Novo’s earnings report sends shares up, as obesity drug sales show continued growth

LONDON — Sales of Novo Nordisk’s obesity drug Wegovy jumped in the third quarter, the company said Wednesday as it reported quarterly profits that were in line with analyst expectations.

Novo’s third quarter performance will be seen as a win for the company, particularly after Eli Lilly — its rival in the booming obesity drug market — reported earnings last week that fell below forecasts. Novo shares were up more than 7% in early trading Wednesday.

Quarterly profit for the Danish pharma company reached 33.8 billion Danish kroner ($4.88 billion), compared to forecasts of 33.5 billion kroner, according to consensus data compiled by Visible Alpha. Sales of Wegovy reached 17.3 billion kroner ($2.5 billion), versus expectations of 15.8 billion kroner. Overall, the company’s obesity care business was up 44%.

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