Novo Nordisk, maker of weight-loss drugs Wegovy and Ozempic, forecasts a sharp revenue drop of 5% to 13% in 2024. The company blamed Donald Trump’s push to cut US drug prices, growing competition, and key patent losses. Shares plunged 18% on Wednesday, wiping out gains made this year. The stock has lost nearly half its value over the past year. Last year, sales rose 10% to 309 billion Danish kroner (£36.6 billion) with profits up 3%. CEO Mike Doustdar said this year "Novo expected to face pricing headwinds in an increasingly competitive market." Novo agreed with the Trump administration to cut prices from over $1,000 a month to an average $350. The patent on semaglutide, the key drug ingredient, is expiring soon in many countries, including India. This allows cheaper generics to enter. However, patents remain in Europe and Japan until 2033, and the US until 2032. Doustdar said, "We are very encouraged by the promising early uptake from the US launch of Wegovy pill," which reached 50,000 prescriptions weekly by late January after launching earlier that month. This pill is the first GLP-1 tablet available. Eli Lilly, a competitor, leads with the Mounjaro injection, shown clinically to cause more weight loss. Novo is preparing new treatments and higher doses. Analyst Darren Nathan noted, "Donald Trump’s crusade on drug prices, patent expiration, and competition all had their part to play." Novo’s new CEO, Doustdar, faces tough questions on growth amid these challenges. Meanwhile, UK drugmaker GSK also expects slower sales growth of 3-5% in 2024 due to the US price rules. GSK CEO Luke Miels reaffirmed a £40 billion sales target for 2031 and highlighted investments in research and development. GSK’s share price rose 2%, hitting the highest since 2001. Richard Hunter of interactive investor said US pricing changes had a clear impact given GSK’s heavy US sales.