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NovoCure Stock Plunges Amid Guidance Cut and CEO Transition
NovoCure Stock Plunges Amid Guidance Cut and CEO Transition
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BTCCSquare news:
Novo Nordisk shares plummeted 21% following a double blow of reduced financial guidance and leadership changes. The Danish pharmaceutical giant now projects full-year sales growth of 8%-14%, down sharply from previous estimates of 13%-21%. Operating profit forecasts were similarly slashed.
The guidance revision overshadowed the appointment of new CEO Mike Doustdar, set to begin August 7. Market skepticism prevailed despite board chairman Helge Lund's endorsement of Doustdar as the ideal leader for Novo's next growth phase.
Weaker U.S. sales of flagship drugs Wegovy and Ozempic drove the downward revision. While compounded drug competition previously pressured results, recent FDA restrictions on these alternatives may provide future relief.
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