Novo Nordisk CEO To Focus On U.S. As COO Schultz Gains Extra Duties
This article was originally published in The Pink Sheet Daily
The sharing of executive responsibilities with Kare Schultz frees up CEO Lars Sorensen to focus on key growth markets, as Novo Nordisk faces growing competitive pressures from generics, new diabetes market entrants and a tougher pricing environment.
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GSK reported that China pharmaceutical and vaccines sales were down 29% in Q4 and 18% for full year 2013, but CEO Andrew Witty tried to assure investors that sales are stabilizing. AbbVie chugs along on Humira and Novo Nordisk warns that emerging markets currency volatility may hit launch plans.
The Danish pharma is focused on the latest formulation technology for insulin and GLP-1 and combinations thereof to sustain its diabetes market leader position. It’s not particularly worried about biosimilars, despite two of its top sellers coming off-patent in the next few years.
Withholding Tresiba from Europe’s biggest drug market seems counterintuitive in view of the ultra-long-acting insulin’s spreading acceptance elsewhere. But in doing so, Novo avoids having Germany’s reimbursement authorities questioning its benefits and demanding a price cut.