Last week, the weight loss giant adjusted its revenue growth downward at the same time as a new CEO was presented. The message made the stock plummet nearly 25 percent on the Copenhagen Stock Exchange, and the market value decreased by almost 100 billion dollars.
In total, Sydbank estimates that Danish savers lost 38 billion Danish kronor (approximately 57 billion Swedish kronor) in ordinary share portfolios in one day, which has made economists analyze how the message will affect the Danish economy in general. Already before last week's fall, the stock had fallen sharply during the year and the total decline is over 50 percent this year. And from being Europe's highest-valued listed company a year ago, it is now not even on the top-ten list.
There is no doubt that Novo Nordisk has a significant impact on the Danish economy, but it is not the case that Danish exports will fall by 10-15 percent just because Novo Nordisk has challenges with Ozempic and Wegovy. But we will notice it. A natural consequence is that we will see fewer employees in Novo Nordisk. It is completely unavoidable, says Hansen.
"Buying festival"
Despite the gloomy message, the investment will has not been negatively affected. New shareholders seem to have rather gotten their eyes on the Danish pharmaceutical giant in what Nordnet describes as a "buying festival".
During the past week, 12,600 new customers have been added to Nordnet who have bought shares in Novo Nordisk and we have seen eight times as many purchases as sales. Investors who already have shares are of course disappointed, says Hansen.
According to him, it has been bought for relatively small amounts, which may be a sign that heavy investors are taking precautions for further stock market falls in connection with the interim report to be presented on Wednesday.
Three decisive factors
Hansen believes that three factors will determine the course development ahead.
I think investors will keep an eye on how Novo's new CEO will prioritize research funds. Then you want to know how they will trim expenses. When an operation adjusts expectations of revenue growth so much, you need to adapt expenses.
An external factor that can affect the course development is Novo Nordisk's arch-rival, the American pharmaceutical company Eli Lilly.
They release their interim report on Thursday and then you will look at how sales are going with Zepbound (Eli Lilly's weight loss drug) in the USA but also globally to get a better understanding of how much Eli Lilly has managed to take from Novo Nordisk's sales targets.
Cornelia Mikaelsson/TT
Facts: Novo Nordisk
TT
Novo Nordisk is a Danish pharmaceutical company that specializes in the treatment of diabetes and obesity. The company is one of the world's largest insulin producers and is behind popular medications such as Ozempic and Wegovy.
Both contain semaglutide, a substance that reduces appetite by increasing the feeling of fullness, which in turn leads to weight loss that was previously only achieved through surgery. Novo Nordisk is also developing Amycretin, which is a pill for weight loss.
Sources: Novo Nordisk, Ritzau, Medical Products Agency
