MW Ozempic maker Novo Nordisk boots CEO over stock-price fall
By Steve Goldstein
Lars Fruergaard Jorgensen, the chief executive of once-highflying Danish drugmaker Novo Nordisk, is stepping down after eight years in the role, the maker of Ozempic and Wegovy drugs announced on Friday.
Novo Nordisk's stock (DK:NOVO.B) $(NVO)$ had soared in value, at one point becoming Europe's largest company by market capitalization, thanks to the wildly popular weight-loss medications, but now the stock has lost about half its value since peaking last summer.
Intense competition from Eli Lilly $(LLY)$ as well as so-called compounders, a disappointing study of a next-generation drug and trouble meeting supplies for its weight-loss drugs have all contributed to the company's struggles.
The changes are being made "in light of the recent market challenges Novo Nordisk has been facing, and the development of the company's share price since mid-2024," the company said.
In premarket trade, Novo Nordisk stock fell 3%.
The company said it's searching for a successor. In the meantime, the Novo Nordisk Foundation is having its chair participate as a board member.
-Steve Goldstein
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(END) Dow Jones Newswires
May 16, 2025 07:37 ET (11:37 GMT)
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