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Wegovy maker Novo Nordisk loses $95B in market value
Novo Nordisk, the company behind popular weight-loss drug Wegovy, is making some big changes after its stock took a $95 billion hit.
With a new CEO, Maziar Mike Doustdar, stepping in, the company says it's tightening spending and rethinking its business game plan to handle tough competition from rivals like Eli Lilly and cheaper versions of its own drugs.
Novo Nordisk's sales and profit numbers
Even though Novo Nordisk's sales jumped 18% in the second quarter to about $11.92 billion, they still missed what analysts were hoping for.
Profits are up too, but the company has lowered its 2025 growth forecast to 8%-14% (down from 13%-21%).
The new leadership wants to keep Novo in the race as things get more competitive.
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