Two years ago, Novo Nordisk was Europe’s most valuable company, as excitement about its weight-loss treatment catapulted it to $650bn in market capitalisation.
Now the maker of Wegovy, the obesity medication, and Ozempic, the diabetes treatment, is no longer even among the continent’s top three pharmaceutical groups. Its shares have halved over the past year, leaving it worth far less than the UK’s AstraZeneca or the Swiss pharma giants Roche and Novartis.
The chief executive appointed to stop the rot says Novo failed to get to grips with the changing dynamics of the market, notably the US, where drugs are sold much more like consumer products than in Europe.
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