LONDON (Reuters) -Novo Nordisk raised its 2024 outlook on Thursday as it posted first-quarter operating profit above analyst forecasts.
The raised outlook and strong results underscore Wegovy’s success and Novo’s lead in the fast-growing obesity drug market, even as the company faces fierce competition from U.S. rival Eli Lilly.
Novo said it now expects sales growth this year of between 19% and 27% in local currencies, compared to the previously guided range for 18% to 26% growth.
Operating profit growth this year is now seen at between 22% and 30% in local currencies, slightly up from its previous forecast of 21% to 29%.
Novo reported first-quarter earnings before interest and taxation (EBIT) of 31.8 billion Danish crowns, above the 29 billion forecast by analysts in a LSEG poll this week.
(Reporting by Maggie FickEditing by Terje Solsvik)
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