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☆ Weight loss drug Wegovy is now approved for heart health — but that won't mean broad insurance coverage just yet
▼ + stars: | 2024-03-16 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +12 min

The blockbuster drug — one of a handful of weight loss treatments to skyrocket in popularity over the last year — is now approved in the U.S. for heart health, too. The spokesperson added that state Medicaid programs would be required to cover Wegovy for its new cardiovascular use. But Gremminger said the standard of care for the long-term use of weight loss drugs is "in flux." State employees will no longer have insurance coverage for GLP-1s when used for weight loss at the beginning of next month. Both drugmakers have launched programs to help patients, with or without commercial insurance coverage, afford their weight loss treatments.

Persons: Klesty, John Crable, Wegovy, Jaime Almandoz, Joe Buglewicz, Shawn Gremminger, Hartley, Gremminger, Dale Folwell, We've, Folwell, Phelan M, Eli Lilly, Ceci Connolly, Julie Stich Organizations: Reuters, Novo Nordisk, CNBC, Medicare, Services, FDA, CVS, Aetna, International Foundation of Employee, Drug Administration, University of Texas Southwestern Medical Center, Washington Post, Getty, National Alliance of Healthcare, Taft, Nordisk, Nordisk's Ozempic, GOP, Carolina, Republican Governors Association, AP, Alliance of Community Health, U.S . Health, IFEBP, BMI Locations: U.S, Novo, Dallas, North Carolina, Orlando , Florida

☆ Weight loss drugs are still hard to find — but Novo Nordisk and Eli Lilly are trying to change that
▼ + stars: | 2024-02-10 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +8 min

Victoria Klesty | ReutersThe insatiable demand for weight loss drugs is trouncing supply, leaving many patients struggling to find the injectable treatments. The dominant weight loss drugmakers, Novo Nordisk and Eli Lilly , have said supply woes likely won't go away anytime soon, as the popularity of those medicines continues to soar. Some Wall Street analysts project that the weight loss drug market could be worth $100 billion by the end of the decade. But both Novo Nordisk and Eli Lilly gave updates on positive supply developments to investors over the last week. Other forms of weight loss drugs could helpAlternative forms of weight loss drugs could also help alleviate supply constraints in the future.

Persons: Victoria Klesty, Eli Lilly, Cantor Fitzgerald, Louise Chen, Nordisk's Wegovy, Eli Lilly's Zepbound, Goldman Sachs, Jeff Friedman, Novo, Mike Segar, Eli, Catalent, Yves Herman Yves Herman, TD Cowen, Michael Nedelcovych, Anat Ashkenazi, Cantor Fitzgerald's Chen, Morgan Stanley, Eli Lilly's, George Frey Organizations: Novo Nordisk, CNBC, Nordisk's, University of Florida, Pfizer, AstraZeneca, Roche, Food, Nordisk, Company, FDA, Novo Holdings, Wegovy, REUTERS, Reuters, U.S Locations: Oslo, Norway, Novo, U.S, Branchburg , New Jersey, Brussels, Belgium, Catalent, Concord , North Carolina, North, Germany, Indiana, Denmark, France

☆ The world may be close to getting its first cargo ship that emits almost no carbon dioxide
▼ + stars: | 2023-12-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

According to the International Maritime Organization, shipping accounts for close to 3% of global annual emissions of CO2 and other greenhouse gases. Yara International, one of the world’s biggest fertilizer makers, has joined forces with its subsidiary Yara Clean Ammonia and Norway’s North Sea Container Line to work on the ship, which will transport goods between Norway and Germany. However, Yara Clean Ammonia plans to provide a mix of “blue” and “green” ammonia for the Yara Eyde. In “blue” ammonia production, CO2 emissions are captured at the source and stored underground, while “green” ammonia is made using renewable electricity. In August last year, the company said it would launch the first carbon-neutral vessel by the first quarter of 2024.

Persons: Svein Tore Holsether, ”, Norway Victoria, It’s, Faïg Abbasov Organizations: London CNN, Yara, CNN, International Maritime Organization, International Energy Agency, Norway Victoria Klesty, Transport & Environment, Maersk Locations: Norwegian, decarbonization, Norway, Germany, Porsgunn, Brussels

☆ TikTok takes first steps in turning on Norwegian data centre
▼ + stars: | 2023-11-30 | by ( Victoria Klesty | ) www.reuters.com time to read: +2 min

The company, owned by China-headquartered Bytedance, has been trying to address concerns over whether the Chinese government could access the data of European citizens who use TikTok. Several countries, the European Parliament, European Commission and others have banned TikTok from staff phones due to those concerns. TikTok in March launched a data security regime called Project Clover to build data centres and store European user data locally. The Norwegian data centre will be in the town of Hamar where TikTok will store data spread over three buildings and the first phase will start operating from next summer. The Norway data centre will run completely on renewable energy and generate heat that could be re-used.

Persons: Dado Ruvic, we're, Theo Bertram, TikTok's, TikTok, Bertram, Supantha Mukherjee, Jane Merriman Organizations: REUTERS, Green, European Commission, Reuters, British, NCC, Thomson Locations: HAMAR, Norway, Europe, China, Norwegian, Hamar, TikTok, Victoria, Stockholm

☆ Novo Nordisk finds compounded Wegovy up to 33% impure, sues Florida pharmacies
▼ + stars: | 2023-11-30 | by ( Patrick Wingrove | ) www.reuters.com time to read: +3 min

[1/2] Injection pens of Novo Nordisk's weight-loss drug Wegovy are shown in this photo illustration in Oslo, Norway, November 21, 2023. The Danish drugmaker said it found impurities in all the drugs tested from Wells Pharmacy and Brooksville Pharmaceuticals, both based in Florida. Novo said the compounded versions of Wegovy tested from Brooksville were also less potent than advertised, with one sample shown to be at least 19% weaker than indicated. The drugmaker has already filed 12 lawsuits against medical spas, weight-loss clinics and compounding pharmacies offering products that claim to contain semaglutide. The case against Wells was filed in the U.S. District Court, Middle District of Florida, Ocala division and the suit against Brooksville in U.S. District Court, Middle District of Florida, Tampa division.

Persons: Victoria Klesty, Danish drugmaker, Novo, Brooksville, ” Jason Brett, Eli Lilly, Mounjaro, Wells, Patrick Wingrove, Josephine Mason, Bill Berkrot, Jane Merriman Organizations: REUTERS, Novo Nordisk, Wells Pharmacy, Brooksville Pharmaceuticals, U.S . Food, Drug Administration, FDA, Novo's, Middle District of, Brooksville, Thomson Locations: Oslo, Norway, Victoria, Danish, Florida, Wells, U.S, Middle District, Middle District of Florida, Ocala, Tampa

☆ Finland shuts all passenger border crossings with Russia but one
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

[1/4] Finnish Border Guards escort the migrants at the international border crossing at Salla, northern Finland, November 23, 2023. Having last week closed four border stations, Finland overnight closed all remaining passenger crossings except its northernmost one, Raja-Jooseppi located in the northern Arctic region, for a month. Separately, the Finnish Border Guard said on Friday it expects dozens of officers from the European Union's Frontex border agency to help patrol the 1,340 km (833 mile) border with Russia from next week. "Their task will primarily be to patrol the land border under the supervision of the Finnish Border Guards and to support them," Border Security Expert Arttu Maaranen told Reuters. Estonia, like Finland, has accused Moscow of sending migrants to its border with Russia in what its interior minister called "a hybrid attack operation".

Persons: Lehtikuva, Jussi Nukari, Jooseppi, Maaranen, Frontex, Jonas Gahr Stoere, Gahr Stoere, Anne Kauranen, Victoria Klesty, Anna Ringstrom, Gareth Jones Organizations: Finnish Border Guards, REUTERS Acquire, Rights, Nordic, Kremlin, Finnish Border Guard, Reuters, Estonian, NATO, Thomson Locations: Salla, Finland, Russia, Moscow, Afghanistan, Kenya, Morocco, Pakistan, Somalia, Syria, Yemen, Helsinki, Norway, Finland's, Norwegian, Tallinn, Estonia, Oslo

Injection pens and boxes of Novo Nordisk's weight-loss drug Wegovy are shown in this photo illustration in Oslo, Norway, November 21, 2023. REUTERS/Victoria Klesty/Illustration Acquire Licensing RightsSummaryCompanies Novo racing to meet demand for obesity drugsObesity market to reach $100 billion by 2030-analystsNew investment in France will boost capacity for obesity, diabetes drugsPARIS/LONDON Nov 23 (Reuters) - Novo Nordisk (NOVOb.CO) on Thursday announced a $2.3 billion investment to boost production of its wildly popular weight-loss and diabetes drugs at a site in Chartres, France as it races to meet soaring demand. There is a growing crisis in Europe over supply of diabetes therapy Ozempic, which uses the same ingredient semaglutide as the hugely popular weight-loss drug Wegovy, which is not yet widely available in Europe. Thursday's announcement comes after Novo earlier this month announced a $6 billion investment in its native Denmark to boost production. Analysts have estimated the obesity drug market will be worth as much as $100 billion by 2030.

Persons: Victoria Klesty, Danish drugmaker, Emmanuel Macron, Lars Fruergaard Jorgensen, Eli Lilly, Novo, Anna Ringstrom, Ludwig Burger, Terje Solsvik, David Goodman, Emelia Organizations: REUTERS, Novo Nordisk, WIN, French, Thomson Locations: Oslo, Norway, Victoria, France, PARIS, Chartres, Danish, Europe, Union, Germany, Belgium, Denmark, U.S, Paris

An upswing in the use of GLP-1 drugs has had a notable impact on the higher growth of pharmacy benefit costs under such health insurance plans, Mercer said. GLP-1 drugs, which work by suppressing hunger and making a person feel full longer, are typically priced around $1,000 per patient per month. While employers cover the use of GLP-1 drugs as a treatment for diabetes, the debate around providing coverage for them as an obesity treatment lingers. "It may take another couple of years for price increases stemming from higher healthcare sector wages and medical supply costs to be felt across all health plans." Despite rising health-plan costs, large employers have avoided shifting additional costs to employees through higher deductibles, co-pays, or out-of-pocket maximums in 2023.

Persons: Victoria Klesty, Mercer, Health Actuary, Sunit Patel, Eli Lilly's, Patel, Beth Umland, Khushi Mandowara, Leroy Leo, Pooja Desai Organizations: REUTERS, U.S . Food, Drug, Health, Reuters, Novo Nordisk's, Mercer, Thomson Locations: Oslo, Norway, August31, Victoria, United States, Bengaluru

☆ Medical device stocks rise in relief after Wegovy heart benefits data
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. To be sure, the full results presented on Saturday at a major medical meeting gave analysts even more confidence in the heart protective benefits of the hugely popular drug. That lifted shares of Penumbra (PEN.N), which makes devices used in surgeries for stroke patients, 13% in morning trading. Its shares have tumbled about 28% as of last close since Novo in August said Wegovy had also shown a clear cardiovascular benefit. "The full detailed results ... do not shift our outlook that MedTech device stocks appear broadly oversold," said Leerink analyst Mike Kratky.

Persons: Victoria Klesty, Wegovy, Baird, Jeff Johnson, Eli Lilly's, Mike Kratky, Leroy Leo, Medha Singh, Sriraj Organizations: REUTERS, Novo, Devices, Abbott Laboratories, Thomson Locations: Oslo, Norway, Victoria, MedTech, Penumbra, Novo, Friday's, Bengaluru

☆ Novo Nordisk says Wegovy heart benefits due to more than weight loss
▼ + stars: | 2023-11-11 | by ( Patrick Wingrove | ) www.reuters.com time to read: +4 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsPHILADELPHIA, Nov 11 (Reuters) - Novo Nordisk (NOVOb.CO) on Saturday said the heart protective benefits of its wildly popular Wegovy obesity treatment are due to more than weight loss alone, according to new data presented at a major medical meeting on Saturday. Given that patients had not started losing weight when the cardiovascular benefits first appeared suggests the heart protection was not purely the result of weight loss, Novo said. Though the trial was not conducted to test weight loss, participants lost an average of nearly 10% of their total body weight. Novo said patients in the heart study were not required to track diet and exercise as they are in obesity trials.

Persons: Victoria Klesty, Wegovy, Novo, Martin Lange, Lange, Eli Lilly's, Patrick Wingrove, Bill Berkrot Organizations: REUTERS, Rights, Novo Nordisk, American Heart Association, New England, of Medicine, Novo Nordisk's, U.S . Food, Drug Administration, Thomson Locations: Oslo, Norway, Victoria, Philadelphia, U.S, EU

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, August31, 2023. The U.S. Food and Drug Administration on Wednesday said Eli Lilly (LLY.N) could begin selling its drug tirzepatide for weight loss, making it the second obesity drug in a class known as GLP-1s. Studies of Novo's Wegovy showed that it led to 15% weight loss over 68 weeks, while Lilly's drug, which also targets a second hormone called GIP, demonstrated weight loss of more than 22% over 72 weeks. Drugstore chain Walgreens is seeing "enormous demand" for GLP-1s, said John Driscoll, president, U.S. healthcare at Walgreens Boots Alliance (WBA.O). Much has been made of the impact the new weight loss drugs might have on consumer habits such as snack food purchases, but Driscoll said Walgreens has not seen that yet.

Persons: Victoria Klesty, Eli Lilly, Novo, Novo's Wegovy, Lawrence Tabak, John Driscoll, Tabak, Driscoll, Walgreens, Julie Steenhuuysen, Caroline Stauffer, Deena Beasley, Jamie Freed Organizations: REUTERS, Rights, Reuters, Total Health, U.S . Food, Drug Administration, U.S . National Institutes of Health, Walgreens, Walgreens Boots Alliance, Thomson Locations: Oslo, Norway, August31, Victoria, Chicago, U.S, satiety

☆ Corporate America weighs business impact of new weight-loss drugs
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

Walmart (WMT.N) expects revenues from its health and wellness products to increase in the second half of the year, mainly due to the popularity of weight-loss drugs. PepsiCo (PEP.O) Chief Financial Officer Hugh Johnston has said the company is "not seeing any impact" yet from the popularity of weight-loss drugs. Coca-Cola (KO.N) CEO James Quincey said the company was monitoring what impact, if any weight-loss drugs will have. Abbott CEO Robert Ford has said diabetes patients could end up using glucose monitors with the weight-loss drugs in the long term. DRUG DISTRIBUTORSCencora (COR.N), formerly called AmerisourceBergen, Cardinal Health (CAH.N) and McKesson (MCK.N) have flagged potential boost to revenues this year owing to the growing demand for weight-loss drugs.

Persons: Victoria Klesty, Eli Lilly's, Eli Lilly's Zepbound, Hugh Johnston, James Quincey, Michele Buck, Dr Pepper, Robert Gamgort, Johnson, Joseph Wolk, Robert Ford, Michael Farrell, Bhanvi Satija, Ananya Mariam Rajesh, Mrigank Dhaniwala, Arun Koyyur Organizations: REUTERS, U.S . Food, Drug Administration, Walmart, PepsiCo, J, Abbott Laboratories, Insulet Corp, Boston Scientific, Cardinal Health, Thomson Locations: Oslo, Norway, Victoria, U.S, GLP, Bengaluru

☆ New routes, old coaches: Europe's night trains struggle to pick up speed
▼ + stars: | 2023-11-03 | by ( Rachel More | ) www.reuters.com time to read: +5 min

They travelled with European Sleeper, a Dutch-Belgian startup whose launch in May is part of a renaissance of night train travel. CHALLENGESYears of decline in Europe's night train network coincided with the rise of low-cost airlines. Supporters of night trains are pushing for more state help to compete against budget airlines, such as a value-added tax exemption on cross-border routes and lower track access charges. At night, trains compete with freight traffic and construction works, and during the busy morning hours they vie for arrival slots at stations with commuter services. Sarah and Sonia's train, European Sleeper's ES453 service, pulled in at 7.57 a.m., one hour and nine minutes late.

Persons: Bart Biesemans, Sarah, Sonia, Chris Engelsman, Engelsman, Alberto Mazzola, Sonia didn't, Victoria Klesty, Matthias Williams, Mark Potter Organizations: REUTERS, Rights, Berlin Central Station, Reuters Graphics, Reuters, OBB, Siemens Mobility, European Union, Thomson Locations: Berlin, Brussels, Belgium, Dutch, Belgian, Europe, Paris, Zurich, Norwegian, Oslo, Copenhagen, Prague, Amsterdam, Barcelona, France

☆ How Novo Nordisk makes its weight-loss drug Wegovy
▼ + stars: | 2023-11-01 | by ( Maggie Fick | ) www.reuters.com time to read: +3 min

[1/2] A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, August31, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 1 (Reuters) - Novo Nordisk (NOVOb.CO) is spending billions of dollars to boost output and ease shortages of its hugely popular, highly effective weight-loss medicine Wegovy. FILL-FINISHNovo has hired Catalent (CTLT.N), a large U.S. contract drug manufacturer, to fill injection pens for Wegovy at two of that company's plants: in Brussels and in Bloomington, Indiana. Novo has also hired another U.S. firm, Thermo Fisher (TMO.N), as a Wegovy pen filler. COMPONENTSThe Wegovy injection pens for the U.S. market slightly differ from those sold in the European markets including Norway, Denmark, Germany and UK, where it has so far launched.

Persons: Victoria Klesty, Catalent, Novo, Wegovy, Maggie Fick, Josephine Mason, Tomasz Janowski Organizations: REUTERS, Novo Nordisk, U.S, Novo, Reuters, PCI Pharma Services, autoinjectors, West Pharmaceutical Services, Stevenato, SCHOTT Pharma, Thomson Locations: Oslo, Norway, August31, Victoria, Danish, Novo, Denmark, U.S, Brussels, Bloomington , Indiana, Greenville , North Carolina, Greenville, Germany, Europe, Swiss

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. "Supply of Wegovy is the most important thing for specialist healthcare investors covering Novo right now," said Barclays analyst Emily Field. Some analysts said a firm date would ease concerns that Novo's supply constraints could allow rival Eli Lilly (LLY.N) to get ahead, when it launches its Mounjaro weight-loss drug. Eli Lilly, the world's most valuable drug company ahead of Novo, has said it expects U.S. approval for the drug, currently licensed for diabetes, to be used for weight loss by the end of the year. Novo is spending billions to increase Wegovy output and hiring more contract manufacturers to fill the pens.

Persons: Victoria Klesty, Wegovy, Novo, Emily Field, Eli Lilly, Markus Manns, Manns, Catalent, Jefferies, Jacob Gronholt, Pedersen, Maggie Fick, Josephine Mason, Jane Merriman Organizations: REUTERS, Novo Nordisk, Wegovy, Barclays, U.S . Food, Drug Administration, Union Investment, Thomson Locations: Oslo, Norway, Victoria, COPENHAGEN, United States, Danish, Germany, Novo, U.S, Brussels, London

☆ Telenor tops Q3 profit expectations, narrows 2023 outlook
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOSLO, Oct 25 (Reuters) - Norwegian telecoms operator Telenor (TEL.OL) on Wednesday reported third-quarter earnings above expectations, supported by growing mobile service revenue and lower energy prices in the Nordics, and narrowed its full-year projections. Telenor's Nordics service revenue grew 4% and EBITDA by 8% in the quarter. Similarly, it expects EBITDA to grow by 3-4% this year, which earlier was also seen at "low-to-mid single-digit growth". Telenor reiterated it expects capital expenditure in the Nordics to be around 17% of revenues for the period. ($1 = 11.1481 Norwegian crowns)Reporting by Victoria Klesty; Editing by Terje Solsvik and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Sigve Brekke, Telenor's, Victoria Klesty, Terje Solsvik Organizations: Telenor, REUTERS, Rights, Thomson Locations: Rights OSLO, Norwegian, Asia, Nordic, Malaysia, Thailand

☆ Telenor CEO eyes strategic solution for Pakistan business by year-end
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: 1 min

OSLO, Oct 25 (Reuters) - Norwegian telecoms operator Telenor (TEL.OL) hopes to decide on a strategic solution for its Pakistan business before year-end, the company's CEO told Reuters on Wednesday. "We are in contact with many parties now, which is why I say I'm rather optimistic that we will by the end of the year have a final solution," CEO Sigve Brekke said. The three options are a merger similar to what Telenor has already done for other parts of its Asia businesses, a sale, or to continue but in a different operational model, he added. Reporting by Victoria Klesty, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: Sigve Brekke, Victoria Klesty, Terje Solsvik Organizations: Telenor, Reuters, Thomson Locations: OSLO, Norwegian, Pakistan, Asia

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON/NEW YORK, Oct 23 (Reuters) - The growth in demand for appetite suppressing anti-obesity drugs like Novo Nordisk's (NOVOb.CO) Wegovy presents opportunities for food manufacturers and the market's initially downbeat reaction may be overdone, investors say. Still, the stock market impact left some food manufacturers "trembling," said John Plassard, senior investment specialist at Nestle investor Mirabaud Group. The uptake in appetite suppressing drugs seems to be a U.S.-led dynamic, said My Nguyen, research analyst at Legal & General Investment Management America. "Elsewhere, trends such as wealthier, more mobile middle classes in emerging countries can support shifts towards snacking and convenience foods."

Persons: Victoria Klesty, Richard Saldanha, Wegovy, Kiran Aziz, Mark Schneider, John Plassard, Brian Frank, Frank, Nguyen, Richa Naidu, Matt Scuffham, Kirsten Donovan Organizations: REUTERS, Walmart, Nestle, Aviva, Novo Nordisk, EY, Industry, Health Sciences, Wellness, Mirabaud, Tyson Foods, Arcos Dorados, Legal, General Investment Management America, Germany's, Investments, Unilever, Coca Cola, Thomson Locations: Oslo, Norway, Victoria, United States, Denmark, Germany, Arda, Ural, U.S

The Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL.O), the largest single-stock ETF for bullish bets on Tesla's shares, saw net daily inflows of $24.9 million on Thursday, according to Lipper data. Tesla's shares are up 72.3% this year. Tesla was also the most-bought stock among retail traders on Thursday, with net buys of $159.5 million, according to data from Vanda Research. On the other side, two ETFs bearish on Tesla, the $58 million Direxion Daily TSLA Bear 1X Shares ETF (TSLS.O) and the $109.6 million AXS TSLA Bear Daily ETF (TSLQ.O), saw net outflows of over $1 million each. Rex Shares and Tuttle Capital Management launched a suite of hyper-levered single-stock exposure funds on Thursday, including the T-REX 2X Long Tesla Daily Target ETF (TSLT.O), the T-REX 2X Inverse Tesla Daily Target ETF (TSLZ.O).

Persons: Elon Musk, Tesla, Todd Sohn, Rex Shares, Bansari Mayur, Ira Iosebashvili, Leslie Adler Organizations: REUTERS, Strategas Securities, Vanda Research, Tuttle Capital Management, Tesla, Target, Thomson Locations: Oslo, Norway, Victoria, Bengaluru

☆ Tesla urges US to adopt much tougher fuel efficiency rules
▼ + stars: | 2023-10-17 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Victoria Klesty/File Photo Acquire Licensing RightsWASHINGTON, Oct 17 (Reuters) - Electric vehicle manufacturer Tesla (TSLA.O) on Tuesday urged the Biden administration to finalize much tougher fuel economy standards through 2032 than U.S. regulators have proposed. The National Highway Traffic Safety Administration (NHTSA) in July proposed raising Corporate Average Fuel Economy (CAFE) car requirements by 2% and by 4% for trucks and SUVs annually between 2027 and 2032. The NHTSA's proposal would result in a fleet-wide average fuel efficiency of 58 miles (93 km) per gallon by 2032. On Monday a group representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE) and nearly all other major automakers sharply criticized NHTSA's proposal, saying it is unreasonable and requested significant revisions. U.S. automakers separately have warned the fines would cost GM $6.5 billion, Stellantis $3.1 billion and Ford $1 billion, citing NHTSA's projections.

Persons: Biden, Tesla, David Shepardson, Jason Neely Organizations: REUTERS, Rights, Traffic Safety Administration, General Motors, Toyota, Volkswagen, American Automotive Policy Council, Detroit Three, NHTSA, Ford, GM, Chrysler, Alliance, Automotive Innovation, U.S, Energy, Thomson Locations: Oslo, Norway, Victoria, NHTSA's

☆ Novo Nordisk raises full-year guidance again as US sales of Wegovy, Ozempic fly
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

The Danish drugmaker said it now expects sales growth this year between 32% and 38%, from a previous forecast of 27%-33%. It raised its full-year outlook for growth in earnings before interest and tax (EBIT) to 40-46% from the previous 31-37% range. Novo became Europe's most valuable company this year on soaring demand for weekly injection Wegovy and its lower-dose version Ozempic. The new sales outlook for this year primarily reflects higher expectations for profits related to sales of Ozempic and Wegovy in the United States. Operating profit grew 37% between January and September, with 47% growth in the third quarter.

Persons: Victoria Klesty, Danish drugmaker, Jeffries, Louise Breusch Rasmussen, Jacob Gronholt, Pedersen, Maggie Fick, Terje Solsvik, Susan Fenton, Emelia Organizations: REUTERS, Novo Nordisk, COPENHAGEN, Analysts, Barclays, Novo, Thomson Locations: Oslo, Norway, Victoria, United States, Danish, Wegovy, The Copenhagen, London

[1/2] A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsOct 12 (Reuters) - Novo Nordisk (NOVOb.CO) warned on Thursday of a surge in counterfeit versions of its weight-loss drug Wegovy and diabetes drug Ozempic offered online, as German authorities gave more details of complex European trades in a fake drug case. "Novo Nordisk has seen a significant increase in illegal online sales," the company said in a statement, referring to products that contain the active ingredient semaglutide. The warning came after Germany's federal drug regulator on Wednesday urged pharmacies and drug distributors to be vigilant following the discovery of wholesale batches of fake Ozempic. The FDA has warned patients to refrain from using a compounded drug if an approved drug is available.

Persons: Victoria Klesty, Ozempic, Novo, Danish drugmaker, Eli Lilly, Lilly, Maggie Fick, Ludwig Burger, Jan Harvey, Susan Fenton Organizations: REUTERS, Novo Nordisk, Nordisk, Prosecutors, U.S . Food, Drug Administration, U.S, FDA, Thomson Locations: Oslo, Norway, Victoria, Loerrach, Swiss, Basel, British, Austria, Germany, Europe, Danish, U.S, United States, Britain

Most foreign airlines have suspended or curtailed services, leaving passengers uncertain how to leave or reach the country and consular services struggling to keep up with demand for assistance, with priority given to those with missing relatives. Israel's parliamentary finance committee said late on Tuesday it would debate authorising state guarantees for providing war risk insurance for Israeli airlines. British Airways said it would suspend flights to Tel Aviv after diverting a flight from London back to Britain shortly before it was due to reach Tel Aviv, citing security concerns. U.S. Transportation Secretary Pete Buttigieg said Washington remains in talks with U.S. airlines about flights to Israel. Passengers have complained of mounting costs especially for leaving Israel, but airlines deny driving up prices.

Persons: Yiannis, El Al, Sun Dor, Israel, ” Neil Roberts, Jan Lipavsky, Lipavsky, couldn't, Annalena Baerbock, Carsten Spohr, Pete Buttigieg, flydubai, Steven Scheer, Carolyn Cohn, Jacob Gronholt, Pedersen, Michael Kahn, Victoria Klesty, Joanna Plucinska, Tim Hepher, Huseyin Hayatsever, David Shepardson, Alexander Cornwell, Mark Potter, Lincoln Organizations: Larnaca International Airport, REUTERS, El, Hamas, Association, British Airways, Lufthansa, German, . Transportation, U.S, Nordic, Dubai's Emirates, Etihad Airways, Thomson Locations: Israel, Larnaca, Cyprus, Israeli, Athens, Rome, Madrid, Bucharest, New York, Paris, Istanbul, El, Tel Aviv, London, Britain, Czech, Oman, Prague, Lipavsky, Denmark, Carsten Spohr ., Washington, Norwegian, Oslo, Abu Dhabi, United States, COVID

☆ U.S. employers covering weight-loss drugs could nearly double in 2024 - survey
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, August31, 2023. The survey of 502 employers by Accolade (ACCD.O), a company that provides healthcare programs for employers, and research firm Savanta said 43% of the employers it polled could cover GLP-1 drugs in 2024 compared to 25% that cover them now. Nearly all the companies that are covering GLP-1 drugs plan to keep covering them next year, according to the survey. Employers that cover weight-loss drugs are facing a spike in their healthcare costs because of the growing popularity of Wegovy. Benefits consultant Aon (AON.N) said 1 percentage point of the 8.5% increase in employer healthcare costs it predicted for next year would be driven by employee take-up of weight-loss drugs.

Persons: Victoria Klesty, Savanta, James Wantuck, Ozempic, Eli Lilly's, Leroy Leo, Shinjini Organizations: REUTERS, Novo Nordisk, Accolade, Employers, Novo, Novo Nordisk's Wegovy, Thomson Locations: Oslo, Norway, August31, Victoria, Novo, Novo Nordisk's, United States, Bengaluru

☆ Swedish EV maker Polestar's deliveries rise 50% in Q3
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Victoria Klesty/File Photo Acquire Licensing RightsCompanies Polestar Automotive Holding Uk Plc FollowOct 5 (Reuters) - Polestar Automotive Holding's deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier, sending its shares up about 3% in premarket trading. The Swedish EV maker, however, reported a quarterly decline of 12% in deliveries to 13,900 units, compared with the second quarter, as high borrowing costs dent global demand for new vehicles. Globally, EV sales grew 49% to 6.2 million units in the first half of the year, a report by data analytics firm Canalys Research showed. Polestar Automotive, which is scheduled to announce its third-quarter results on Nov. 8, reiterated its tempered delivery forecast of 60,000-70,000 vehicles for the full year. The company expects to start deliveries of the Polestar 4 compact luxury crossover in China in the current quarter.

Persons: Arsheeya, Shweta Agarwal Organizations: REUTERS, Polestar Automotive, EV, Research, Polestar, Thomson Locations: Oslo, Norway, Victoria, Swedish, China, Bengaluru

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