Novo Nordisk has increased its profit and revenue forecasts for the full year, the Danish pharmaceutical company announced. The company is the manufacturer of the weight-loss drug Wegovy.
For the second quarter, Novo Nordisk reported an adjusted operating profit of 33.4 billion Danish kroner, which is approximately 4.5 billion euros. This represents an eleven percent increase compared to the previous year.
Novo Nordisk's adjusted operating profit for the second quarter.
The company's adjusted revenue forecast for the current year has been revised to a maximum decline of six percent, with a best-case scenario of stagnation. This revision follows previous expectations of a revenue decline of up to 12 percent and an earlier forecast of a 13 percent decline.
Novo Nordisk is competing against the US corporation Eli Lilly for dominance in the weight-loss drug market. Some analysts estimate that the market for weight-loss drugs could reach a volume of over 100 billion dollars per year by 2030.
Following the announcement of the data and the new forecast, Novo Nordisk's US-traded American Depositary Receipts (ADR) fell by up to seven percent to 43.70 dollars.
The price of Novo Nordisk ADRs reached a multi-year low of 35 dollars after recovering from the end of March, though the price had climbed above the 50 dollar mark at the end of July.
