COPENHAGEN (Reuters), Novo Nordisk’s shares soared on Friday, as the company raised its operating profit and sales guidance for this year. Its forecast-beating results from its first quarter were driven by the strong sales of more advanced diabetes and obesity treatment products.

Novo Nordisk expects sales to grow by 10-14% in local currency, up from 6-10% previously. The company expects an increase in operating profits of 9-13% compared to a 4-8% forecast.

At market open, shares in Novo rose 6.5%

Lars Jorgensen Chief Executive stated that sales have increased in the three first months of 2022 due to increasing demand for GLP-1-based treatments. This refers to Novo’s more recent diabetes and obesity medications.

Refinitiv data revealed that operating profit for the quarter was 19 billion Danish crowns (or $2.69 billion). This is more than the 17.2 million crowns analysts had estimated.

Novo announced that a contract manufacturer who was filling the syringes of its Wegovy-based obesity drug has resumed commercial production. This opens the door for Novo’s full availability in the United States for the Wegovy drug in the second quarter 2022.

Following concerns over good manufacturing practice, the contract manufacturer temporarily suspended deliveries and manufacturing during December.

Novo also plans to increase its share purchase programme by 2 Billion Danish Crowns, bringing it up to 24 billion.

($1 = 7.0576 Danish crowns)