4300亿美元“灰飞烟灭”，全球“药王”，跌下神坛

Core Viewpoint - Novo Nordisk's new drug, semaglutide, has faced significant sales slowdown and market challenges, leading to a downward revision of its annual performance guidance and a sharp decline in stock price [3][10][11]. Sales Performance - Sales growth expectations for Novo Nordisk were revised down from 13%-21% to 8%-14%, and operating profit growth expectations were adjusted from 16%-24% to 10%-16% [3]. - The sales data for semaglutide, particularly in the weight loss segment, has shown a slowdown just one quarter after its peak performance [2][3]. Market Challenges - The market penetration of Wegovy, a semaglutide product, has been significantly lower than expected due to illegal large-scale production of counterfeit drugs, impacting sales in the U.S. market [3]. - Novo Nordisk faces increasing competition from Eli Lilly's tirzepatide, which has shown promising results in cardiovascular protection and other health benefits [9]. Financial Impact - Following the performance guidance downgrade, Novo Nordisk's stock price fell over 21% in one day, continuing a downward trend that resulted in a total decline of over 30% in four trading days, equating to a market value loss of over $92 billion [3][10]. - The company's stock has dropped approximately 65% over the past year, reflecting market pessimism regarding its growth trajectory [11]. Leadership Changes - Novo Nordisk appointed Maziar Mike Doustdar as the new CEO amid the performance challenges, indicating a shift in leadership strategy [3][7]. Market Outlook - Despite current challenges, the global weight loss market remains vast, with approximately 1 billion people suffering from obesity, suggesting potential for future growth [11]. - The dynamic price-to-earnings ratio of Novo Nordisk is around 14 times, indicating it may be undervalued despite recent setbacks [11].