Novo Nordisk, the Danish pharmaceutical giant behind diabetes drugs like Ozempic and obesity treatment Wegovy, has reported a sharp slowdown in sales growth. While total first-half revenues still rose by 8% to DKK 155 billion (~£18 billion), this marks a significant drop from the 21% growth seen in the previous period. Despite obesity drug sales jumping 56%, the company lost around $95 billion in market value, prompting a cost-cutting drive and the halting of several obesity drug projects. A leadership transition is also underway, with Maziar Mike Doustdar stepping in as CEO. Novo faces growing pressure from rivals like Eli Lilly and from cheaper, compounded versions of its GLP-1 drugs in the U.S. market. It has also been hit by a U.S. class action lawsuit over allegedly misleading sales guidance.
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