Novo Nordisk takes beating after slashing full-year growth

COPENHAGEN – Danish drug maker Novo Nordisk says it has lowered its long-term guidance for 2016 due to a difficult U.S. market, sparking a nearly 14 per cent drop in share prices in early Friday trading in Copenhagen.

The group says the U.S. market environment “has become significantly more challenging” adding it “no longer deems it achievable” to reach the operating profit growth target of 10 per cent, lowering it to 5 per cent.

Novo Nordisk, one of the world’s leading makers of diabetes medicines, reported a 3-per cent increase in sales and a 17-per cent profit increase in the third quarter.

Last month, it announced plans to lay off some 1,000 employees globally to reduce operating costs mainly because of the U.S. markets.