Novo CEO's First Test Is Winning Back the US Weight-Loss Market
Novo's copycat problem wasn't supposed to last this long. It began when the company was unable to meet customer demand for its weight-loss drugs in the US, clearing the way for compounding pharmacies to step in. These pharmacies are allowed to make and sell cheaper copies of a medicine when brand-name drugs are in short supply, and their products don't go have to go through the same rigorous approval process. They lost this permission this year, when authorities ruled the shortage had ended, but Novo's hopes for a quick recovery were still dashed on Tuesday when the drugmaker slashed its sales and profit forecasts. Shares closed down 23%, the steepest one-day drop on record.
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