Wegovy pill sales smash forecasts after launch as Novo Nordisk hikes guidance

Overall, however, the Q1 results were better than official expectations. Novo Nordisk received USD 4.2 billion in revised 340B programme-related provisions during the quarter, which significantly lifted both sales and earnings relative to expectations.

Adjusting for this effect, revenue landed at around DKK 70 billion, roughly 1% above expectations. Operating profit came in at DKK 32.8 billion, around 12% better than expected.

There were both positive and negative surprises across the report, but the three most important products - Ozempic, Wegovy and the Wegovy pill - all delivered positive surprises.

The Wegovy pill is the clear highlight of today’s report. According to Bloomberg consensus, expectations yesterday were for Q1 sales of just under DKK 800 million. Novo Nordisk delivered sales of more than DKK 2.2 billion, significantly above expectations. This makes the investment case around the pill launch the key factor that could support the share price today.

In summary, Novo Nordisk has delivered a solid Q1 report, with the Wegovy pill standing out as the main positive surprise. The guidance upgrade is also good news, but since it was largely expected, the modest 1 percentage point increase may be seen as slightly disappointing. It also suggests that competition from key rival Eli Lilly is likely to remain intense for the rest of the year, while uncertainty around Novo Nordisk’s future growth remains elevated.

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