Novo Nordisk shares plunge 17% after Wegovy-maker cuts full-year guidance

Novo Nordisk shares plunge 17% after Wegovy-maker cuts full-year guidance


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 and profit guidance, citing weaker growth expectations for its Wegovy obesity drug in the key U.S. market.

Shares were down 17% at 12:30 p.m. London time, shortly after the announcement (7:30 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 previously estimated target of 16% to 24%, also at constant exchange rates.

Novo Nordisk said 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.

This is a developing story. Please check back for updates.



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