Core Viewpoint - Novo Nordisk is undergoing significant management upheaval, with two CEO changes and a mass board resignation within six months, raising concerns about the company's stability and future direction [1][2][3]. Management Changes - Lars Fruergaard Jørgensen was replaced as CEO in May 2025, followed by Maziar Mike Doustdar's appointment in August, which initially boosted stock prices by 39% [1]. - On October 21, 2025, Novo Nordisk announced the resignation of seven board members, including the chairman, due to disagreements with the majority shareholder, the Novo Nordisk Foundation, regarding board composition [1][2]. Board Restructuring - The Novo Nordisk Foundation proposed a more extensive board restructuring, aiming to appoint Lars Rebien Sørensen as chairman, who previously served as CEO from 2000 to 2016 [2]. - The new board is seen as a transitional government, with a mandate to support the new management in executing transformation plans and identifying a long-term chairman [2]. Market Challenges - Novo Nordisk faces challenges in the obesity treatment market, losing its competitive edge to Eli Lilly, which has gained market share with its GLP-1 drug, tirzepatide [3][6]. - The company is implementing a global restructuring plan, including a workforce reduction of approximately 9,000 employees by the end of 2026, to focus on growth opportunities in diabetes and obesity [3][5]. Financial Implications - The restructuring is expected to yield annual savings of around 8 billion Danish kroner (approximately 8.85 billion RMB) by the end of 2026 [5]. - The company's stock price has significantly declined, from $143 in July 2024 to a low of $45 in August 2025, resulting in a market capitalization loss of over $480 billion [6]. Production and Supply Issues - Novo Nordisk's GLP-1 drug, semaglutide, faced supply shortages, leading to its inclusion on the FDA's drug shortage list, which allowed for the rapid rise of generic alternatives [7][9]. - The company has been criticized for its slow response to expand production capacity, which has allowed competitors to capture market share [9][10]. Strategic Shifts - Novo Nordisk is recognizing the need to adapt to the consumer-driven nature of the obesity treatment market, which requires a shift from traditional hospital-based sales to more dynamic consumer marketing strategies [10][12]. - The company has begun collaborating with e-commerce platforms in China to enhance its market presence, reflecting a shift towards a more consumer-oriented approach [13][14].
董事会“掀桌”，诺和诺德的转折点
3 6 Ke·2025-10-24 11:12