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Yahoo
24 minutes ago
- Yahoo
Wegovy maker Novo's profit warning triggers $70 billion share rout
By Jacob Gronholt-Pedersen, Stine Jacobsen and Maggie Fick COPENHAGEN (Reuters) -Investors wiped $70 billion off Novo Nordisk's market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new CEO, as it battles rising competition in the obesity drug market. Novo named Maziar Mike Doustdar as its new chief executive, turning to a veteran insider to revive sales and reassure investors rattled by fears the Danish drugmaker is losing ground in the obesity drug race it started. Doustdar's appointment failed to stem a stock market rout sparked by Novo slashing its outlook for 2025 sales growth to between 8% and 14%, from between 13% and 21% previously. Its shares plunged nearly 30% before paring some losses to trade down over 20% by mid-afternoon. The shares are now down 44% this year. "The magnitude of the guidance cut is a shocker," Markus Manns, a portfolio manager at mutual fund firm Union Investment, a Novo shareholder, told Reuters, adding that Novo's issues went deeper than "compounded" copycats to Wegovy. Compounded drugs are custom-made medicines that are based on the same ingredients as branded drugs. Novo has been hit by copycats of its GLP-1 drugs Wegovy for weight-loss and Ozempic for diabetes. U.S. law bars pharmacies from replicating approved drugs, but has allowed 'compounding' for patients needing custom doses or formulations. The company said in a statement that it cut its 2025 sales outlook due to lower growth expectations in the second half in the U.S., both for Wegovy and Ozempic in the GLP-1 diabetes market. The drugmaker, which became Europe's most valuable listed company following the launch of Wegovy in 2021, is now facing a reckoning as it looks to turn things around after the abrupt removal in May of CEO Lars Fruergaard Jorgensen. At its peak in June 2024, Novo was worth as much as $615 billion, but its shares have plunged on investor concerns about the company's experimental drug pipeline and its ability to navigate challenges in the U.S. market. "The stock has gone from being a market darling to one of its biggest letdowns," said Angelo Meda, portfolio manager and head of equities at Banor SIM in Milan, which has a small Novo stake. "The biggest concern is the illegal channel siphoning away market share - something that's hard to quantify. Rebuilding trust will take time." NEW CEO AN INSIDER Doustdar, an Iranian-born, Austrian national, who grew up in the United States, joined Novo in 1992 and will take on the new role on August 7. He currently serves as vice president for international operations, a role he took after leading the company's businesses first in the Middle East and then in Southeast Asia, Novo said. "We need to increase the sense of urgency and execute differently," Doustdar told investors and analysts on a call. "The fact that my announcement comes right after the guidance update, just makes the mandate ahead even more clear." Some analysts and investors had argued that Novo should select an American, or a person with extensive experience working in the United States as its next CEO. Novo has lost its first-mover advantage in the United States this year to U.S. rival Eli Lilly. The new chief executive's most urgent challenge, according to investors and analysts, is to revive Novo's performance in the United States, the largest market by far for weight-loss drugs and where they are most profitable. Novo launched its weight-loss drug Wegovy nearly two and a half years before Eli Lilly's Zepbound. But Zepbound prescriptions surpassed those of Wegovy this year by more than 100,000 a week. In May, Novo said it expected many of the roughly one million U.S. patients using compounded GLP-1 drugs to switch to branded treatments after a U.S. Food and Drug Administration ban on compounded copies of Wegovy took effect on May 22. "Unfortunately, our latest market research indicates that has not happened," Chief Financial Officer Karsten Munk Knudsen said on a call with analysts on Tuesday. One million or more U.S. patients are still using compounded GLP-1s, he said. Novo has stepped up its dialogue with the U.S. FDA to limit unlawful compounding of its drugs, the head of U.S. operations David Moore added on the call. "Compounding continues to be an issue that we have to address," Moore said. ($1 = 0.8672 euros) Sign in to access your portfolio
Yahoo
34 minutes ago
- Yahoo
Flu complication that causes sudden and severe brain swelling is rising in kids, doctors warn
Severe flu seasons in recent years have brought to light a little-known danger of influenza infections in kids: a rare brain disease called acute necrotizing encephalopathy, or ANE. It's a fast-moving condition usually triggered by the flu, causing sudden brain swelling. It's thought that the virus prompts the immune system to go haywire. Affected children can go from having mild flu symptoms to seizures, coma or even death within days. Most are kids without any other health problems. Historically, the inflammatory disease is diagnosed in just a handful of children each year. But this past January and February, pediatric neurologists began to see an unusual uptick in ANE cases — and started comparing notes. Dr. Molly Wilson-Murphy, a pediatric neurologist at Boston Children's Hospital, said, 'We were reaching out to colleagues across the country and saying, 'Hey, are you seeing this?' and very briskly getting responses back from a number of folks saying, 'Yes, us, too.'' The collaboration led to the first large, multicenter look at ANE cases in the U.S. Wilson-Murphy is one of more than 60 physicians who published their data Wednesday in the Journal of the American Medical Association. The doctors identified 41 cases over the past two flu seasons. Most children were around age 5. Brain inflammation was swift and severe in many cases. Eleven children (27%) died within three days, usually because of a buildup of pressure in their brain tissue. Children who were able to survive for at least three months often had long-lasting complications, such as trouble walking, eating and ongoing seizures. Because ANE is so rare, there's no specific treatment protocol. Most of the 41 children in the new study received steroids, antiviral medications, intravenous immunoglobulin or a plasma exchange, which is like dialysis. Reasons for the increase in ANE cases are not known. But the report comes after the U.S. has experienced one of the deadliest flu seasons for kids on record: 266 pediatric flu deaths, according to the Centers for Disease Control and Prevention. At least three of those children died in June and July of this year, far outside of the typical flu season. Until now, there's been no official tally of ANE cases. The CDC began to track them in February after hearing anecdotal reports from the study authors. The CDC's Dr. Timothy Uyeki wrote an editorial accompanying the new study. 'From the public health perspective, implementation of multiyear national surveillance' is necessary, Uyeki wrote, to understand how often ANE occurs and whether some children have specific risk factors. Why flu shots are important for kids Study authors emphasized the importance of annual flu shots for kids. Just six of the 41 children with ANE had been vaccinated. It's especially critical for kids who've already had ANE because they're at risk for getting it again with a subsequent influenza infection, Wilson-Murphy of Boston Children's Hospital said. Fewer kids are getting flu shots in general. During the 2023-2024 season, just over half of kids, 55%, got the vaccine — the lowest rate in more than a decade. 'It's possible that's playing a small role in this bump in cases,' said study co-author Dr. Keith Van Haren, a pediatric neurologist at Stanford Medicine in Palo Alto, California. 'It doesn't account for all of it, though.' And among the 266 children who died of flu this past year, 90% hadn't been fully vaccinated, according to the CDC. The American Academy of Pediatrics recommends all children 6 months or older get an annual flu shot, ideally by the end of October. Young children who've never had the shot may need two doses, about a month apart. ANE warning signs In early stages, ANE resembles typical flu symptoms. Children tend to have high fevers — 103 degrees on average — as well as a sore throat, cough and vomiting or diarrhea. Within about two days after symptoms begin, doctors say there is a marked difference in kids' mental status. They may have seizures and become unusually weak and tired. The behavior is different from the typical lethargy associated with flu, Wilson-Murphy said. Affected children don't perk up, even after ibuprofen or acetaminophen. They're not making sense and can't interact meaningfully. 'You get that 'mom gut' feeling that something isn't right,' she said. 'Parents should listen to their intuition and get their kids checked out as soon as they feel like something is off, neurologically.' This article was originally published on Solve the daily Crossword
NBC News
2 hours ago
- NBC News
Rare flu complication is rising in kids, doctors warn
Severe flu seasons in recent years have brought to light a little-known danger of influenza infections in kids: a rare brain disease called acute necrotizing encephalopathy, or ANE. It's a fast-moving condition usually triggered by the flu, causing sudden brain swelling. It's thought that the virus prompts the immune system to go haywire. Affected children can go from having mild flu symptoms to seizures, coma, or even death within days. Most are kids without any other health problems. Historically, the inflammatory disease is diagnosed in just a handful of children each year. But this past January and February, pediatric neurologists began to see an unusual uptick in ANE cases — and started comparing notes. Dr. Molly Wilson-Murphy, a pediatric neurologist at Boston Children's Hospital said, 'We were reaching out to colleagues across the country and saying, 'hey, are you seeing this?' and very briskly getting responses back from a number of folks saying, 'yes, us, too.'' The collaboration led to the first large, multi-center look at ANE cases in the U.S. Wilson-Murphy is one of more than 60 physicians who published their data Wednesday in the Journal of the American Medical Association. The doctors identified 41 cases over the past two flu seasons. Most children were around age 5. Brain inflammation was swift and severe in many cases. Eleven children (27%) died within 3 days, usually because of a buildup of pressure in their brain tissue. Children who were able to survive for at least 3 months often had long-lasting complications, such as trouble walking, eating and ongoing seizures. Because ANE is so rare, there's no specific treatment protocol. Most of the 41 children in the new study received steroids, antiviral medications, intravenous immunoglobulin or a plasma exchange, which is like dialysis. Reasons for the increase in ANE cases are not known. But the report comes after the U.S. has experienced one of the deadliest flu seasons for kids on record: 266 pediatric flu deaths, according to the Centers for Disease Control and Prevention. At least three of those children died in June and July of this year, far outside of the typical flu season. Until now, there's been no official tally of ANE cases. The CDC began to track them in February after hearing anecdotal reports from the study authors. The CDC's Dr. Timothy Uyeki wrote an editorial accompanying the new study. 'From the public health perspective, implementation of multiyear national surveillance' is necessary, Uyeki wrote, to understand how often ANE occurs and whether some children have specific risk factors. Why flu shots are important for kids Study authors emphasized the importance of annual flu shots for kids. Just six of the 41 children with ANE had been vaccinated. It's especially critical for kids who've already had ANE because they're at risk for getting it again with a subsequent influenza infection, Wilson-Murphy of Boston Children's Hospital said. Fewer kids are getting flu shots in general. During the 2023-2024 season, just over half of kids, 55%, got the vaccine — the lowest rate in more than a decade. 'It's possible that's playing a small role in this bump in cases,' said study co-author Dr. Keith Van Haren, a pediatric neurologist at Stanford Medicine in Palo Alto, California. 'It doesn't account for all of it, though.' And among the 266 children who died of flu this past year, 90% hadn't been fully vaccinated, according to the CDC. The American Academy of Pediatrics recommends all children 6 months or older get an annual flu shot, ideally by the end of October. Young children who've never had the shot may need two doses, about a month apart. ANE warning signs In early stages, ANE resembles typical flu symptoms. Children tend to have high fevers — 103 degrees on average — as well as a sore throat, cough and vomiting or diarrhea. Within about two days after symptoms begin, doctors say there is a marked difference in kids' mental status. They may have seizures and become unusually weak and tired. The behavior is different from the typical lethargy associated with flu, Wilson-Murphy said. Affected children don't perk up, even after ibuprofen or acetaminophen. They're not making sense and can't interact meaningfully. 'You get that 'mom gut' feeling that something isn't right,' she said. 'Parents should listen to their intuition and get their kids checked out as soon as they feel like something is off, neurologically.'
