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Ozempic maker's diabetes drug sales growth slows
Novo Nordisk, the company behind Ozempic, just reported a big slowdown in its diabetes drug sales—up only 8% so far this year, compared to 21% last year.
That dip has cost them about $95 billion in market value and has investors paying close attention.
Novo is cutting costs and dropping some weight-loss projects
With rivals like Eli Lilly's Mounjaro and cheaper generics crowding the market, Novo is cutting costs and dropping some weight-loss projects.
They're also dealing with a class action lawsuit from US investors over allegedly hyped-up forecasts.
Even so, Novo says they're sticking to their growth plans by investing in new research—and they still expect sales to rise this year, just not as much as before.