The two biggest weight-loss drugmakers have lost $252bn in value this year, as investor enthusiasm for obesity treatments wanes and Donald Trump’s tariff and price-cut threats weigh on the pharmaceutical sector.
The boom in weight-loss and diabetes drugs such as Novo Nordisk’s Ozempic and Eli Lilly’s Mounjaro had been a bright spot for the pharmaceutical industry as it contends with heightened political uncertainty.
But shareholders have soured on Novo and Lilly, worried about the rise of copycat drugs in the US and disappointing trial results from the next generation of medicines.
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