Novo Nordisk saw revenues drop 4% in the second quarter as the diabetes segment stumbled, but reported solid performance for some of its key brands.
Although sales fell to $4.3 billion, profits rose by 4% to $1.6 billion. The company saw strong sales of Victoza (up 6% to $888 million), Xultrohpy (up 154% to $112 million) and Saxenda (up 40% to $138 million), while the launch of non-insulin medicine Ozempic is off to a good start in North America, bringing in $41 million in the first half of the year.
But sales sales for the diabetes segment were down 4% to $3.5 million, which the company said reflected lower sales in North America and for Tresiba and Levemir, who saw sales fall 4% and 10% respectively.
Novo Nordisk said it now forecasts growth in operating profit for the year to be 7% lower, up from earlier expectations of 9%, with operating profit itself increasing between 2% and 5%. The company still expects sales growth of between 3%-5%.
The company also said that it would be disconuininf phase 1 development of obesity drug FGF-21 following a review of its obrsity portfolio. The said that the decision was not due to any major safety issues, and that it will pursue clinical development of the drug in other serious chronic diseases.