Denmark’s Novo Nordisk, maker of diabetes and obesity drug Ozempic, is facing a potential crisis after shares plummeted 21% following disappointing study results for its next-generation obesity shot. The US rival Eli Lilly & Co.’s existing Zepbound shot outperformed the experimental treatment, eroding Novo’s competitive advantage in the market. This echoes the decline of Nokia Oyj, a Finnish cellphone pioneer that was overtaken by Apple Inc.’s iPhone, highlighting the challenges faced by European first movers against fierce US competition.
Source: https://www.bloomberg.com/opinion/articles/2024-12-21/novo-nordisk-s-plunge-ozempic-maker-s-drop-echoes-nokia-risk