Downgrade comes as Danish company continues to lose ground to Mounjaro firm Eli Lilly in weight-loss drug market
The maker of Ozempic and Wegovy has cut its sales and profit forecasts as it continues to fall behind in the competitive market for obesity and diabetes treatments.
Novo Nordisk’s chief executive, Mike Doustdar, who took the reins in August, said the reduced guidance was because of “the lower growth expectations for our GLP-1 treatments”.
“The market is more competitive than ever more,” Doustdar said in a video message accompanying the company’s third-quarter results.
The Danish pharmaceutical firm’s rate of profit growth has slowed and its share price has slid after losing ground to its US rival Eli Lilly, which makes the Mounjaro and Zepbound weight-loss injections. Clinical studies have shown that Mounjaro is more effective in causing weight loss than Wegovy.
