Drugmaker Novo Nordisk slashes Wegovy sales forecasts, blaming compounding
Summary
Novo Nordisk has lowered its sales forecast for the obesity drug Wegovy, citing competition from compounded drug versions. The company's shares fell sharply after the announcement, and Novo Nordisk plans to take various actions to address the issue.Key Facts
- Novo Nordisk reduced its expected sales growth for Wegovy from 21% to 14% for this year.
- Compounded versions of Wegovy, made by certain pharmacies, are seen as a major reason for lower sales.
- Compounding pharmacies create customized drug versions, often when there's a shortage, but these don't go through the usual FDA approval.
- Novo Nordisk's shares dropped more than 20% following the sales forecast cut.
- Wegovy had previously been on the FDA's drug shortage list, which allowed for compounding.
- Novo Nordisk announced Maziar Mike Doustdar as the new CEO, succeeding Lars Jorgensen.
- Novo Nordisk plans to use strategies, including legal actions, to reduce the practice of drug compounding.
- Compounding pharmacists are regulated mostly at the state level, not federally through the FDA.
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