Danish pharma giant Novo Nordisk raised its 2024 outlook and beat first-quarter profit expectations in its first-quarter earnings report Thursday morning, amid a frenzied rush to match booming consumer demand for its popular weight loss and diabetes drugs Ozempic and Wegovy.Novo brought in 65.3 billion Danish kroner in net sales during the first three months of 2024, up around 22% from the same period last year.Novo’s diluted earnings per share of 5.
Both earnings per share and revenue comfortably beat analyst estimates of 75 cents per share and $9.1 billion, respectively, according to FactSet. Novo raised its outlook for 2024, expecting sales growth of 19% to 27% and operating profit growth between 22% and 30%, ranges that are both one percentage point higher than previous forecasts.Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines.