Novo Nordisk CEO Lars Jogensen testifies to the Committee on Well being, Training, Labor and Pensions within the Senate for the costs of US costs for weight reduction medication Ozepic and Wegovy, on the Capitol hill in Washington, USA, September 24, 2024.
Piroschka van de wouw | Reuters
Novo nordisk On Friday, he stated CEO Lars Freigaard Jogensen retired when the Wegovy producer seeks to revive his sick wealth in opposition to the backdrop of accelerating competitors.
The Danish pharmaceutical big stated Jogensen, who had led for eight years., He’ll stay in his submit “for a interval to assist a easy transition to a brand new management.” He added that the seek for an inheritor continues and a well timed message could be made.
Novo Nordisk’s shares have been final with 2.3% decrease. In the meantime, shares of a aggressive drug producer Eli Lily They have been 1.7% greater after the message.
The choice comes as the value of Novo Nordisk’s shares has taken cleansing within the final yr in opposition to the background of elevated competitors available in the market for bubble weight problems and disappointing outcomes from the take a look at outcomes for the remedy of its subsequent technology.
The corporate worth of the corporate is presently declining by greater than 50% because the center of 2024.
Board President Helge Lund stated that discussions on the substitute of Jørgensen proceed in the previous few weeks between Novo Nordisk and the Novo Nordisk Basis, which controls the corporate, in line with Reuters.
Reuters individually reported Jørgensen by telling the Danish TV operator TV2 that he was solely knowledgeable lately and that he didn’t see the choice to return.
“Novo Nordisk’s technique stays unchanged. The Council is assured within the firm’s present enterprise plans and its skill to implement plans,” Lund stated in an announcement that reported the choice.
“The adjustments, nevertheless, have been made within the mild of the most recent market challenges that Novo Nordisk faces and the event of the corporate’s inventory worth since mid -2024,” the corporate stated.
In reference to the change, the corporate stated that Lars Rebien Sorensen, former CEO of Novo and present chairman of the Novo Nordisk Basis, would be a part of the Novo Nordisk board, initially as an observer.
New final week reports lower than expected Gross sales from the primary quarter of his main drug for weight problems of Wegovy and trimmed the prognosis for progress of yr -round gross sales in opposition to the backdrop of elevated competitors from advanced medication within the US
“The connectors took a part of our enterprise,” Jogensen advised Charlotte Reed of CNBC.
Nonetheless, the corporate stated that gross sales anticipated to enhance within the second half of the yr, because the presence of medicines composed of Copycat was progressively eradicated after the Meals and Medicines Administration ended with its drug scarcity determination.
In the meantime, new struggles to shake unfavorable sentiment after a collection of Disappointing sample results For his subsequent -generation Cagrisema drug candidate. Earlier than Jogensen stated he was “very optimistic” about remedy prospects.
“Of the info now we have, Cagrisema is one of the best product that has been examined or in the marketplace and we imagine that we are able to obtain this knowledge even higher.”
