Ozempic Sales Are Skyrocketing Faster Than Expected. Here's Why That's Great News for Eli Lilly Stock.
Everything seems to be going right for Novo Nordisk (NYSE: NVO) these days. The big drugmaker reported strong revenue and earnings growth in its second-quarter results. Its shares have jumped more than 50% year to date.
The story continues to get even better. Ozempic sales are skyrocketing faster than expected. That's obviously good for Novo Nordisk. Here's why it's also great news for Eli Lilly (NYSE: LLY) stock, which has soared even more than Novo Nordisk's shares have so far in 2023.
Last week, Novo Nordisk raised its full-year outlook for 2023. The company now projects sales will jump between 32% and 38%, up from its previous guidance of sales growth of 27% to 33%. Novo also anticipates operating profit will increase between 40% and 46%. Its prior forecast was for operating profit growth of 31% to 37%.
Source Fool.com
