Novo Nordisk shares tumbled more than 6% on Tuesday after the company unexpectedly released its second-quarter earnings a day ahead of schedule. The Danish drugmaker beat sales forecasts and raised its full-year guidance, partly on the back of its oral Wegovy pill.
Novo Nordisk stock tumbled more than 6% to 43.90 on Tuesday after the obesity-drug maker unexpectedly released its second-quarter results a day early.
The company reported roughly $12.1 billion in sales, easily topping forecasts for $10.89 billion according to FactSet. That result came in part on the strength of its new Wegovy pill, which has reached more than 5 million prescriptions in the U.S. since its launch.
Novo also hiked its guidance for the year. Brian Mulberry, chief market strategy at Zacks Investment Management, said management believes far more users will prefer the oral option over injections, which could unlock 30-40% growth into next year.
Source: Investor's Business Daily
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