Novo Chief Asks for Investors’ Patience as Shares Plunge

Novo Nordisk A/S’s chief executive officer asked investors to stick with him after a dire sales forecast caused a share price rout, saying a surge in prescriptions for cheaper obesity drugs will eventually revive growth.

The Danish drugmaker predicted sales will drop as much as 13% this year because of unprecedented price pressure in the US and competition from generic versions of its blockbusters in some markets. By contrast, its chief rival Eli Lilly & Co. forecast sales growth of as much as 27% this year.