Winter Is Coming: What Can Novo Nordisk Do Next After Stock Fall?
Change must be due for Danish diabetes giant Novo Nordisk as the firm continues to flounder in the US thanks to a tough pricing environment, increased competition for insulin products and supposed cultural differences between European and American management teams.
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As US prosecutors investigate Novo Nordisk and other insulin makers for their pricing and contracts with pharmacy benefit managers, plaintiff firms allege the Danish group engaged in collusive agreements and misled investors about its earnings and forecasts.
Novo Nordisk says it was caught by surprise when US pharmacy benefit managers decided to exclude Sanofi's basal insulin Lantus and downgrade its own Levemir from formularies in favor of Eli Lilly's soon-to-be launched biosimilar Basaglar. Novo had been hoping for more time to secure some of Lantus' US market share with its new diabetes product Tresiba, but now accepts that will not happen.
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