Ozempic Maker Novo Nordisk Sinks On Disappointing Earnings Amid Booming Demand For Weight Loss And Diabetes Drugs

Pharma giant Novo Nordisk on Wednesday reported booming demand for its weight loss and diabetes drugs Ozempic and Wegovy, but shares sank after the Danish firm disappointed investors with less-than-expected profits for the second quarter and a slimmed-down profit outlook for the year as it facesNovo Nordisk reported net profit of 20.05 billion Danish kroner in the second quarter of 2024, below consensus analyst estimates but an increase of 3% from the same time last year.

The figure marks an increase of a quarter from the same time period last year, when Novo pulled in $7.9 billion in sales. Overall, Novo said the GLP-1 class made up nearly half of sales in the first quarter, around $5.4 billion, up 33% from the same time last year, and the company raised sales expectations for the full year from 19% to 27% at constant exchange rates to 22% to 28%.

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