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Novo Nordisk reported that a study for its weekly obesity treatment injection failed to meet its goal, causing the Danish pharmaceutical company’s shares to drop by 10 percent on Monday.
The 84-week study revealed that Novo’s CagriSema led to a body weight reduction of 23 percent, as opposed to 25.5 percent with tirzepatide, a component of therapies developed by competitor Eli Lilly.
Novo has experienced a difficult period, characterized by a declining stock value, a mass departure of directors, and concerns about more affordable generic equivalents of its Wegovy treatment entering the marketplace.
At the start of this month, the firm — formerly Europe’s premier company by market value — declared that it projected a potential decline in net revenue of up to 13 percent this year, a more significant impact than anticipated by market observers.
Novo’s shares have nearly decreased by 50 percent during the last year and are valued at two-thirds less than their highest point of June 2024.
This is an unfolding report