Why Novo Nordisk Stock Raced Higher Today
The brightest star in the healthcare stock universe at the moment, Novo Nordisk (NYSE: NVO), enjoyed a nearly 2% bump in its share price on Friday. This followed an encouraging guidance update from the developer of white-hot drugs Wegovy and Ozempic. The stock's rise contrasted positively with the performance of the S&P 500 index, which fell by 0.5% on the day.
Before market open, Novo Nordisk published its business update. For the entirety of 2023, the pharmaceutical company believes its sales will grow by 32% to 38% over the 2022 tally. Previously, it was guiding for improvement of 27% to 33%.
Novo Nordisk also proffered fresh guidance for growth in operating profit. It is now forecasting 40% to 46% growth, well up from the preceding estimate of 31% to 37%. The company did not provide any bottom-line forecasts.
Source Fool.com
