Novo Nordisk raised its full-year sales guidance in early August, narrowing its projected annual decline from 8% to 3% at the midpoint, yet investors sold off the stock, driving it down roughly 6%. The core issue lies in price cuts on Ozempic and Wegovy not yet offset by volume gains, leaving Novo more exposed at 90% of business versus roughly 60% for Eli Lilly. Oral Wegovy, launched in January, generated over 5 million prescriptions and 1.5 million patients worldwide, but CEO Mike Doustdar conceded that Eli Lilly is gaining market share through greater diversification and more effective advertising.
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