By Dominic Chopping


Danish pharmaceutical company Novo Nordisk AS on Friday expanded its share-buyback program and raised guidance after posting a forecast-beating first-quarter net profit amid strong demand for its diabetes care and obesity treatments.

Net profit rose to 14.21 billion Danish kroner ($2 billion) from DKK12.62 billion in the same period last year, beating the DKK12.79 billion forecast by analysts in a FactSet poll.

Sales rose 24% to DKK42.03 billion, against analysts' expectations of DKK39.22 billion.

The company said it is expanding its current share-buyback program by DKK2 billion to DKK24 billion.

In December, a contract manufacturer filling syringes for its weight-loss injectable medicine Wegovy in the U.S., temporarily stopped manufacturing following quality standards issues. The manufacturer has now reinitiated commercial production and Novo Nordisk said it expects to make all Wegovy dose strengths available in the U.S. during the second half of 2022.

Full-year guidance was raised, with the company now expecting 2022 sales growth of 10%-14% from 6%-10% previously, and operating-profit growth of 9%-13% from 4%-8%, both measured in local currencies.

Reported growth in sales is now seen around seven percentage points higher than in local currencies from five percentage points higher previously, while reported operating-profit growth is seen around 11 percentage points higher from around seven percentage points higher previously.


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


(END) Dow Jones Newswires

04-29-22 0426ET