Last year, the Danish pharmaceutical company Novo Nordisk – known for his weight loss injections “Wegovy” and “Ozempic” – was still considered the “most valuable company in Europe”. In June 2024, the group, which is listed on the stock exchange in Copenhagen and New York, was rated up to $ 615 billion. Since then, however, the stock market value has more than halved.
Another drop in the course followed on Tuesday: around $ 70 billion in the stock market value were destroyed. The reason for this was the annual forecast that Novo Nordisk had to correct downwards. A increase in sales of eight to 14 percent in local currencies is now expected. Previously, a range of 13 to 21 percent had been promised. The forecast for operational profit growth has also been reduced to ten to 16 percent – from 16 to 24 percent.
As a result, the share price in the meantime collapsed by 20 percent. A share was worth around 44 euros on Wednesday, at the beginning of the year the value was still around 80 euros. In August 2024, a share was worth more than 120 euros.
Business from US competition
The reason for this is the weakness of the important US market. The competition is increasing, US competitor Eli Lilly is now at the top with his own weight loss. But there are fluctuations here too: In the past six months, the US company’s share price has dropped by almost 14 percent. Among other things, the industry has to deal with illegal imitators.
From August 7, the Austrian Maziar Mike Doustdar will have to face these challenges from Novo Nordisk. He takes over the chief post after his predecessor has been discontinued. His goal: “We have to increase urgency and act differently.” Doustdar, who has Iranian roots, started his career in 1992 as an office employee in Vienna at the age of 21. A year later he got into the finance department.
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Source: Nachrichten
