This article is from the source 'guardian' and was first published or seen on . The next check for changes will be
You can find the current article at its original source at https://www.theguardian.com/business/2025/jul/29/wegovy-novo-nordisk-shares-sales-maziar-mike-doustdar-eli-lily
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
| Version 0 | Version 1 |
|---|---|
| Wegovy maker Novo Nordisk’s shares plunge as it cuts sales forecast | Wegovy maker Novo Nordisk’s shares plunge as it cuts sales forecast |
| (32 minutes later) | |
| Pharma group names Maziar Mike Doustdar as new CEO as it seeks to convince investors it is not lagging behind rival Eli Lily | Pharma group names Maziar Mike Doustdar as new CEO as it seeks to convince investors it is not lagging behind rival Eli Lily |
| Business live – latest updates | Business live – latest updates |
| The obesity drugmaker Novo Nordisk has cut its full-year sales and operating profit forecasts for the second time this year, sending its shares down by more than a fifth on Tuesday. | The obesity drugmaker Novo Nordisk has cut its full-year sales and operating profit forecasts for the second time this year, sending its shares down by more than a fifth on Tuesday. |
| The maker of the weight-loss drug Wegovy is struggling to convince investors it can remain competitive in the obesity drug boom against US rival Eli Lilly. | The maker of the weight-loss drug Wegovy is struggling to convince investors it can remain competitive in the obesity drug boom against US rival Eli Lilly. |
| “The lowered sales outlook for 2025 is driven by lower growth expectations for the second half of 2025,” the company said in a statement. | “The lowered sales outlook for 2025 is driven by lower growth expectations for the second half of 2025,” the company said in a statement. |
| “This is related to lower growth expectations for Wegovy in the US obesity market, lower growth expectations for Ozempic in the US GLP-1 diabetes market, as well as lower-than-expected penetration for Wegovy in select IO [international operations] markets,” it said. | “This is related to lower growth expectations for Wegovy in the US obesity market, lower growth expectations for Ozempic in the US GLP-1 diabetes market, as well as lower-than-expected penetration for Wegovy in select IO [international operations] markets,” it said. |
| Novo now expects 2025 sales growth of 8%-14% in local currencies, down from its previous 13%-21% forecast range. It also lowered its operating profit growth estimate to 10%-16%, from 16-24% previously. | Novo now expects 2025 sales growth of 8%-14% in local currencies, down from its previous 13%-21% forecast range. It also lowered its operating profit growth estimate to 10%-16%, from 16-24% previously. |
| Sales rose 18% year on year in the second quarter and the first half of the year, Novo said. Its operating profit increased by 40% in the April-June quarter and by 29% in the first half, the company added. | Sales rose 18% year on year in the second quarter and the first half of the year, Novo said. Its operating profit increased by 40% in the April-June quarter and by 29% in the first half, the company added. |
| Shares were down more than 21% at 355.30 Danish kroner (£41.21). Booming sales of Wegovy catapulted Novo to become Europe’s most valuable listed company in 2024, peaking at about €615bn (£532bn), but the value has since fallen by more than half. | Shares were down more than 21% at 355.30 Danish kroner (£41.21). Booming sales of Wegovy catapulted Novo to become Europe’s most valuable listed company in 2024, peaking at about €615bn (£532bn), but the value has since fallen by more than half. |
| Novo Nordisk also named Maziar Mike Doustdar as its new chief executive on Tuesday, relying on an experienced company insider to revive sales and its share price. | Novo Nordisk also named Maziar Mike Doustdar as its new chief executive on Tuesday, relying on an experienced company insider to revive sales and its share price. |
| The appointment comes after the abrupt removal in May of CEO Lars Fruergaard Jørgensen by Novo and the Novo Nordisk Foundation – the Danish company’s controlling shareholder. | The appointment comes after the abrupt removal in May of CEO Lars Fruergaard Jørgensen by Novo and the Novo Nordisk Foundation – the Danish company’s controlling shareholder. |
| Doustdar, who joined Novo in 1992, now serves as vice-president for international operations, a role he took after leading the company’s businesses first in the Middle East and then in south-east Asia, Novo said. | |
| Sign up to Business Today | Sign up to Business Today |
| Get set for the working day – we'll point you to all the business news and analysis you need every morning | Get set for the working day – we'll point you to all the business news and analysis you need every morning |
| after newsletter promotion | after newsletter promotion |
| The new chief executive’s most urgent challenge, according to investors and analysts, is to revive Novo’s performance in the US, the largest market by far for weight-loss drugs and where they are most profitable. | The new chief executive’s most urgent challenge, according to investors and analysts, is to revive Novo’s performance in the US, the largest market by far for weight-loss drugs and where they are most profitable. |
| Novo launched its weight-loss drug Wegovy nearly two and a half years before Eli Lilly’s Zepbound. However, Zepbound prescriptions surpassed those of Wegovy this year by more than 100,000 a week. | |
| The appointment comes at a challenging time for the global pharmaceutical industry as Donald Trump threatens to impose tariffs on imports and calls on drugmakers to lower their US prescription prices. | The appointment comes at a challenging time for the global pharmaceutical industry as Donald Trump threatens to impose tariffs on imports and calls on drugmakers to lower their US prescription prices. |
Previous version
1
Next version