Under Jorgensen’s leadership, Novo Nordisk became a global leader in the weight loss drug market, and sales of Wegovy and Ozenpic treatments, which pushed the stock price to make it the most valuable listed company in Europe, were sold at Skyrocket.
But its stock has plummeted since hitting record highs in June last year, especially as competition from US rival Eli Lily entered market share and a new drug pipeline failed to impress investors.
“The changes will be made in light of the recent market challenges facing Novo Nordisk and the company’s stock price development since mid-2024,” Novo said in a statement.
Eli Lily’s US prescription for Zepbound obesity shots has surpassed Wegovy in the largest market since mid-March.
Jorgensen, 58, who has been CEO since 2017, will remain in the role until a new CEO is appointed, the company said. Lars Rebien Sorensen, former CEO of Novo Nordisk and current chairman of the Novo Nordisk Foundation for 16 years, said he will be joining the board as an observer with the aim of taking his seat at the upcoming annual meeting. Novo Nordisk is managed by the Novo Nordisk Foundation through its investment division, which owns 77% of its voting shares.
“Given recent market challenges, stock prices declines and hopes from the Novonordisk Foundation, the Novonordisk Committee and Larshulgaard Jorgensen jointly concluded that starting a succession of CEOs is the greatest benefit of the company and its shareholders,” Novonordisk said.
Novo Nordisk’s stock fell on the news, falling 3% at 1133 GMT after a 4% rise early in the day.
Stocks fell 59% from their all-time high in June last year.
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