By Dominic Chopping

Danish pharmaceutical company Novo Nordisk AS posted a forecast-beating rise in third-quarter net profit amid strong demand for its diabetes care as well as its new obesity treatment.

Net profit rose to 12.12 billion Danish kroner ($1.89 billion) from DKK10.3 billion, above the DKK11.54 billion forecast by analysts in a FactSet poll.

Sales rose 15% to DKK35.62 billion, against analysts' expectations of DKK34.58 billion.

The company last week pre-released third-quarter earnings and guidance to reflect higher than expected market share gains in its Ozempic glucagon-like peptide-1 drug (GLP-1) for treating type 2 diabetes, GLP-1 market growth and obesity-care sales, mainly in the U.S.

Novo Nordisk said the board has approved an expansion of the 2021 share repurchase programme by DKK2.0 billion to DKK20 billion.

"In the U.S., the initial demand for [obesity drug] Wegovy has significantly exceeded our expectations, underscoring the high unmet need for people living with obesity," Chief Executive Lars Fruergaard Jorgensen said.

Full-year guidance was raised in the pre-release to sales growth of 12%-15% and operating profit growth of 12%-15% in local currencies.

Reported growth in sales is now seen around three percentage points lower than in local currencies, while reported operating profit growth is now seen around four percentage points lower.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

11-03-21 0338ET