Denmark’s Novo Nordisk, the planet’s biggest maker of diabetes drugs, reported first-quarter operating profit above expectations on Wednesday along with raised the lower end of its 2018 sales along with profit forecast.
Operating profit fell 8 percent to 12.4 billion Danish crowns ($2.00 billion) inside January to March quarter compared using a year ago, hit by the depreciation of the U.S. dollar, yet beat an average 11.8 billion crown forecast in a Reuters poll of analysts.
With its traditional insulin treatments inside firing line due to U.S. cost pressure, Novo Nordisk is actually pinning hopes for growth on fresh obesity drugs along using a once-weekly injection along with tablet variation of its semaglutide drug.
Novo Nordisk said the initial feedback for its Ozempic diabetes drug, known generically as semaglutide, was positive along with that will the formulary coverage was “progressing well”.
Novo Nordisk hopes that will Ozempic, launched in February, will take market share via Eli Lilly’s Trulicity, which has cut into sales of Novo Nordisk’s once-daily Victoza.
Novo right now expects 2018 sales growth of 3-5 percent compared with 2-5 percent previously along with operating profit growth of 2-5 percent via 1-5 percent, both measured in local currencies.
Sales growth along with operating profit growth reported in Danish kroner are right now likely to be 6 along with 9 percentage points lower than in local currencies, respectively, compared using a previous forecast of 7 along with 10 percentage points lower.