Novo Nordisk Remains Focused on Diabetes Care: Brandgaard
Novo Nordisk A/S plunged by the most in more than 14 years after the world’s biggest maker of insulin slashed its long-term target for profit growth by half because of pressure on prices in the U.S., its largest market. The forecast was pared to 5 percent from the 10 percent projected in February, the Bagsvaerd, Denmark-based company said in a statement on Friday. The drugmaker in recent months has appointed a new chief executive officer and cut about 1,000 jobs to trim costs. “We’re only just getting into the storm now” in the U.S. with the pressure on drug prices, Chief Financial Officer Jesper Brandgaard said in an interview with Bloomberg Television’s Caroline Hyde and Guy Johnson on "Bloomberg Markets: European Open."