In a few short years, excitement about groundbreaking anti-obesity drugs made Novo Nordisk Europe’s most highly valued company and Eli Lilly the biggest pharma group in the world. Just as quickly, investors are losing their appetite for the trade.
After a disappointing trial of a new Novo Nordisk drug last month and lower than expected sales figures from Eli Lilly for two consecutive quarters, shares in both have come down from all-time highs.
Some investors are also unconvinced that the market will be worth the $100bn plus by the end of the decade that analysts predict. The result for now is that Novo Nordisk is no longer the most valuable company in Europe, and anti-obesity specialists have entered bear market territory.
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