Medical bottles and a syringe are seen with the Novo Nordisk logo displayed on a screen in the background.
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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.
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