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Danish pharmaceutical giant Novo Nordisk is under mounting pressure at this time horizon, not only from weaker second-half U.S. sales growth forecasts for its Wegovy weight loss drug and Ozempic diabetes treatment, but slower-than-expected market expansion and fierce competition are also weighing on the performance of the drug company.
The drug maker named Maziar Mike Doustdar as its new CEO, while simultaneously slashing its full-year guidance, citing weaker growth expectations for its blockbuster Wegovy obesity drug in the key U.S. market.
Novo Nordisk expects full-year sales growth of 8% to 14% at constant exchange rates, down from a prior target of 13% to 21%, also expects annual operating profit growth of 10% to 16% versus the previously estimated target of 16% to 24%.
The company indicated that the dismal outlook was driven by weaker second-half U.S. sales growth forecasts for its Wegovy weight loss drug and Ozempic diabetes treatment. Novo Nordisk has been grappling with softer U.S. Wegovy sales as competition from compounded drug makers ramped up in the wake of a Food and Drug Administration drug shortage ruling.
Meantime, the company has been struggling to shake negative sentiment following a series of disappointing trial results for its next-generation obesity drug candidate CagriSema amid increasingly fierce market competition. The Shares fell as much as 26% before paring losses slightly to close down 23% following the announcement of cutting full year guidance, which has entailed negative momentum among the investors. Its share price has shed over 42% this year, further reflecting slower-than-expected market expansion and competition. Investors should watch closely if Mike Doustdar will be the best person to lead Novo Nordisk back to growth trajectory and through its next growth phase.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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