"The maker of Ozempic and Wegovy has cut its sales and profit forecasts as it continues to fall behind in the competitive market for obesity and diabetes treatments. Novo Nordisk's chief executive, Mike Doustdar, who took the reins in August, said the reduced guidance was because of the lower growth expectations for our GLP-1 treatments. The market is more competitive than ever more, Doustdar said in a video message accompanying the company's third-quarter results."
"Novo Nordisk said it now expected full-year operating profit to grow by a maximum 7% in 2025, compared with an earlier forecast of up to 16%. In addition, the company forecasted sales to grow by no more than 11%, at constant exchange rates, compared with a previous forecast of up to 16%. It has cut forecasts four times this year."
"The company said its third-quarter sales increased by 5% to 75bn Danish kroner (8.9bn), below the 76.2bn forecast by analysts, while its sales grew by 11% during the period. Last month, Novo said its chair, Helge Lund, and six other board members were stepping down in a surprise shake-up, after a row with the company's majority shareholder. In May, it announced Lars Fruergaard Jrgensen would be stepping down as chief executive."
Novo Nordisk reduced its sales and operating profit guidance because of lower growth expectations for its GLP-1 treatments amid rising competition. The company reported third-quarter sales of 75bn Danish kroner, a 5% increase but below analyst forecasts, and noted sales growth of 11% during the period. Profit growth has slowed and the share price has declined after losing ground to rivals such as Eli Lilly, whose Mounjaro shows stronger weight-loss results in clinical studies. The firm has cut forecasts four times this year and is engaged in a bidding contest with Pfizer for Metsera, while senior board members and the former CEO have departed.
Read at www.theguardian.com
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