10 hours ago
2
People utilizing value nonaccomplishment drugs similar Ozempic and Wegovy portion little
Pharmaceutical institution Novo Nordisk, shaper of blockbuster value nonaccomplishment cause Wegovy, said Friday its CEO was stepping down by "mutual agreement" with the company's committee of directors, citing "recent marketplace challenges" and a steep diminution successful the company's stock price.
Lars Fruergaard Jorgensen's departure comes a week aft the institution downgraded its income and profits forecast, and follows a much than 50% diminution successful the company's shares since mid-2024.
The institution said May 7 that Wegovy income successful the U.S. had been undercut by cheaper replica drugs produced by alleged compounding pharmacies utilizing progressive ingredients of patented drugs. They are relied connected arsenic substitutes erstwhile name-brand drugs aren't available. The Food and Drug Administration, however, has said nevertheless that shortages person eased and the replicas volition person to cease successful the coming months.
On Sunday, a survey published successful the New England Journal of Medicine showed that radical mislaid much value utilizing Wegovy rival Zepbound, made by pharmaceutical institution Eli Lilly. Eli Lilly funded the study. Novo Nordisk's stock terms is down 54% from its highest successful June 2024. Its U.S.-listed shares fell different 3% successful premarket trading Friday.
The company, headquartered successful Bagsvaerd, Denmark, praised Jorgensen has having led Novo Nordisk done a "significant maturation travel and transformation" during his eight-year tenure arsenic CEO.
"The changes are, however, made successful airy of the caller marketplace challenges Novo Nordisk has been facing, and the improvement of the company's stock terms since mid-2024," the institution said successful a statement. The committee and Jorgensen "have jointly concluded that initiating a CEO succession is successful the champion involvement of the institution and its shareholders."
Jorgensen volition proceed arsenic CEO "for a period" to enactment a creaseless transition.
English (US) ·