Novo Nordisk Shares Plummet 21% After Downward Guidance and Copycat Wegovy Launch

Novo Nordisk shares have dropped 21% after the company cut its forecast and announced a lower-priced copycat version of Wegovy. The decline extends a longer period of underperformance that has erased years of gains. Novo underestimated competition, with Eli Lilly's Zepbound and lower-cost copies of branded products increasing pressure. The company plans to pursue legal and regulatory action against the copycat pill, but expectations for a rapid recovery appear limited.