Novo Nordisk shares rise on fourth-quarter profit beat, Wegovy sales jump
Shares of Novo Nordisk rose on Wednesday after the company reported better-than-expected net profit in the fourth quarter amid soaring demand for its Wegovy obesity drugs, but forecast a slight slowdown in sales for 2025.
Net profit at the Danish pharmaceutical behemoth rose 29% annually to 28.23 billion Danish kroner ($3.98 billion) in the fourth quarter, versus the 26.09 billion Danish kroner anticipated by analysts in a Factset poll late Tuesday.
Full-year net profit climbed 21% to 100.99 billion Danish kroner, also beating estimates of 99.14 billion Danish kroner for 2024.
The drug maker posted a 107% year-on-year increase in Wegovy sales to 19.87 billion Danish kroner ($2.76 billion) in the three months to the end of December, slightly missing the 20.02 billion Danish kroner forecast by analysts.
Novo Nordisk shares pared gains slightly to trade up 3.1% by 11:15 a.m. London time. Shares of obesity drug rival Eli Lilly, meanwhile, were up 1.7% in premarket trade.
Speaking to CNBC Wednesday, CEO and President Lars Fruergaard Jørgensen said that the company now expects to be able to bring a weight loss pill to the U.S. market before Eli Lilly. Both Novo Nordisk and Eli Lilly's current weight loss treatments are administered via injection, but oral formats are considered the next frontier in expanding patient accessibility.
"We actually think we can compete in the U.S. market with tablet-based treatment before Lilly can launch," Jørgensen told CNBC's Silvia Amaro.
Jørgensen said that Novo Nordisk would submit its oral treatment for U.S. regulatory approval "within a couple of months" with a view to launching next year. Lilly is currently developing an oral obesity pill, Orforglipron, which it said last month could receive