By Dominic Chopping
Danish pharmaceutical company Novo Nordisk AS on Wednesday raised full-year guidance and reported a third-quarter net profit that beat expectations amid strong demand for its diabetes care and obesity treatments.
Net profit rose to 14.41 billion Danish kroner ($1.91 billion) from DKK12.12 billion in the same period last year, beating the DKK13.95 billion forecast by analysts in a FactSet poll.
Sales rose 28% to DKK45.57 billion, against analysts’ expectations of DKK44.5 billion.
Global sales were driven by diabetes and obesity care sales as GLP-1 sales increased by 44% in local currencies, obesity care sales increased by 62% and rare disease sales increased by 4%, partially offset by a 15% decrease in insulin sales, the company said.
Full-year guidance was raised, with the company now expecting 2022 sales growth of 14%-17% from 12%-16% previously, and operating-profit growth of 13%-16% from 11%-15%, both measured in local currencies.
Reported growth in sales is now seen around 10 percentage points higher than in local currencies from 9 percentage points higher previously, while reported operating-profit growth is seen around 15 percentage points higher from around 14 percentage points higher previously.
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