Novo Nordisk(US:NVO) Zhi Tong Cai Jing·2025-05-16 12:39Group 1 - Novo Nordisk has dismissed CEO Lars Fruergaard Jorgensen due to increasing competition for its obesity treatment drug Wegovy, which has pressured the stock price [1] - The company's stock has dropped 53% over the past 12 months, resulting in a market value loss of over $300 billion [1] - Novo Nordisk's statement indicated that the decision to initiate a CEO succession process was in the best interest of the company and its shareholders [1] Group 2 - Since 1990, Novo Nordisk has only changed CEOs three times, with Jorgensen serving as CEO since January 2017 [2] - Under Jorgensen's leadership, the company's market value more than doubled [3] - The Novo Nordisk Foundation, which is one of the wealthiest non-profit foundations globally with assets of approximately $159 billion, is involved in discussions regarding the CEO succession [3] Group 3 - Novo Nordisk's market share has been eroded by Eli Lilly, which has launched competing drugs such as Zepbound and Mounjaro, the latter expected to surpass Ozempic in prescriptions by August next year [3] - The announcement of Jorgensen's departure was described as a "bombshell" by a trading head at Artha Kapitalforvaltning, who noted that despite investing in Novo Nordisk, they do not plan to buy or sell shares due to this change [3] - Market reactions included a 4% pre-market drop in Novo Nordisk's stock and a 1.8% increase in Eli Lilly's stock [1]