Novo jumps after outperforming Street and raising guidance

Pharma giant Novo Nordisk A/S (CSE:NOVOB; NYSE:NVO) bucked expectations and raised its fiscal 2017 guidance after reporting 2Q17 earnings figures that outperformed the Street's expectations. The news drove shares up DKK20.6 to DKK282.5 in Copenhagen and $3.42 to $44.57 on NASDAQ, equating to a $6.7 billion gain in market value.

In February, the company guided to the possibility of negative top-line and operating profit growth. The company has been facing U.S. pricing pressure on insulin and hemophilia products as it turns to a more innovative R&D strategy. Last year, it cut its long-term growth target twice. The company lost DKK59.2 billion ($8.8 billion) in market cap the first time and DKK84.1 billion ($12.4 billion) the second (see BioCentury, March 24)...