Danish pharmaceutical giant Novo Nordisk, maker of the blockbuster diabetes and weight-loss drugs Ozempic and Wegovy, posted Wednesday a slight increase in net profit for the second quarter.
Europe’s most valuable company said its profit after tax reached 20 billion Danish kroner ($2.7 billion) between April and June, up three percent from the same period in 2023 and lower than expected by analysts.
Sales jumped 25 percent to 68 billion kroner.
But Novo Nordisk’s bottom line took a 5.7-billion-kroner hit from the failure of the clinical trial of a hypertension treatment.
The company, however, raised its forecast for the full year as “increased demand” for its diabetes and obesity treatments boosted sales, chief executive Lars Fruergaard Jorgensen said.
“We are pleased with the sales growth in the first half of 2024, which has enabled us to raise the outlook for the full year,” he said in the earning statement.
Net profit was up 16 percent to 45.5 billion kroner in the first six months of 2024 while sales increased by 24 percent to 133.4 billion kroner.
The drug maker said it now expects sales to grow by between 22 and 28 percent in 2024, up from a previous foreast of 19-27 percent.