Overview

• Novo Nordisk announced that CEO Lars Fruergaard Jørgensen will step down by mutual agreement, citing market challenges and a 50% share price decline since mid-2024.
• Jørgensen, who led the company for eight years, oversaw a period of rapid growth driven by blockbuster drugs Ozempic and Wegovy, tripling sales and profits during his tenure.
• The leadership change follows a forecast downgrade and a head-to-head study showing Eli Lilly’s Zepbound outperformed Wegovy in weight-loss results.
• The company has faced pressure from compounded versions of its drugs in the U.S., though FDA rulings are expected to ease this competition soon.
• The Novo Nordisk Foundation, which controls the company, will increase its board representation during the leadership transition to reinforce governance.