Novo Nordisk share price plunges after blaming lower US drug prices, patent protection issues and rising competition
The maker of Wegovy and Ozempic, Novo Nordisk, has predicted a sharp drop in revenues this year owing to what its boss described as a “painful” push by Donald Trump to lower US weight-loss drug prices, rising competition, and the loss of important patent protections.
Denmark’s Novo, once the poster-child for the growth in weight-loss treatments, said sales this year were likely to fall between 5% and 13%, ending years of double-digit gains, despite the promising launch of its new Wegovy pill in the US. Its share price plummeted 17% on Wednesday, erasing all gains so far this year. In the past year the stock has lost nearly 50% of its value.
Continue reading...Source: Guardian - World News
