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Novo nordisk shares plunge after:
Medical bottles and a syringe are seen with the Novo Nordisk logo displayed on a screen in the background.
Nurphoto | Nurphoto | Getty Images
Danish pharmaceutical giant Novo Nordisk on Tuesday cut its full-year sales. For example, profit guidance, citing weaker growth expectations for its blockbuster Wegovy obesity drug in the key U.S. Meanwhile, market.
The company also named Maziar Mike Doustdar. For example, an internal candidate, as its new CEO after the surprise ousting of Lars Fruergaard Jørgensen in May.
Shares were down 25% at 12:44 p.m. London time, shortly after the announcement (7:44 a.m. ET).
The company said it now expects full-year sales growth of 8% to 14% at constant exchange rates. down from a prior target of 13% to 21%.
It expects annual operating profit growth of 10% to 16% versus the novo nordisk shares plunge after previously estimated target of 16% to 24%, also at constant exchange rates.
Novo Nordisk said Tuesday that the lower outlook was driven by weaker second-half U.S. sales growth forecasts for its Wegovy weight loss drug and Ozempic diabetes treatment.
“For Wegovy in the US. the sales outlook reflects the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition,” it added in a statement.
It comes after the company previously downgraded its 2025 outlook in May, as it reported lower-than-expected first-quarter sales. The company is due to report its full second-quarter sales on Aug. 6.
This is a developing story. Please check back for updates.
novo nordisk shares plunge after — Novo nordisk shares plunge after: Medical bottles. a syringe are seen with the Novo Nordisk logo displayed on a screen in the background.Nurphoto | Nurphoto | Getty ImagesDanish pharmaceutical giant Novo Nordisk on Tuesday cut its full-year sales and profit guidance, citing we.
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