"Doustdar added that this year Novo expected to face pricing headwinds in an increasingly competitive market. He pointed to Novo's agreement with the Trump administration to heavily cut prices, from more than $1,000 a month to an average price of $350, and the patent expiry of semaglutide, the main ingredient of its obesity and diabetes drugs, in several countries, including India."
"Doustdar said: We are very encouraged by the promising early uptake from the US launch of Wegovy pill, and we remain confident in our ability to drive volume growth over the coming years. Doustdar succeeded Lars Fruergaard Jrgensen in August after Novo lost market share to its US rival Eli Lilly, prompting several profit downgrades. Doustdar quickly announced thousands of job cuts in an attempt to improve its financial performance."
Novo Nordisk forecasts a 5–13% revenue decline this year driven by US government-driven price cuts, intensifying competition and loss of patent protection for semaglutide in several countries. The company agreed to cut US prices from over $1,000 monthly to about $350 on average, and faces potential generic competition after semaglutide patent expiries including in India. Last year sales rose 10% to 309bn Danish kroner and profit before tax increased 3% to 130.5bn kroner. The company reported rapid uptake of the new US Wegovy pill but has lost market share to Eli Lilly, prompting job cuts and strategic cost actions.
Read at www.theguardian.com
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