Novo Nordisk cautions that it anticipates significant competition this year from copycat versions of Wegovy, particularly from U.S. compounding pharmacies and Eli Lilly. The company has revised its full-year sales and profit outlook downward due to this competition, resulting in a loss of $95 billion in market value. The outgoing CEO pointed out that the copycat market now equals Novo's business size. Despite an FDA ban on compounded copies, over one million patients continue to use these alternative GLP-1 drugs, according to the CFO.
Novo Nordisk expects continued competition this year from copycat versions of its Wegovy drug, particularly from U.S. compounding pharmacies and Eli Lilly.
Competition from compounders, which create copycat medicines, prompted Novo Nordisk to reduce its full-year sales and profit outlook, surprising investors and wiping $95 billion off its market value.
The company's outgoing CEO noted that the copycat market is equal in size to Novo's business, with compounded versions of Wegovy sold at much lower prices.
Despite expectations of a reduction in compounding after a recent FDA ban, CFO stated that over one million U.S. patients are still using compounded GLP-1 drugs.
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