Sector News

Novo’s purported CEO-to-be is out the door amid executive reshuffle

April 30, 2015
Life sciences
Novo Nordisk blew out the first quarter, with sales increases all over the place, and a 73% leap in earnings. But the most surprising part of that press release is slotted in at the very end: “Kåre Schultz, president and COO, leaves Novo Nordisk.”
 
Schultz had been expected to take the CEO chair from Lars Rebien Sørensen, who’s 61 years old and nearing the end of his employment contract. Sørensen wasn’t exactly ready to head for the exit, but in the meantime, Novo had elevated Schultz to president and COO. The idea–or so it was said–was to get Schultz ready for the top job.
 
Now, it’s on to Plan B.
 
To replace Schultz, the Danish drugmaker is shuffling top management to add several people to its executive committee, including U.S. commercial chief Jesper Høiland, European commercial chief Jerzy Gruhn, and supply chain chief Henrik Wulff.
 
Novo executives discussed Q1 results Thursday morning. In the company statement, though, his only comment about the management changes was this: “Kåre Schultz has during his 26 years with us played a key role in making Novo Nordisk a successful global company. I wish him all the best in his future endeavours.”
 
Sørensen talked more expansively about the company’s Q1 results, marked by sales increases of top products Victoza (up 18% in constant currencies, twice as much operationally) and Levemir (up 13%). North American sales grew across the board by 12%. Margins grew by 1.6 percentage points, thanks to foreign exchange boosts.
 
Overall, Novo’s first-quarter sales were up by 9% in local currencies, to 25.2 Danish crowns, or about $3.78 billion. Profits? almost 10 billion crowns, or about $1.49 billion, including the partial divestment of its IT subsidiary, NNIT, for an increase of 53%. Without that sale, profits were up 22%.
 
By Tracy Staton
 

comments closed

Related News

June 24, 2022

Echosens and Novo Nordisk announce partnership to increase awareness and advance early diagnosis of NASH

Life sciences

Echosens, a high-technology company offering liver diagnostic solutions, and Novo Nordisk A/S, a leading global healthcare company, announced a partnership to advance early diagnosis of non-alcoholic steatohepatitis (NASH) and increase awareness of the disease among patients, healthcare providers and other stakeholders.

June 24, 2022

argenx receives positive CHMP opinion for Efgartigimod for the treatment of adult patients with Generalized Myasthenia Gravis in Europe

Life sciences

Positive opinion based on Phase 3 ADAPT trial showing efgartigimod provided clinically meaningful improvements in strength and quality of life measures. If approved, efgartigimod will be the first neonatal Fc receptor (FcRn) blocker for the treatment of adults in Europe living with rare neuromuscular disease generalized myasthenia gravis (gMG).

June 24, 2022

Galapagos finally takes M&A plunge, spending $251M for 2 biotechs in CAR-T push

Life sciences

Galapagos CEO Paul Stoffels, M.D., has finally taken the plunge on M&A. The newly minted chief executive has signed not one but two deals in an attempt to right the ship, bringing two small biotechs aboard for a combined 239 million euros ($251.4 million).