Novo Nordisk Stock Plunges as CEO Steps Down amid Market Headwinds

Danish pharmaceutical giant Novo Nordisk announced that Lars Fruergaard Jørgensen, its CEO, will be stepping down amidst a difficult period marked by escalating competition in the obesity drug market and disappointing results from next-generation treatments. This sudden leadership change coincides with a sharp decline of over 50% in Novo Nordisk’s share price since mid-2024. Investors are concerned about the company’s performance, particularly after lower-than-expected sales for its flagship drug Wegovy and setbacks in clinical trials for its CagriSema candidate.