Shares of Novo Nordisk were in decline on Thursday as the Danish diabetes care giant announced that its chief executive Lars Rebien Sorensen will be retiring at the end of 2016.
The move comes as Novo Nordisk is facing increased competition in the US market where it generates approximately half of its revenues, commented Reuters. The company is a major manufacturer of insulin and other medications used to treat diabetes. Last month, the company said it had lost a "sizable" contract for its top-selling insulin NovoLog, Bloomberg reports.
The news appears to be a departure from the company's previous plan, as Novo Nordisk had said Rebien Sorensen would leave when his contract expires at the end of 2019, Reuters noted. However, lower prices and rising competition from biosimilars, or cheaper versions of complex biologic drugs, have created challenges for Novo Nordisk. Concerns over the shifting market have caused it to lose almost a quarter of its value in 2016, according to Bloomberg.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze