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.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Cures of Novo Nordisk climbed nearly 7% on Wednesday after the company said sales of its
00:06obesity drug Wegovi are expected to rebound in the second half of the year as compounded
00:11copycat drugs exit the U.S. market. According to CNBC, the Danish drugmaker reported weaker
00:16than expected first quarter sales of its obesity drug and cut its full year sales forecast due to
00:21U.S. market share losses from alternate versions. CEO Lars Jorgensen said Novo now expects
00:27compounding pharmacies to halt illegal production by late May, following an FDA ruling ending the
00:32drug shortage that it permitted such sales. Analysts say the coming months will be key
00:37determining whether Wegovi can recover U.S. market share as competition with Eli Lilly intensifies.
00:43For all things money, visit Benzinga.com slash GSTV.