Novo Nordisk, the maker of weight-loss drug Wegovy, reported a second-quarter adjusted operating profit above forecasts on Tuesday and raised its full-year profit and sales outlook.
Financial Performance
The Danish drugmaker is battling to claw back lost ground on Eli Lilly in the lucrative obesity drug market, as investors look for signs its turnaround can last and its new Wegovy pill can support longer-term growth.
Novo, a key driver of Denmark’s economy, reported an adjusted operating profit of 33.4 billion Danish crowns ($5.15 billion) in the quarter, up 11% year-on-year, against a mean forecast of 28.74 billion from a company-compiled poll.
CEO Mike Doustdar took the helm at Novo a year ago, seeking to steady a group battered by repeated sales shortfalls, a collapse in market value and a wave of job cuts, leaning heavily on the newly launched Wegovy pill to drive a recovery.
Novo is now looking to go more on the offensive. The firm sued Eli Lilly in a U.S. federal court last month, accusing its American rival of false advertising. Lilly has denied any wrongdoing, saying it stands by its advertising.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
