Novo Nordisk on Ozempic

Novo Nordisk's second-quarter sales for its diabetes and weight loss drugs, Ozempic and Wegovy, fell short of Wall Street expectations, leading to an over 8% drop in its stock. Ozempic recorded sales of $4.2 billion, while Wegovy reached $1.8 billion, both missing analyst projections. The company also reported a net profit of $2.9 billion, lower than the anticipated $3 billion, prompting a revision of its operating profit outlook for the year down to 20%-28%. Concurrently, Sen. Bernie Sanders criticized Novo Nordisk for high U.S. drug prices, unaware that Denmark faces its own crisis over the costs of these medications, consuming 18% of regional drug budgets. In Denmark, officials are contemplating requiring patients to pay out-of-pocket for Ozempic, while in the U.S., insurance restrictions are tightening access to the drugs. Despite the challenges, the demand for these drugs continues to elevate Novo Nordisk and Eli Lilly among the top pharmaceutical companies worldwide.