Novo Nordisk (NYSE:NVO) gained 2% in pre-open trading Friday after raising its sales and earnings outlook for the year amid robust growth of weight loss drugs Ozempic and Wegovy.
The company now sees 2023 sales growth of 32-38%, versus its prior outlook of 27-33%. They see operating profit growth of 40-46%, versus its prior outlook of 31-37%.
Novo said the updated sale outlook is "... primarily reflecting higher full-year expectations for Ozempic® volumes sold in the US and gross-to-net sales adjustments for Ozempic® and Wegovy® in the US."
For the third quarter, sales increased by 33% and operating profit increased by 37%.
The news is also boosting Eli Lilly and Company (NYSE:LLY) shares, which has its own weight loss drug. Eli Lilly stock is up 1% in pre-open trading.