3 major takeaways from Novo Nordisk's Q1 earnings
00:00
Seana Smith
Shares of drugmaker Novo Nordisk moving higher after beating Wall Street's profit estimates for the latest quarter. Here with the three biggest takeaways from Novo's earnings, we've got Yahoo! Finance senior reporter Anjalee Khemlani. Anjalee, it's great to have you. It's interesting to see the stock price moving up even though they did trim their outlook, but it seems that was already kind of priced in heading into the print.
00:18
Anjalee Khemlani
Yeah, the company has been one of those that has been under pressure, we know, of course, because of competition heating up with competitor Eli Lilly, and Novo came out saying that they're looking forward to kind of recovering a little bit in the second quarter. So my biggest takeaways from the earnings and also from speaking with CEO Lars Jörgensen, was first of all, looking at that global dominance. So we have the perception of those prescriptions of Lilly's Zepound taking over, but he reminded us that the company does have 72% of global market share. So that's something to keep an eye on. In addition, taking a look at the at the sales for the second half of the year, those compounding products, that has been part of what has pressured the company sales, and they they're looking towards the relief with enforcement from the FDA towards the end of the month to take those compounded products off the market, and that would lead to, hopefully, a regaining of those sales. But they did still cut it down by about 3%, on both ends. So it was 16 to 24 previously, and now the outlook has softened a little bit. And then finally, taking a look at what we have going on with the company's CVS deal, that was a big thing for them, getting that exclusive deal with the formulary. Knocked Lily's stock down last week. But I heard from the CEO that that was actually not their idea. It was CVS pursuing that. They didn't have to do any price concessions, and that's something that they just kind of got as a gift.
02:07
Seana Smith
Wow. I am fascinated by that, and eager to hear more about it in your interview with him. Anjalee, thank you so much. Really appreciate it.
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