Novo Nordisk Shares Fall After Q2 Earnings Despite Raised Annual Outlook

Novo Nordisk A/S NVO reported Q2 sales of DKK41.27 billion, +25% Y/Y (+15% on a constant currency basis).
Operating profit increased by 24% and (+10% at CER) to DKK18.39 billion. Net profit increased 10% to DKK13.32 billion.
"We are very pleased with the sales growth in the first half of 2022. The growth is driven by increasing demand for GLP-1-based diabetes treatments, especially Ozempic," Chief Executive Lars Fruergaard Jorgensen said in a statement.
Also Read: Novo Nordisk Doubles 2025 Sales Target On Strong Wegovy Demand.
Sales of Wegovy declined to DKK1.2 billion in Q2 from DKK1.4 billion in the previous quarter. Overall, sales of obesity drugs grew 83% in the second quarter compared to a year ago.
Investors are reacting as the company expects to make all dose strengths of Wegovy available in the U.S. "towards the end of 2022", compared to the second half of 2022 that was projected earlier.
Guidance: Novo Nordisk expects sales growth of 12-16% at constant exchange rates, up from a previous estimate of 10-14%.
It sees operating profit up 11-15%, versus an earlier estimate of 9-13%.
Price Action: NVO shares are down 11.6% at $101.21 during the market session on the last check Wednesday.