LONDON: Novo Nordisk (NOVOb.CO), opens new tab raised its 2024 outlook on Thursday and delivered better-than-expected quarterly profits as the Danish drugmaker races to boost output of its hugely popular weight-loss drug Wegovy and fend off competition from rival Eli Lilly.

The small raise to the outlook and forecast-beating results underscore Wegovy's success and Novo's lead in the fast-growing obesity drug market, which analysts have estimated could be worth as much as $100 billion by the end of the decade.

Novo's growth on the back of the phenomenal success of Wegovy has nonetheless been held back by its ability to meet runaway demand for the weekly injection.

The company said it now expects sales growth this year of between 19% and 27% in local currencies, compared to the previously guided range for 18% to 26% growth.

Operating profit growth this year is now seen at between 22% and 30% in local currencies, slightly up from its previous forecast of 21% to 29%.

Novo reported first-quarter earnings before interest and taxation (EBIT) of 31.8 billion Danish crowns ($4.57 billion), above the 29 billion forecast by analysts in a LSEG poll this week and up 27% from a year ago.

Sales of Novo's obesity care products, including Wegovy, rose 41% in local currencies in the first quarter, to 11 billion crowns.

Wegovy sales totalled 9.4 billion Danish crowns between January and March, down from 9.6 billion crowns in the previous quarter and 107% higher than the same quarter a year ago, in local currencies.