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The company also named Maziar Mike Doustdar, an internal candidate, as its new CEO after the surprise ousting of Lars Fruergaard Jørgensen in May.
Shares were down 25% at 12:44 p.m. London time, shortly after the announcement (7:44 a.m. ET).
The company said it now expects full-year sales growth of 8% to 14% at constant exchange rates, down from a prior target of 13% to 21%.
It expects annual operating profit growth of 10% to 16% versus the previously estimated target of 16% to 24%, also at constant exchange rates.
Novo Nordisk said Tuesday that the lower outlook was driven by weaker second-half U.S. sales growth forecasts for its Wegovy weight loss drug and Ozempic diabetes treatment.
“For Wegovy in the US, the sales outlook reflects the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition,” it added in a statement.
It comes after the company previously downgraded its 2025 outlook in May, as it reported lower-than-expected first-quarter sales. The company is due to report its full second-quarter sales on Aug. 6.
This is a developing story. Please check back for updates.
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