Danish pharmaceutical giant Novo Nordisk on Tuesday cut its full-year sales and profit guidance, citing weaker growth expectations for its blockbuster Wegovy obesity drug in the key U.S. market.
The company also named Maziar Mike Doustdar, an internal candidate, as its new CEO after the surprise ousting of Lars Fruergaard Jørgensen in May.
Shares fell as much as 26% before paring losses slightly to trade down 22% by 1:07 p.m. London time (8:07 a.m. ET).
The company said it now expects full-year sales growth of 8% to 14% at constant exchange rates, down from a prior target of 13% to 21%.
It expects annual operating profit growth of 10% to 16% versus the previously estimated target of 16% to 24%, also at constant exchange rates.
