Obesity drugmaker Novo Nordisk misses Q2 profit forecast

LONDON (Reuters) – Novo Nordisk (NYSE:) on Wednesday posted second-quarter operating profit below expectations, raised its 2024 sales forecast but cut profit outlook, as competition from Eli Lilly (NYSE:) in the booming weight-loss drug market intensifies.

The Danish company said it now expects sales growth this year of between 20% and 28% in local currencies, compared to the previously guided range for 19% to 27% growth.

“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,” CEO Lars Fruergaard Jorgensen said in a statement.

But the company lowered its forecast for operating profit growth this year, to between 20% and 28% in local currencies, compared to its previous forecast of 22% to 30%.