On This episode of Stock Movers:
- Novo Nordisk won approval to sell a pill version of its blockbuster obesity shot Wegovy in the US, a crucial step in its effort to defend its market share from rival Eli Lilly.
- Orsted said it’s considering “all options” including legal action as it weighs how to respond to a US decision to suspend leases for five offshore wind farms, according to a statement late Monday.
- Pets at Home Group named James Bailey, the former managing director of upmarket grocer Waitrose, as its new chief executive officer to lead a reboot of the struggling pet care company.
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Episode Transcript
Bloomberg Audio Studios, podcasts, radio News.
Speaker 2 (00:08):
The Stock Movers Report, your roundup of companies making moves
in the stock market, harnessing the power of Bloomberg Data.
Speaker 3 (00:16):
Now, let's look at some of the stocks on the
move today in Europe. I'm Caroline Hepgett and I'm joined
by Bloomberg reporter Louise Moon. Louise, good to have you
with me. Nova Nordisk surging today, investors salivated because there's
been a new step forward for this drug maker.
Speaker 1 (00:33):
Yeah, a real crucial step actually. So they've won approval
in the US to sell a pill version of wei Goovy,
their their blockbuster OBC drug. So that should start from
January and it's at a starting price of one hundred and
forty nine dollars a month. But the reason it's crucial
is Nova essentially kind of created this whole market and
(00:54):
then they've been struggling to keep up, particularly in competition
with the US rival Eli Lilly. And if you look
at their both to their share prices over the past
year or so, you can see a real divergence. So
Eli Lilly kind of shooting quite far higher, and Novo
has has had quite big losses really really this year,
(01:14):
so they're trying to keep up, they're trying to stay
competitive and have having lost ground to Eli Lilly, so
they're kind of relying on this new pill to fuel
that growth. So, as I say, so that will start
in January in the US, and they've also filed for
approval in Europe and elsewhere, so if and when that comes,
that could see it expanding out more globally. So as
(01:36):
you say, I mean, as you mentioned before, the stocks
is a lot higher on this news this morning, so
a bit of a boost to them. And then on
Eli Lilly's side, they've said that their own version could
be approved in March, so then it will kind of
remain to be seen how that then plays out between
the two in terms of competition.
Speaker 3 (01:54):
Yeah, never know. This share price up six point six
percent at lease this morning, couldn't help. But notice that
the pill version apparently people drop about sixteen percent of
their body I was a standard by that, Yeah, which
is I think less than the JAB, But it means
that you can take the pill on a more sort
of ongoing basis. So I think that is the argument,
and obviously it's easier to do than I guess an injection,
(02:18):
so that on never nor disc are a huge bearmouth
of a business for Europe. Of course, now trouble at
the farm or Staid's wind.
Speaker 1 (02:25):
Farm, that is, yes, So this is the latest of
the Trump administration. There's been a tumultuous year between the
Trump administration and the clean energy sector. And this was
news yesterday's it's a bit of a day to but
the austed stock is continuing to react. So the US
has suspended leases for all five wind farms that are
under construction off the east coast of America, and Bloomberg
(02:47):
estimates put the total committed capital for those five wind
farms at about twenty eight billion your stolets, So it's.
Speaker 3 (02:52):
Big, a big deal.
Speaker 1 (02:54):
This was so this was as I say, it was announced
yesterday and their citing national national security concern and so
they're saying that the turbines could get in the way
of radar systems. So, as I say, the industry has
been kind of repeatedly targeted by the Trump administration. If
you look at or sid's share price in particular, it's
it's been kind of up and down, slumping quite heavily
on some of this news throughout the year. Yesterday it
(03:16):
was really hit by this, and then today slightly down
as well. And then there's also of course another main
one in Europe that would be affected as Vestas.
Speaker 3 (03:25):
So yeah, yeah, harmful news, but question marks I think
also about whether legally that will hold up, that idea
of the national security will exactly shoe.
Speaker 1 (03:33):
Yeah, And there was a note also just to say
from Jeffreys saying that they kind of would expect in
the long run needs to actually go through. So as
you say, that's kind of ties into that legality point. Okay,
Pets at Home have a new top dog. I've been
galing everyone on the team because we have a new
pet at Home, but not a dog, it's a cat anyway,
Pets at Home tell me more. Yes, a new top dog,
(03:55):
a new CEO. He's called James Bailey. He comes from Waitros.
He was managing director at Waitros. So it comes off
to Pets at Home obviously did very well during COVID
and then this year particular, have been struggling there in
the middle of a turnaround. So hoping that the stock
is rising on this slightly, so I guess there's a
bit of hopes for renewal in twenty twenty six.
Speaker 2 (04:15):
The Stock Movers Report from Bloomberg Radio. Check back with
us throughout the day for the latest roundup of companies
making news on Wall Street and for the latest market
moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,
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