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.
On Monday, shares of Novo, the Danish company behind weight-loss drugs Ozempic and Wegovy (also known as Novo Nordisk), experienced a significant decline following the announcement of its strategic goals for 2030. The company revealed plans to introduce over five multi-blockbuster medications by the end of the decade, with projections of generating more than 150 billion kroner (approximately US$23 billion) in sales by 2035 through its pipeline products.
However, the market's response was decidedly negative, with Novo's share price dropping by 7.7%. Analyst Soren Lontoft Hansen from Danish news outlet DR suggested that Novo has yet to successfully reassure investors about its ability to boost revenues and profits. Currently, Novo faces considerable challenges in quelling concerns about growth, as fierce competition from US rivals and intense price pressures continue to weigh heavily on the company.
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- Ozempic-maker Novo’s shares slide on strategy announcement freemalaysiatoday.com
