Novo Nordisk Navigates Competitive Obesity Drug Market

Novo Nordisk, the Danish pharmaceutical giant, announced an 11% increase in third-quarter sales on Wednesday, precisely meeting industry forecasts. The company's new CEO is spearheading a substantial restructuring drive to recapture market share in the increasingly competitive obesity drug sector.

The firm also revised its full-year profit forecast downwards and adjusted its sales forecast range accordingly. Sales growth in local currencies has slowed significantly over the past year, largely due to heightened competition from Eli Lilly and generic alternatives. This growth reached just below the 11.4% anticipated by analysts.

Novo Nordisk had previously risen to become Europe's most valuable company, driven by the rapid sales growth of its obesity drug Wegovy. However, the recent slowdown in growth prompted a major overhaul in management, which has been reflected in the company's share price decline.