Novo Nordisk Joins Other Drugmakers With Gains on Virus Stockpiling

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(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.

Get More

  • Read the statement here.
  • More details here.

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