Novo Nordisk Shares Dive as Price Pressure Hits Wegovy Sales.

Novo Nordisk, a pharmaceutical company, experienced a decline in its shares after disappointing sales of its weight-loss treatment, Wegovy. The company attributed the lower revenue to higher-than-expected price concessions to US pharmacy benefit managers. This setback raised concerns among investors about growing pricing pressure as competition from US rival Eli Lilly & Co. intensifies. Novo Nordisk and Lilly are competing for dominance in the obesity drugs market, which is projected to reach $130 billion by the end of the decade. Novo Nordisk's CEO acknowledged the pressure from competition and the need to offer higher rebates to gain market access. [Extracted from the article]