A container of Ozempic sits connected a array successful North Tyneside, Britain, Oct. 31, 2023.
Lee Smith | Reuters
Danish pharmaceutical elephantine Novo Nordisk said Wednesday it is lowering its maturation expectations for its cardinal obesity and diabetes treatments.
Net nett for the 4th came successful astatine 20 cardinal Danish kroner ($3.1 billion) successful enactment with the 20.12 cardinal Danish kroner anticipated by analysts successful a FactSet poll.
Diabetes and obesity attraction were a cardinal maturation operator pursuing the uptake of Wegovy and Ozempic, nevertheless the institution lowered its expectations for growth, citing medicine trends, contention and pricing pressure.
Novo's Copenhagen-listed shares person tumbled much than 50% implicit the people of this year, arsenic a slew of headwinds has shaken capitalist assurance successful what was once Europe's astir invaluable firm.
Novo Nordisk stock price
Alongside a bid of disappointing proceedings results, increasing competition successful the obesity cause abstraction and challenges arising from U.S. policies connected drug pricing and tariffs, Novo has been contending with leadership shakeups and pushback against a cardinal acquisition.
Analysts, arsenic a result, person been mixed connected the stock. Jefferies precocious chopped its standing to underperform portion Berenberg is affirmative connected the stock, saying Novo has deed "peak uncertainty."
"Novo's superior maturation illustration and best-in-class R&D returns warrants a higher valuation premium to its peers," the slope said.
Metsera bid
Novo launched a rival bid to get American obesity biotech steadfast Metsera past week, superseding an connection for the steadfast from U.S. pharma elephantine Pfizer. On Monday, Pfizer said it had filed a 2nd lawsuit against Novo and Metsera, arguing that Novo's bid for the smaller institution was anticompetitive.
A spokesperson for Novo said successful a connection that Pfizer's allegations were "false and without merit."
Novo past ramped up its bid for Metsera connected Tuesday, saying it was present offering up to $10 cardinal compared to the earlier connection of around $9 billion.
"Novo Nordisk believes that the proposal, including the operation of the transaction, complies with each applicable laws and is successful the champion involvement of patients who volition payment from our committedness to innovation, arsenic good arsenic Metsera's shareholders," the institution said successful a statement, noting that the woody was besides taxable to the term's of Pfizer's merger statement with Metsera.
Metsera said connected Tuesday that the revised connection was "superior" to a revised bid made by Pfizer.
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