Novo Nordisk shares slide as Wegovy sales disappoint

Shares of Novo Nordisk are under pressure on Wednesday after quarterly results, with its blockbuster weight-loss drug Wegovy missing sales expectations due to the company’s bigger discounts to U.S. buyers. Q2 sales of Wegovy surged 55% year-over-year to DKK 11.66B, but still missed consensus estimates of DKK 13.54B. The pharmaceutical giant reported net profit for the quarter of DKK 20.05B, less than the expected DKK 21.28B, according to FactSet. Further, Novo Nordisk lowered its operating profit outlook for full year 2024, with growth now expected between to 20%-28% versus the previous estimate of 22%-30%. Sales growth is now expected to be 22%-28%. In afternoon trading, shares of Novo Nordisk have dropped almost 8% to $120.02.