big number
$30.7 billion. That’s how much was cut from Novo Nordisk’s market capitalization as of Friday’s share price, lowering from $229.2 billion to $198.5 billion, marking a nearly 69% decline since hitting an all-time high of $635.7 billion in June 2024.
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key background
Novo Nordisk, despite the success of its Ozempic and Wegovy drugs in recent years, has worked to expand on its other businesses to bolster sales. The firm has moved to increase the GLP-1 market by expanding into pill versions of its medications, and Novo Nordisk has since launched a Wegovy pill in the United Arab Emirates and the U.K., with plans to sell in the U.S. and globally.
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tangent
Novo Nordisk clashed with Eli Lilly earlier this month, accusing the rival GLP-1 manufacturer of “deceptive” advertising that Novo Nordisk said relied on outdated data to make its products look less effective. The Ozempic maker said it looked to resolve the dispute out of court, but “Lilly refused, calling its advertising ‘truthful’ and ‘transparent,’” according to court documents. The motion also asks the court to require Lilly to issue corrective advertising that indicates its ad campaigns had “planted false beliefs in consumers’ minds.”
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further reading
ForbesNovo Nordisk Asks Court To Block Eli Lilly’s ‘Deceptive Advertising’By Conor Murray