Novo Nordisk Shares Jump After CEO Predicts Wegovy Recovery as Compounded Drugs Exit U.S. Market

Shares of Novo Nordisk climbed nearly 7% on Wednesday after the company said sales of its obesity drug Wegovy are expected to rebound in the second half of the year as compounded copycat drugs exit the U.S. market. According to CNBC, the Danish drugmaker reported weaker-than-expected first-quarter sales of its obesity drug and cut its full-year sales forecast due to U.S. market share losses from alternative versions. CEO Lars Jørgensen said Novo now expects compounding pharmacies to halt illegal production by late May, following an FDA ruling ending the drug shortage that had permitted such sales. Analysts say the coming months will be key in determining whether Wegovy can recover U.S. market share as competition with Eli Lilly intensifies.