On the 30th, Chong Kun Dang's stock price dropped more than 8% in the early trading session. It is interpreted that the chain reaction occurred as the stock price of Novo Nordisk, known as a strategic partner of Chong Kun Dang, plummeted overnight.
As of 9:21 a.m. on the 30th, Chong Kun Dang's stock price is trading at 88,100 won, down 8,400 won (8.7%) from the previous trading day in the securities market.
In the New York stock market, the stock price of Novo Nordisk, the seller of the obesity treatment 'Wegovy,' plunged more than 22%, worsening investor sentiment toward Chong Kun Dang. Previously, it was reported that Novo Nordisk has designated Chong Kun Dang as the domestic distributor of 'Wegovy.'
Overnight, Novo Nordisk lowered the upper end of its revenue forecast from 21% to 14% in its earnings announcement on the 29th (local time). The growth rate of operating profit was also revised down from 24% to 15%. The company explained that this decision was influenced by the intensifying competition in the obesity drug market, which may slow down the sales growth of 'Wegovy.'