Revenues for its blockbuster Wegovy obesity drug rose 67% to 19.53 billion Danish kroner in the three months to the end of June, slightly below the 20 billion Danish kroner forecast by analysts in an LSEG poll.<\/p>\n
Shares were down 1.2% by 10:07 a.m. London time (5:07 a.m. ET).<\/p>\n
Overall sales rose 13% year-on-year at constant exchange rates to 76.86 billion Danish kroner ($11.92 billion) over the period, just ahead of the 76.6 billion Danish\u00a0kroner analysts forecast.<\/p>\n
Quarterly net profit came in at 26.5 billion Danish kroner, versus 26.6 billion Danish kroner expected.<\/p>\n
The Danish drug maker reiterated its full-year outlook after last week slashing its guidance on weaker second-half U.S. sales growth forecasts for Wegovy and its Ozempic diabetes treatment.<\/p>\n
The company now expects annual sales growth of 8% to 14% at constant exchange rates, along with annual operating profit growth of 10% to 16%.<\/p>\n
Novo Nordisk also said that it would cut costs and sharpen its commercial focus after the company’s share price took a beating on last week’s announcement, extending prolonged declines since its June 2024 peak.<\/p>\n
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Novo Nordisk.<\/p>\n
“We are taking measures to sharpen our commercial execution further, and ensure efficiencies in our cost base while continuing to invest in future growth,” outgoing President and CEO Lars Fruergaard J\u00f8rgensen said in a statement accompanying the results.<\/p>\n
Incoming CEO Maziar Mike Doustdar, whose appointment comes into effect Thursday, said last week that he was assuming the role with “a sense of urgency, a laser focus on high performance, and a fierce determination for Novo Nordisk to aim higher than it’s ever done.”<\/p>\n
Fruergaard J\u00f8rgensen’s surprise ouster in May took place as the company has been battling softer U.S. sales amid increased competition from compounded drug makers and major rival Eli Lilly. Disappointing trial results<\/a>\u00a0for its next-generation obesity drug candidate, CagriSema, have added to the company’s woes.<\/p>\n The wider pharmaceutical industry is facing the prospect of significant White House tariffs \u2014 which U.S. President Donald Trump said Tuesday could run as high as 250%<\/a> \u2014 and pressure from the administration to lower domestic drug prices.<\/p>\n