Flags with the logos of Danish drugmaker Novo Nordisk, maker of the blockbuster diabetes and weight-loss treatments Ozempic and Wegovy are pictures while the company presents the annual report at Novo Nordisk in Bagsvaerd, Denmark, on February 5, 2025.
Mads Claus Rasmussen | Afp | Getty Images
Novo Nordisk on Wednesday reported a better-than-expected rise in net profit but lowered its full-year sales growth forecast amid weaker sales of its blockbuster Wegovy weight loss drugs.
The Danish pharmaceutical giant’s net profit came in at 29.03 billion Danish kroner ($4.4 billion) for the three-month period to the end of March, ahead of the 27.8 billion Danish kroner forecast by analysts in an LSEG poll.
Sales of the company’s popular Wegovy obesity drug hit 17.36 billion Danish kroner over the period, slightly below the 18.51 billion Danish kroner anticipated by analysts in a Factset poll Tuesday.
Overall revenues at the company — which also produces diabetes and rare disease treatments — came in at 78.09 billion Danish kroner versus an expected 78.18 million Danish kroner.
For 2025, the company now sees sales growth of 13% to 21% at constant exchange rates, below the 16% to 24% previously forecast in February.
The results come amid runaway demand for the drug maker’s blockbuster GLP-1 weight loss treatments, which work by mimicking a hormone called glucagon-like peptide-1 to suppress appetite.
However, the company has struggled to shake negative sentiment following a series of disappointing trial results for its next-generation obesity drug candidate CagriSema.
The earnings also come as competition heats up in the weight loss drug market, with pharma firms including Roche, AstraZeneca and AbbVie all currently developing potential new candidates.
Novo’s key U.S. rival Eli Lilly on Thursday reported an expectation-beating 45% rise in first-quarter sales, though revenues for its popular weight-loss drug Zepbound came in slightly lower than expected on lower drug pricing. The U.S. drugmaker also lowered its full-year profit guidance due to charges related to a recent cancer treatment deal, sending shares lower.
This is a developing story. Please check back for updates.
