Novo raises full-year outlook as Wegovy pill sales impress

Novo Nordisk reported third-quarter earnings above expectations, helped by strong sales of its Wegovy pill, and raised its full-year outlook. The results suggest the Danish drugmaker is gaining sales momentum as it tries to compete with Eli Lilly in the growing weight-loss treatment market.

Revenue reached 79.2 billion Danish kroner, up 4% year on year at constant exchange rates, while adjusted operating profit was 31.7 billion kroner. Novo now expects adjusted revenue and operating profit growth of between -2% and 2%, compared with its previous forecast of -6% to flat. Shares rose by as much as 6% in early trading; the company said it held 80% US market share, and investors are watching its planned CagriSema launch amid questions about how it will fare against Lilly’s drugs.