Novo Nordisk shares lost some 11% of their value after the group said sales of its new obesity drug would be hurt by problems at a supplier. The treatment, called Wegovy, is a leading contender in the potentially vast market for weight-loss drugs, which Citigroup estimates could top $10 billion in annual sales.
Flags are seen outside the Novo Nordisk headquarters in Copenhagen, Denmark, February 5, 2020. REUTERS/Jacob Gronholt-Pedersenshares lost some 11% of their value after the group said sales of its new obesity drug would be hurt by problems at a supplier. The treatment, called Wegovy, is a leading contender in the potentially vast market for weight-loss drugs, which Citigroup estimates could top $10 billion in annual sales.
At first glance, Monday’s share price decline, worth nearly 200 billion Danish crowns, looks excessive. The problems affect just one external supplier that fills Wegovy dispensing pens, not its core drug production. And Novo expects to meet U.S. demand for Wegovy in the second half of 2022. Citigroup analysts are pencilling in a 3%-5% hit to next year’s revenue. Still, supply chain problems can take a long time to fix.
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