Bloomberg Intelligence Novo Falls by Record After Wegovy Maker Slashes Forecast, Names New CEO
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Jul 29, 2025 
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Novo Nordisk's Growth Challenges
- Novo Nordisk faces growth challenges due to weight-loss drug sales slumping and competition in diabetes drugs.
- The new CEO, an internal hire, aims to regain ground, especially against Lilly, and improve execution.
Operational Leverage for Cost Relief
- Novo Nordisk may not massively cut R&D but could optimize operating leverage.
- With a high margin of about 45%, the company has room to improve efficiency without sacrificing growth.
Obesity Drug Market Growth Uncertainty
- Consensus may have overestimated the U.S. obesity drug market size and growth pace.
- Supply constraints and limited visibility on supply cadence make forecasting Novo's drug sales challenging.