A field of Ozempic sits on a desk in North Tyneside, Britain, Oct. 31, 2023.
Lee Smith | Reuters
Danish pharmaceutical large Novo Nordisk mentioned Wednesday it’s reducing its development expectations for its key weight problems and diabetes remedies.
Web revenue for the quarter got here in at 20 billion Danish kroner ($3.1 billion) in keeping with the 20.12 billion Danish kroner anticipated by analysts in a FactSet ballot.
Diabetes and weight problems care have been a key development driver following the uptake of Wegovy and Ozempic, nevertheless the corporate lowered its expectations for development, citing prescription tendencies, competitors and pricing strain.
Gross sales of its blockbuster weight reduction drug Wegovy rose 18% year-on-year to hit 20.35 billion Danish kroner within the three months to September, barely under the 21.35 billion kroner anticipated by analysts.
Novo’s Copenhagen-listed shares have tumbled greater than 50% over the course of this yr, as a slew of headwinds has shaken investor confidence in what was as soon as Europe’s most beneficial agency.
Novo Nordisk share value
Alongside a sequence of disappointing trial outcomes, rising competitors within the weight problems drug area and challenges arising from U.S. insurance policies on drug pricing and tariffs, Novo has been contending with management shakeups and pushback towards a key acquisition.
Analysts, consequently, have been blended on the inventory. Jefferies not too long ago minimize its ranking to underperform whereas Berenberg is optimistic on the inventory, saying Novo has hit “peak uncertainty.”
“Novo’s superior development profile and best-in-class R&D returns warrants a better valuation premium to its friends,” the financial institution mentioned.
Metsera bid
A spokesperson for Novo mentioned in a press release that Pfizer’s allegations have been “false and with out benefit.”
Novo then ramped up its bid for Metsera on Tuesday, saying it was now providing as much as $10 billion in comparison with the sooner supply of round $9 billion.
“Novo Nordisk believes that the proposal, together with the construction of the transaction, complies with all relevant legal guidelines and is in one of the best curiosity of sufferers who will profit from our dedication to innovation, in addition to Metsera’s shareholders,” the corporate mentioned in a press release, noting that the deal was additionally topic to the time period’s of Pfizer’s merger settlement with Metsera.
Metsera mentioned on Tuesday that the revised supply was “superior” to a revised bid made by Pfizer.
