COPENHAGEN, Denmark (AP) — 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 percent 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 percent, lowering it to 5 percent.
Novo Nordisk, one of the world's leading makers of diabetes medicines, reported a 3-percent increase in sales and a 17-percent 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.