(Bloomberg) -- Novo Nordisk A/S joined other major drugmakers in reporting surging sales as patients snapped up diabetes medicines ahead of coronavirus lockdowns.
- Sales rose 16% to 33.88 billion Danish kroner ($4.92 billion) in the first quarter, the Danish pharma company said Wednesday.
Key Insights
- Novo's key diabetes drug Ozempic shows it's still on a strong growth trajectory, beating analysts' sales forecasts.
- Analysts will look closely at the performance of Rybelsus, the tablet version of Ozempic seen as a growth engine in coming years. That drug's sales were in line with estimates.
- Novo maintained its 2020 forecast, showing it expects to withstand any hit from Covid-19.
- Diabetes drugs face pricing challenges, especially in the U.S., and Novo has said it expects that pressure to continue.
Market Reaction
- Novo shares have gained about 11% this year through Tuesday.
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- Read the statement here.
- More details here.
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