Benzinga | Oct 29, 2021 02:29PM EDT

Novo Nordisk Boosts FY21 Outlook After Solid Q3 Sales

* Novo Nordisk A/S (NYSE:NVO) raised its forecast for sales and operating profit for FY21 after strong sales in Q3.

* The company expects sales and operating growth of 12-15%, up from the previous expectations of 10-13% and 9-12%, respectively.

* "The updated outlook is reflecting higher than expected Ozempic market share gains, GLP-1 market growth, and obesity care sales, mainly in the U.S," the company said in a statement.

* Ozempic is the name of Novo's new once-weekly injectable treatment. It belongs to the GLP-1 class of drugs, which imitate an intestinal hormone that stimulates insulin production.

* Sales rose 15% in Q3 while operating profit rose 19%.

* Related Read: Novo Nordisk Shares Are Trading Higher As GLP-1 Treatments Boost Q2 Topline, Bottom-line.

* Novo Nordisk will publish a complete set of quarterly results on November 3.

* Price Action: NVO shares are up 2.03% at $109.83 during the market session on the last check Friday.