Novo Nordisk falls 9% as growth predictions slimmed after 2nd-qtr
More than 9% was wiped off the value of Novo Nordisk’s (NOV: N) share price on Friday as the Danish diabetes giant reduced its sales and profit estimates for the year.
The company’s chief executive Lars Rebien Sørensen blamed the increasingly challenging US market environment and intensifying price competition as he presented 2nd-qtr 2016 financial results.
Its 27.46 billion Danish kroner ($4.09 billion) sales total for the quarter is a 1% rise compared to the second quarter of 2015, while net profit is 9.97 billion kroner, a 19% increase.
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