Novo Nordisk trims price for blockbuster obesity drug as competition heats up

raised its 2024 outlook on Thursday as the Danish drugmaker races to boost output of its Wegovy weight-loss treatment, while competition from rival Eli Lilly forced the company to cut prices of the drug, knocking its shares.obesity drug Zepbound in the United States in December and highlight the fast-changing dynamics as the two companies go head to head in a market which analysts estimate could be worth as much as $100 billion by the end of the decade.

Novo's shares fell as much as 3.6% before briefly trading flat around 1230 GMT. They were down by 2.4% at 1400 GMT. Item 1 of 2 Boxes of Ozempic and Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. REUTERS/Hollie Adams/File PhotoBoxes of Ozempic and Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. REUTERS/Hollie Adams/File Photoit expects significant production increases in the second half for its obesity treatment and raised its annual sales forecast by $2 billion.

Novo said it now expects sales growth this year of between 19% and 27% in local currencies, compared to the previously guided range for 18% to 26% growth. But Wegovy sales were 9.4 billion Danish crowns compared to the analyst consensus of 10.6 billion crowns.

Source: News Formal (newsformal.com)

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