Ozempic-maker Novo’s shares slide on strategy announcement
Shares in the Danish weight-loss drugmaker plummeted after it unveiled plans for more than five 'multi-blockbusters' by 2030 for various ailments.
Shares of Novo, the Danish company behind weight-loss drugs Ozempic and Wegovy, experienced a sharp decline on Monday after the company announced its strategic objectives for 2030. The pharmaceutical giant disclosed plans to develop over five multi-blockbuster medications to address various health issues, along with expectations of generating more than 150 billion kroner (US$23 billion) in sales by 2035 through products currently in development.
However, investors responded negatively to the news, sending Novo's share price down by 7.7% in a single day. A Danish equities analyst quoted in Danish news outlet DR, Soren Lontoft Hansen, stated that Novo has yet to successfully reassure the market that it can increase its revenues and profits. He further explained that Novo is currently facing significant challenges in alleviating concerns about its growth prospects, primarily due to intense competition from US rivals and substantial price pressure in the industry.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Ozempic-maker Novo’s shares slide on strategy announcement freemalaysiatoday.com
