s most valuable company this year on soaring demand for weekly injection Wegovy and its lower-dose version Ozempic.

The new sales outlook for this year 2023 primarily reflects higher expectations for profits related to sales of Ozempic and Wegovy in the United States.

The Copenhagen-based company, which also raised its outlook in April and August, had initially forecast both sales and operating profit to grow by 13%-19% this year.

Sales grew 33% in the first nine months of the year and 38% in the third quarter, it said. Operating profit grew 37% between January and September, with 47% growth in the third quarter.

The company is due to disclose full quarterly numbers on Nov. 2.