Novo Nordisk CEO Lars Fruergaard Jørgensen is stepping down amid growing challenges for the Danish drug maker. The company faces tougher competition in the weight-loss drug market and a falling share price.
Novo Nordisk has struggled to develop new obesity treatments. Its popular GLP-1 drugs, Ozempic and Wegovy, which are expensive, will also be part of the upcoming Medicare drug price negotiations in the U.S.
While Novo Nordisk and Eli Lilly have led the GLP-1 market, competition is increasing in a sector expected to reach \$130 billion by 2030.
In a statement, Novo Nordisk said: “Given recent market challenges, the share price drop, and the wishes of the Novo Nordisk Foundation, the Board and Lars Fruergaard Jørgensen agreed that a CEO change is best for the company and shareholders.”
The company added that Jørgensen will remain for a transition period to ensure smooth leadership change.
Following the news, Novo Nordisk’s shares dropped. The stock has lost more than half its value over the past year.
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