Lede

Novo Nordisk has increased its full-year sales and operating profit outlook at constant exchange rates, driven by strong sales growth of weight-loss drug Wegovvy in the first quarter.

Summary

• Novo Nordisk has raised its forecast for full-year sales and operating profit at constant exchange rates.
• In Q1, the company's operating profit increased by 28% on sales growth of 25% at constant exchange rates.
• The increase in operating profit and sales outlook is mainly attributed to the prescription trends for weight-loss drug Wegovvy.
• Novo Nordisk now expects operating profit growth between 28% and 34% on sales growth between 24% and 30%, compared to its earlier view of 13% to 19% growth in both operating profit and sales for the year.
• Credit Suisse upgraded the stock earlier, citing Ozempic growth acceleration and Wegovy re-launch as contributing factors to the positive outlook.