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Wegovy maker Novo’s profit warning triggers $70-billion share rout
Business World Philippines
|July 31, 2025
Investors wiped $70 billion off Novo Nordisk’s market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new chief executive officer (CEO), as it battles rising competition in the obesity drug market.
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Novo named Maziar Mike Doustdar as its new CEO, turning to a veteran insider to revive sales and reassure investors rattled by fears the Danish drugmaker is losing ground in the obesity drug race it started.
Mr. Doustdar’s appointment failed to stem a stock market rout sparked by Novo slashing its outlook for 2025 sales growth to between 8% and 14%, from between 13% and 21% previously. Its shares plunged nearly 30% before paring some losses to trade down over 20% by mid-afternoon. The shares are now down 44% this year.
This story is from the July 31, 2025 edition of Business World Philippines.
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