Novo Nordisk has reduced its revenue and profit forecasts for the first time since launching Wegovy, as unauthorized compounded versions of its GLP-1 drugs have begun to affect sales, particularly in the US. CEO Lars Fruergaard Jorgensen attributed the revision to lower-than-expected branded penetration and mounting competition. Compounding pharmacies have reportedly captured around a third of the US obesity drug market, overshadowing Novo's leading position. Despite a year-on-year surge in Wegovy sales, growth fell short of expectations, although shares rose following news of potential FDA intervention against compounded drugs.
"We have reduced our full-year outlook due to lower-than-planned branded GLP-1 penetration, which is impacted by the rapid expansion of compounding in the US," said Lars Fruergaard Jorgensen, Novo Nordisk CEO.
"It's unprecedented in our industry to have very large volumes of products flowing to patients that are not approved," Jorgensen said.
Novo estimates that compounding pharmacies have captured nearly a third of the US obesity drug market, undermining its dominance in the fast-growing GLP-1 sector.
Despite Wegovy sales surging 83% year-on-year to $2.65 billion, growth was below analyst expectations and down from the previous quarter.
Collection
[
|
...
]