Novo brought in 65.3 billion Danish kroner ($9.4 billion) in net sales during the first three months of 2024, up around 22% on the same period last year.
The company reported net profit of 25.4 billion Danish kroner ($3.65 billion), a 28% year-on-year rise.
Novo’s diluted earnings per share of 5.68 Danish kroner ($0.82) mark a 29% increase from the 63 cents per share reported this time last year.
Both earnings per share and revenue comfortably beat analyst estimates of 75 cents per share and $9.1 billion, respectively, according to FactSet.
Novo raised its outlook for 2024, expecting sales growth of 19% to 27% and operating profit growth between 22% and 30%, ranges that are both one percentage point higher than previous forecasts.
Novo Nordisk shares were down nearly 2% during trading in Copenhagen on Wednesday morning.
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