Medtronic shrugs off concerns over newer weight-loss drugs, raises annual forecast
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Medtronic raised its annual earnings forecast on Tuesday as strong sales in its surgical and diabetes units allayed concerns about the impact of new diabetes and weight-loss drugs on long-term growth, sending its shares up nearly 4% in morning trade.
Makers of medical products used in bariatric surgery and glucose-monitoring devices have been trying to ease investor concerns over a potential hit to demand from the rising popularity of new GLP-1 drugs like Novo Nordisk's Ozempic and Eli Lilly's Mounjaro.
Read also: Medtronic gets USFDA approval for minimally invasive device to treat hypertension
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