US EditionNovo Nordisk Faces $70B Blow as New CEO Steps In Amidst Weight-Loss Drug Turmoil
DENMARK, JUL 29 – Maziar Mike Doustdar takes over as CEO amid competition from Eli Lilly and copycat drugs, with sales growth forecast downgraded to 8-14%, Novo Nordisk said.
- In a leadership change, Novo Nordisk named Maziar Mike Doustdar, Executive Vice President of International Operations, as its next CEO next week, succeeding Lars Fruergaard Jørgensen.
- Pressure in the U.S. market forced Novo Nordisk to attribute its forecast cut largely to Eli Lilly and compounded versions of its drugs.
- Novo Nordisk's stock dropped over 20% on Tuesday, erasing more than �60 billion after lower sales forecasts, while Zepbound prescriptions outpaced Wegovy by over 100,000 weekly.
- Last month, Novo Nordisk dropped its deal with U.S. telehealth firm Hims & Hers, pursuing legal action against compounded versions of Wegovy, according to the company.
- Looking ahead, the new CEO faces the urgent task of reviving U.S. performance, where over one million patients still use compounded GLP-1s.
13 Articles
13 Articles
Sydney Morning Herald
Ozempic maker takes $107 billion hit as alarm bells ring louder
The Danish drugmaker started the obesity drug race. Now it is losing it.
Novo Lifer Takes Job of Reviving Europe’s Weight-Loss Superstar
Maziar Mike Doustdar spent more than three decades quietly climbing the ranks of Novo Nordisk A/S, from office clerk through logistics and marketing roles to head of international operations. Now the relatively unknown insider is moving into the spotlight with a daunting task: revive a once high-flying drugmaker from a steep descent that’s wiped out two-thirds of its value in the past year.
Ozempic maker’s shares plunge $70bn as copycats bite into weight loss market
Investors knocked $70bn off Novo Nordisk’s market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new CEO, as it battles rising competition in the obesity drug market.
Novo Nordisk Faces $70B Blow as New CEO Steps In Amidst Weight-Loss Drug Turmoil
Novo Nordisk's market value fell by $70 billion following a profit warning and the appointment of Maziar Mike Doustdar as the new CEO. The company faces increased competition in the obesity drug market and challenges from compounded versions of its weight-loss drugs, impacting its U.S. sales and outlook.
Novo Nordisk shares nosedive as Mounjaro, copycat weight loss drugs threaten market lead
HighlightsNovo Nordisk loses $70bn (£52bn) in market value after major share price slumpCompany cuts annual forecasts for both profit and revenueFaces mounting competition from Eli Lilly’s Mounjaro and unauthorised compound drugsExecutive reshuffle announced as Maziar Mike Doustdar takes over as CEOUK access to weight-loss jabs remains tightly restricted under NHS guidelinesNovo Nordisk hit by sharp fall as rivals gain groundNovo Nordisk’s share…
Coverage Details
Bias Distribution
- 57% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
