Novo Nordisk’s shares fell the most in a single month since July 2002, owing to increased competition and a string of dismal trial outcomes. Analysts, on the other hand, remain enthusiastic about the shares, predicting a 60% price increase over the following year.
Novo Nordisk, Europe’s largest pharmaceutical company, saw its stock price fall 27% in March, marking the worst monthly performance since July 2002. As of March 31, the Danish firm’s share price has dropped to 469.8 Danish Krone (€63), its lowest level since February 2023. The stock has fallen 54% since its all-time high in June 2024, surrendering its title as Europe’s most valuable firm to LVMH and SAP.
Investors dropped Novo Nordisk stock due to increased rivalry from its US rival Eli Lilly. Eli Lilly’s weight-loss medications, Zepbound and Mounjaro, compete directly with Novo Nordisk’s Wegovy and Ozempic, strengthening the competitive landscape. Novo’s shares are down 25% year to date, while Eli’s stock is up 4.6%.
Recent US weekly prescription statistics indicated that Novo Nordisk may be losing market share to Eli Lilly, resulting in a 0.9% decline in Novo’s stock and a 0.4% gain in Eli Lilly’s shares on the last trading day of March.
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