Novo Nordisk reports lower-than-expected results for the second quarter in a row. The company also lowers its full-year sales forecast for the third time this year.
The pharmaceutical manufacturer, led by the drugs Ozempic and Wegowy, is still making huge profits, but it's not the same sound and jubilant performance anymore.
Profit for the third quarter came in at 23.6 billion Danish kroner, down a little more than 20 percent from the same period last year. Analysts' average expectations were for 25.6 billion Danish kroner, according to Bloomberg.
Sales of 74.9 billion Danish kroner were also lower than expected.
Novo Nordisk is tightening its sales forecast for the full year and now expects sales growth of 8 to 11 percent. The previous forecast was 8 to 14 percent.
The previous runaway success has been replaced by recurring problems in the past year. American competitor Eli Lilly has taken market share, especially in the US, while cheaper drug copies are flooding the American market.
This has led to internal strife at Novo Nordisk, which recently replaced large parts of its board. Thousands of employees have been laid off and the Danish central bank recently lowered its GDP forecast for Denmark as a result of the Novo Nordisk setback.
