Novo Nordisk’s shares dropped 23% after the company announced its new CEO, Maziar Mike Doustdar, and cut its full-year guidance due to weaker U.S. sales growth forecasts for its weight loss drug Wegovy and diabetes treatment Ozempic.
The Danish pharmaceutical giant expects annual operating profit growth of 10-16%, down from a prior target of 16-24%. The lower outlook was driven by slower-than-expected market expansion and competition in the US market, where Wegovy sales have been declining due to increased competition from compounded GLP-1s.
New CEO Doustdar, who joined Novo Nordisk in 1992, has experience in international operations and is tasked with leading the company through its next growth phase. The firm’s share price has fallen over 42% this year, but management expects pressures to ease in the second half of the year as copycat drugs are phased out.
The appointment comes after the surprise ousting of former CEO Lars Fruergaard Jørgensen in May, who had previously downgraded the company’s 2025 outlook due to softer US Wegovy sales.
Source: https://www.cnbc.com/2025/07/29/novo-nordisk-shares-plunge-after-wegovy-maker-cuts-full-year-guidance-.html