Novo Nordisk narrows 2024 guidance range, Q3 in line with expectations

COPENHAGEN (Reuters) -Weight-loss and diabetes drugmaker Novo Nordisk (NYSE:NVO) on Wednesday posted third-quarter operating profit in line with expectations and narrowed its full-year sales and profit guidance range.

The maker of popular weight-loss drug Wegovy said it now expects sales growth this year of between 23% and 27% in local currencies, compared to the previously guided range for 22% to 28% growth.

Operating profit growth this year is now seen at between 21% and 27% in local currencies, compared to its previous forecast of 20% to 28%.

Novo Nordisk has raised its 2024 sales growth outlook twice since the beginning of the year. In August, however, the company cut its expectations for operating profit growth.

“The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before,” CEO Lars Fruergaard Jorgensen said in a statement.

Novo said operating profit between July and September rose 26% to 33.8 billion Danish crowns ($4.86 billion) compared with 33.6 billion forecast by analysts in a poll gathered by the company.