Why Shares of Wegovy Maker Novo Nordisk Are Tumbling Today
The stock's been all the rage since 2021, when the U.S. Food and Drug Administration first approved its Wegovy as a treatment for obesity. Nevertheless, Novo Nordisk (NYSE: NVO) shares are down to the tune of 7.8% as of 11:48 a.m. ET Wednesday, according to data from S&P Global Market Intelligence.
Blame weight-loss drug Wegovy's disappointing sales during the recently ended second quarter, mostly. This weakness -- along with that of diabetes treatment Ozempic -- prevented the company from meeting analysts' earnings estimates.
Danish drugmaker Novo Nordisk turned nearly $10 billion in revenue into a per-share profit of $0.66 for the three-month stretch ending in June. Sales improved by 24% year over year; profits, however, fell short of the expected $0.71 per share.
Source Fool.com
