Novo Nordisk's Wegovy weight loss drug sales soar 67% in second quarter

Sales of Novo Nordisk's blockbuster Wegovy weight loss drug surged in the second quarter, the company said in its latest report, as it pledged to reduce costs after stock losses.

Overall revenues rose 13% year-on-year at constant exchange rates to 76.86 billion Danish kroner ($11.92 billion) in the three months to the end of June, just ahead of the 76.6 billion Danish kroner forecast.

Sales of its blockbuster Wegovy obesity drug rose 67% over the period to 19.53 billion Danish kroner, slightly below the 20 billion Danish kroner analysts had forecast.

Quarterly net profit came in at 26.5 billion Danish kroner, versus 26.6 billion Danish kroner analysts expected.

The Danish drug maker reiterated its full-year outlook after last week slashing its guidance on weaker second-half U.S. sales growth forecasts for Wegovy and its Ozempic diabetes treatment. The company now expects annual sales growth of 8% to 14% at constant exchange rates, along with annual operating profit growth of 10% to 16%.

Novo Nordisk also said that it would cut costs and sharpen its commercial focus after the company's share price took a beating on last week's announcement, extending prolonged declines since its June 2024 peak.

"We are taking measures to sharpen our commercial execution further, and ensure efficiencies in our cost base while continuing to invest in future growth," outgoing President and CEO Lars Fruergaard Jørgensen said in a statement accompanying the results.

Incoming CEO Maziar Mike Doustdar, whose appointment comes into effect Thursday, said last week that he was assuming the role with "a sense of urgency, a laser focus on high performance, and a fierce determination for Novo Nordisk to aim higher than it's ever done."

This is a developing story. Please check back for updates.