Sales of Novo Nordisk’s injectable diabetes drugs including Ozempic have slowed sharply amid fierce competition and the threat of US tariffs, prompting it to cut costs and sharpen its commercial focus.
The Danish drugmaker, whose booming sales of GLP-1 diabetes and obesity drugs in recent years had turned it into Europe’s most valuable company, has lost $95bn (£71.5bn) in market value since cutting its full-year sales forecast last week.
On Wednesday, Novo Nordisk said sales of medications such as Ozempic – which mimic the GLP-1 gut hormone that regulates blood sugar levels and appetite – grew by 8% in the first half of the year, down from 21% last year. Sales of obesity drugs including Wegovy increased by 56%, taking total sales 16% higher to 155bn Danish kroner (£18bn). Profit before tax climbed by 24% to 70.8bn kroner.