Novo Nordisk shares plunge after Wegovy maker names new CEO, cuts full-year guidance

Interestingly, Medical bottles and a syringe are seen with the Novo Nordisk logo displayed on a screen in the background

However, Nurphoto | Nurphoto | Getty ImagesDanish pharmaceutical giant Novo Nordisk on Tuesday cut its full-year sales and fit guidance, citing weaker growth expectations for its blockbuster Wegovy obesity drug in the key U

The company also named Maziar Mike Doustdar, an internal candidate, as its new CEO after the surprise ousting of Lars Fruergaard Jørgensen in May

London time (8:07 a, in today's financial world

Additionally, The company said it now expects full-year sales growth of 8% to 14% at constant exchange rates, down from a prior target of 13% to 21%

Novo Nordisk said Tuesday that the lower outlook was driven by weaker second-half U

However, Sales growth forecasts for its Wegovy weight-loss drug and Ozempic diabetes treatment. "For Wegovy in the US, the sales outlook reflects the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition," it added in a statement, in today's market environment

The evidence shows comes after the company previously downgraded its 2025 outlook in May, as it reported lower-than-expected first-quarter sales

On the other hand, The company is due to report its full second-quarter sales on Aug

However, In contrast, The Copenhagen-headquartered pharma giant has been battling softer U, in this volatile climate

At the same time, Wegovy sales as competition from compounded drug makers ramped up in the wake of a Food and Drug Administration drug shortage ruling

It nevertheless previously said that it expected those pressures to ease in the second half of the year as the availability of copycat drugs was phased out

The firm has struggled to shake negative sentiment ing a series of disappointing trial results for its next-generation obesity drug candidate CagriSema

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