Over $5bn in value was wiped from the three main operators in the dialysis market after a clinical trial update that offers hope for thousands of diabetes sufferers with kidney disease.
Earlier, Novo Nordisk (NYSE:NVO) revealed that its Ozempic – a weekly jab which also doubles as a weight-loss aid – had proven successful in treating the new patient group mentioned above.
In fact, the data was so good that the Danish giant, which is now Europe’s largest drugs group, was allowed to stop the trial early. This course of action is almost unheard of and is a major vote of confidence
Shares in Novo and Eli Lilly and Co (NYSE:LLY), which has its own GLP-1 product, were on the up on Wednesday.
The same could not be said for Baxter International (NYSE:BAX), which opened 6% lower, having been down 9% premarket, Fresenius Medical Care (NYSE:FMS), which was off almost 17% and Davita Inc, off 16%.
Between them, the trio is estimated to have over 70% of the dialysis market.