Novo Nordisk Shares Gain On Fourth Quarter Earnings Beat, Stock Repurchase Program - Novo Nordisk (NYSE:NVO)

Novo Nordisk A/S (NYSE: NVO) posted better than expected fourth-quarter earnings but said that sales growth was negatively impacted by COVID-19, driven by fewer patients initiating treatment, due to social-distancing regulations. The company also said that for continuing trials, recruitment of new patients is still below pre-coronavirus levels.
The fourth quarter had strong sales growth within diabetes and obesity care, partially offset by lower insulin sales, fewer new patients due to COVID-19, higher unemployment in the U.S., and COVID-related destocking.
The quarter's net profit rose to DKK 9.32 billion, while sales slipped at a rate of 0.9% to DKK 32.1 billion.
The company expects full-year 2021 annual sales growth of 5% to 9% and operating profit growth of 4% to 8% in local currencies, reflecting sales growth of diabetes-care products Ozempic and Rybelsus as well as growth within obesity care.
The board proposed a final dividend of DKK5.85 a share for 2020 and intends to initiate a new 12-month share repurchase program of up to DKK 17 billion.
NVO shares increased 3.8% at $73.65 in pre-market trading on the last check Wednesday.