Novo Nordisk (NVO) stock eased a fraction early Thursday after the weight-loss drugs leader reported adjusted income of 81 cents per share on $9.36 billion in first-quarter sales.
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On average, analysts surveyed by FactSet expected Novo to earn 75 cents a share on $9.13 billion in sales. Notably, weight-loss drug Wegovy soared 106%, to $1.35 billion. That was below analyst expectations for $1.5 billion. Sales of diabetes treatment Ozempic ramped 42% higher.
In the year-earlier period, Novo earnings were 65 cents per share and the company reported $7.88 billion in sales.
Sales in North America climbed 35% during the first quarter, boosted by regulatory approval during the quarter for Wegovy to be used in cardiovascular risk reduction for people with obesity.
For the year, Novo Nordisk raised its revenue guidance to between 19% and 27%. It lifted its operating profit target to a range of 22% to 30%, up from 21% to 29%.
In premarket trading on today’s stock market, Novo Nordisk stock dipped 0.7%. The MarketSurge stock chart shows a flat base with a buy point at Novo’s March 7 record high of 138.28.
More to follow.
Alan Elliot contributed to this article. Follow Allison Gatlin on X, the platform formerly known as Twitter, @IBD_AGatlin.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
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