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Novo Nordisk CEO Lars Jorgensen testifies before a Senate Health, Education, Labor, and Pensions Committee hearing on U.S. prices for the weight loss drugs Ozempic and Wegovy, on Capitol Hill in Washington, U.S., September 24, 2024.
Piroschka Van De Wouw | Reuters
Novo Nordisk CEO Lars Fruergaard Jørgensen is stepping down, the Wegovy-maker said Friday, citing recent market challenges.
The Danish pharmaceutical giant said Fruergaard Jørgensen would remain in his post "for a period to support a smooth transition to new leadership." It added that the search for a replacement was ongoing and an announcement would be made in due course.
Shares were down 1.8% shortly after the announcement.
The decision comes as Novo Nordisk's share price has taken a battering over the past year amid increased competition in the ballooning obesity drug market and disappointing trial results for its next-generation treatments.
Chairman Helge Lund nevertheless said the drug maker's approach remains unchanged.
"Novo Nordisk's strategy remains unchanged, and the Board is confident in the company's current business plans and its ability to execute on the plans," Lund said in a statement.
This is a breaking news story, please check back for updates.
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