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medicalxpress : Novo Nordisk cuts profit forecast amid US challenges

Novo Nordisk cuts profit forecast amid US challenges

Novo Nordisk cuts profit forecast amid US challenges*/

Shares in the world’s largest maker of diabetes treatments, Novo Nordisk, fell by more than 19 percent on Friday after it cut its profit forecast, reflecting tough competition in the US market.Investors sold the shares even as net profit in the third quarter rose by 17 percent to 9.8 billion kroner (1.3 billion euros, $1.4 billion) and net sales jumped by 3 percent to 27.5 billion kroner.”During 2016, the market environment in the US has become significantly more challenging, negatively impacting future pricing for Novo Nordisk’s products,” the company said in a statement.

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British Airways boss warns of price hikes as parent IAG cuts profit outlook

British Airways boss warns of price hikes as parent IAG cuts profit outlook*/

British Airways ticket prices could rise after its parent company warned for a third time this year its profits will be lower than forecast.International Airlines Group, which also owns Vueling, Aer Lingus and Iberia, said it expected its operating profit for 2016 to be around €2.5bn (£2.24bn), an increase of just 7pc on the previous year, having been dealt a heavy blow by the fall in the pound’s value since the UK voted to leave the EU in June.Willie Walsh, IAG’s chief executive, warned that ticket prices would rise if the pound continued to suffer.

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BA owner cuts profit forecast after bumpy ride in third quarter

BA owner cuts profit forecast after bumpy ride in third quarter*/

British Airways owner International Airlines Group has cut its profit forecast for the second time since the EU referendum, blaming the weaker pound and poor trading.IAG, which also owns Vueling, Iberia and Aer Lingus, had a bumpy ride in the third quarter as profit took a €162m (£145m) hit from the pound’s tumble and air traffic control strikes, which led to repeated flight cancellations.This comes on top of a €148m currency hit in the second quarter.

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