Novo Nordisk's Q1 Sales Buoyed By GLP-1 Products, Lifts FY21 Guidance - Novo Nordisk (NYSE:NVO)

Denmark’s Novo Nordisk A/S NVO raised its financial forecast after reporting strong first-quarter sales and earnings.
The company says the sales were still hit by the effect of patients and wholesalers stocking up on drugs last year in preparation for the COVID-19 pandemic, inventory changes, and the timing of shipments had offset that in the first quarter.
On a constant currency basis, sales rose 7% Y/Y to DKK 33.8 billion but came in flat on a reported basis.
“Sales growth was driven by all therapy areas and across geographical areas,” said CEO Lars Fruergaard Jorgensen.
Revenues were driven by a 13% rise in sales of its GLP-1 products, offsetting a 7% overall drop in insulin sales.
Sales of its recently launched once-daily diabetes pill Rybelsus grew 247% to DKK 729 million.
Operating profit came in at 14.98 billion, 8% Y/Y down on a reported basis but 3% higher on a constant currency basis.
Novo Nordisk expects FY21 sales growth in local currencies between 6% and 10%, up from a previous forecast of 5% to 9%, and operating profit growth in constant currencies of 5% to 9%, up from an earlier estimate of 4% to 8%.
In Danish crowns, Novo still forecasts sales growth to be 4% lower than in local currencies and operating profit growth 6% lower than in local currencies.
The company said its ongoing share buyback program would be expanded to DKK 18 billion.
See Q1 earnings presentation here.
Last month, the company will launch a Phase 3a study in obesity in the second half of 2021, planning to measure a 50 mg semaglutide pill compared to a placebo.
Price Action: NVO shares were up 2.5% at $75.98 in the premarket trading on the last check Wednesday.

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