Novo Nordisk expects slower sales growth due to China insulin drop
Adds details, share reaction, analyst comment
COPENHAGEN, Nov 26 (Reuters) - Novo Nordisk's NOVOb.CO shares slipped on Friday after the Danish diabetes drug maker forecast its sales growth would slow by about 3% in 2022 because of lower prices and a drop in insulin sales volumes in China.
The forecast comes after Novo received results from the Volume Based Procurement (VBP) tender process for insulin in China, which covers insulin sold at Chinese hospitals.
Novo Nordisk currently expects an estimated negative impact on global sales growth of around 3% in 2022 as a result of reduced prices and reduced volumes of insulin sold in China, it said in a statement.
Novo shares were down 1.7% at 0813 GMT on the Copenhagen blue chip index .OMXC25CAP, which was down 1.9%, after earlier falling by nearly 5%.
Sydbank analyst Soren Lontoft Hansen said Novo's forecast had been expected. 3% is after all less negative than expected, he told Reuters, adding that insulin sales in China accounted for 9% of Novo's total sales.
Continue read on nasdaq.com