Novo Nordisk stock falls more than 20%

Shares of Novo Nordisk, the Danish drugmaker behind the popular diabetes and weight-loss drugs Ozempic and Wegovy, plummeted more than 20% on Tuesday after it said its sales this year would grow much less than previously expected.

- ESHE NELSON

The drugmaker, which cited increased competition in the United States as a reason for its slower growth, said its sales would increase 8% to 14% this year, while operating profit growth is expected to be between 10% and 16%. At one point, the company had expected sales growth of 16% to 24% for 2025.

The share price dropped to its lowest level in more than three years.

The company also announced Tuesday its new chief executive, Maziar Mike Doustdar, who is the current executive vice president for international operations. He will take over Aug 7.