Novo Nordisk lowers profit guidance in new CEO's maiden quarter

STORY: Novo Nordisk lowered its full-year profit and sales forecast Wednesday (November 5).It's a sign the challenges facing the Wegovy-maker's new CEO are still a drag.Mike Doustdar took over the Danish firm in August under pressure from investors to regain ground in the obesity drug market.Competition from U.S. rival Eli Lilly and copycat drugs drove Novo's stock down this year.The share price plunge and slower sales growth led to a change of CEO and board shake-up in recent months..But Doustdar's first quarterly results showed the firm now expects full-year operating profit to grow between 4% and 7% in 2025.That's down from an earlier forecast of between 4% and 10%.Doustdar blamed the lower guidance on smaller growth expectations for the company's best-selling weight management and diabetes medications. Total sales in the period rose 5% to $11.71 billion - below analyst forecasts.Operating profit also fell 30% to $3.65 billion during the quarter.The stock dropped heavily at the open on Wednesday, but recovered to trade 1% higher.

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