Novo Nordisk reported a softer-than-expected quarter, which CFO Karsten Knudsen told Yahoo Finance is just a blip.
) stock slid Wednesday morning after the company lowered its operating profit outlook for the year. Manufacturing constraints and increased competition continue to weigh on the company.
The sales outlook reflects ongoing demand for the company's top-selling GLP-1 products, diabetes drug Ozempic and weight-loss drug Wegovy.Sales of Ozempic were up 31% year over year, coming in at $4.2 billion, or over half of the $7.4 billion of total diabetes care sales. Wegovy sales, meanwhile, were up 55%, coming in at $1.7 billion, or a majority of the $2 billion in sales for the obesity portfolio. Wegovy sales missed analyst estimates of over $2 billion.
Still, the company also reported another Wegovy concern, delaying filing for label expansion for Wegovy as a treatment for a certain type of heart failure until early next year. And both are working feverishly to increase production and pull the products off the shortage list. The FDA recently took both Eli Lilly's drugs
Eli Lilly Karsten Munk Knudsen
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