Novo Nordisk beats profit estimates as sales of weight loss drug Wegovy more than double

Novo Nordisk surpassed first-quarter profit expectations, driven by a surge in sales of its weight loss drug Wegovy, which more than doubled. The company reported a 28% increase in net profit to 25.4 billion Danish kroner ($3.65 billion), with overall North America sales jumping 35%. The success of Wegovy, now approved in the U.S. for reducing cardiovascular risk in obese individuals, contributed significantly to the company's performance.

Following these robust results, Novo Nordisk has raised its 2024 outlook, expecting sales growth between 19% to 27% and operating growth from 22% to 30%. The company's shares, however, opened 1.45% lower despite the positive financial outcomes. Novo Nordisk continues to face competition in the weight loss treatment market, notably from U.S. firm Eli Lilly, among others.