Novo Nordisk shares drop 20% on profit warning, new CEO appointment

Zealand Pharma A/S

29/07/2025 13:45

Adds analyst comment, CEO change

** Shares in Novo Nordisk NOVOb.CO plunge around 20% after the Danish drugmaker cut its 2025 outlook and named insider Mike Doustdar as new CEO

** The company said full-year sales and operating profit would grow less than previously expected, marking the second forecast cut of 2025 for the Danish pharma giant

** Jefferies says the cut suggests at least high single digit percentage underlying consensus downgrades to profits

** Novo named veteran executive Maziar Mike Doustdar as its new CEO, effective August 7, replacing Lars Fruergaard Jorgensen, who was ousted in May

** "Given the recent issues, we are surprised by the choice of an internal candidate," Jefferies says

** Stock fell as much as 29.8%, wiping more than 80 billion euros ($92.34 billion) off its value at one point and dragging down Europe's STOXX 600 .STOXX index and Copenhagen's OMX .OMXC20

** Shares in rival Zealand Pharma ZELA.CO down 6%

 (Reporting by Jesus Calero)

 ((Jesus.calero@thomsonreuters.com))