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Novo Nordisk on Wednesday published second-quarter operating revenue listed below assumptions, increased its 2024 sales projection however cut revenue expectation, as competitors from Eli Lilly in the growing weight-loss medicine market magnifies.
Operating revenue in the quarter increased 8% at continuous currency exchange rate to 25.9 billion Danish crowns ($ 3.8 billion) compared to the 27.3 billion anticipated by experts in a LSEG survey and Novo’s Frankfurt-listed shares dropped 3.2% after market opening.
The Danish firm claimed it currently anticipated sales development this year of in between 22% and 28% in neighborhood money, contrasted to the formerly directed array for 19% to 27% development.
” We are pleased with the sales development in the very first fifty percent of 2024, which has actually allowed us to elevate the expectation for the complete year,” chief executive officer Lars Fruergaard Jorgensen claimed in a declaration.
However the firm decreased its projection for operating revenue development this year, to in between 20% and 28% in neighborhood money, contrasted to its previous projection of 22% to 30%.
Novo finished an innovative kidney condition test in June, which led to a disability loss of 5.7 billion Danish crowns, which the firm claimed influenced operating revenue.
The worse-than-expected second-quarter revenues might grow capitalist fears that Novo’s first-mover benefit in the fast-growing excessive weight medicine market goes to danger.
Sales of Wegovy, Novo’s first-to-market weight-loss medicine, likewise was available in weak than anticipated. Sales increased 53% to 11.66 billion crowns contrasted to the 13.54 billion anticipated by experts in a company-compiled agreement.
Some experts anticipate the excessive weight medicine market can be worth regarding $150 billion by the very early 2030s.
Capitalists are eager to learn through even more from Novo – Europe’s the majority of useful noted firm worth regarding $550 billion – on Wednesday regarding when it anticipates to dramatically enhance materials of Wegovy in the united state and finish scarcities as competing Lilly quickly constructs market share.
The firm is investing billions of bucks to enhance manufacturing of Wegovy to satisfy runaway need and repel Lilly, which introduced its competing treatment Zepbound in the united state in December in 2015.
($ 1 = 6.8402 Danish crowns)
( Coverage by Maggie Fick; Editing And Enhancing by Terje Solsvik and Tomasz Janowski)
