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Novo Nordisk lowers guidance as Wegovy misses expectations

Date: 07 May 2025

1 minute read

7 May 2025

If you are covering Novo Nordisk's Q1 2025 trading update, please see comments below from Sheena Berry, healthcare analyst at Quilter Cheviot:

"The focus for Novo Nordisk remains on Ozempic and Wegovy for type two diabetes and obesity. Wegovy missed expectations, with the group indicating that half of the softness was due to destocking. Consequently, full-year guidance has been lowered, which is not surprising given recent prescription trends for Wegovy and compounded versions still being on the market.

“Novo Nordisk expects volume to pick up in H2 due to compounders no longer being on the market and the recent agreement with CVS Caremark helping improve access. Shares have underperformed since the company reported headline data on a compound referred to as CagriSema in December. We anticipate hearing more detailed data in due course, with the group expecting to file for the first regulatory approval in Q1 2026.

“Currently, the obesity market is still dominated by Eli Lilly and Novo Nordisk, but there are numerous clinical trials ongoing with competitors looking to enter the space."

Tim Skelton-Smith

Tim Skelton-Smith

Head of External Communications
+44 (0)7824 145076

Notes to Editors

Notes to Editors:

About Quilter plc

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