Analysts pored over the details in its first-quarter results and monitored a potential rival weight loss treatment.
Shares of Danish pharmaceutical giant Novo Nordisk slid 4% on Friday, extending a 2.7% loss on Thursday.
Weight loss drug makers were meanwhile broadly lower after U.S. firm Amgen said it was "very pleased" with initial trial results for its injectable obesity treatment MariTide.slid 4% on Friday, extending a 2.7% loss on Thursday as analysts pored over the details of the firm'sIt puts the stock on track for its sharpest daily decline since October 2023, according to LSEG data.
Novo Nordisk expects prices to drop further as new entrants enter the market, CFO Karsten Knudsen said on a media call, adding that the company was not seeing much evidence of Wegovy users moving to other rival treatments.even higher weight loss drug sales in the quarter, and some noted that Novo Nordisk's 2024 outlook raise for both sales growth and operating profit was due to one-off accounting adjustments.
Analysts at Stifel trimmed their target price on the stock to 950 Danish kroner, down from 960 kroner on Friday.Both companies are consequently researching new potential weight loss treatments to maintain an edge.
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Ozempic Maker Novo Nordisk Beats Profit Forecasts Amid Weight Loss Drug FrenzyI am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health.
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Ozempic Maker Novo Nordisk Beats Profit Forecasts Amid Weight Loss Drug FrenzyI am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health.
Read more »