Novo Nordisk Beats Q1 Forecasts, Raises Guidance

Copenhagen-based pharmaceutical company Novo Nordisk reported first-quarter results that exceeded analyst expectations on Wednesday, prompting the firm to raise its full-year guidance amid strong demand for its new oral weight-loss pill, Wegovy. Shares rose as much as 9 percent in early trading.

The company posted sales of 96.8 billion Danish kroner ($15.2 billion) for the quarter ended March 31, a 32 percent increase on a reported basis. That figure included a 4.2 billion kroner one-time gain from reversing a provision tied to a U.S. government drug pricing program. Adjusted sales fell 4 to 10 percent, while adjusted operating profit declined 6 to 15 percent but still topped forecasts at 32.86 billion kroner, surpassing the expected 28.74 billion kroner.

Novo Nordisk attributed the performance to its Wegovy pill, launched in the United States on January 5. The tablet generated 2.26 billion kroner ($355 million) in sales, nearly double analyst projections. The company described the debut as the strongest launch for any obesity drug in the U.S. market, with more than 2 million prescriptions filled since rollout, including 1.3 million in the first quarter. Weekly prescriptions...