London — Novo Nordisk trimmed its full-year profit outlook Wednesday after reporting weaker-than-expected quarterly sales of its popular weight loss drug Wegovy.
The results end a prolonged streak of positive earnings news from the first mover in the obesity drug race, which has seen its market value surge to more than $500 billion, making it Europe’s most valuable listed company.
Novo shares, which have soared some 230% since June 2021, fell as much as 7.7% in early trading and were down 4.8% by 9:21 a.m. ET.
Chief Financial Officer Karsten Munk Knudsen in an interview called the market reaction unsurprising, given the market’s sensitivity to
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