Novo Nordisk plunges 22% after cutting full-year performance forecast

On Tuesday morning, Novo Nordisk's American depositary receipts plummeted by about 22% in Eastern Time, after the company lowered its full-year performance guidance. This revision was mainly due to challenges faced by its weight-loss drug business, particularly the lower-than-expected sales of the GLP-1 drug semaglutide. Novo Nordisk now expects a sales growth of 8%-14% for the full year, significantly lower than the previously forecasted range of 13%-21%. This negative news also affected competitors Eli Lilly and Hims & Hers Health, with both companies' stock prices falling by around 3%.