Becton falls; J.P. Morgan says Novo Nordisk's bullish commentary on Wegovy pill is overdone
Shares of drug delivery device maker Becton Dickinson BDX.N fall 2.8% to $200.85 in afternoon trading
Novo Nordisk's NOVOb.CO bullish commentary on the ramp up of its oral Wegovy obesity drug led to fears of "cannibalization" from the traditional injectable market, J.P. Morgan analysts say
"On the one hand, strong demand for oral GLP-1s could serve as an incremental challenge for Becton Dickinson's aspirations of leveraging its expertise in prefillable syringes in GLP-1 biologics"- J.P. Morgan
BDX makes drug delivery devices like prefilled syringes and autoinjectors used for injectable GLP-1 drugs such as Novo's Ozempic and Wegovy
Rapid uptake of oral drugs could reduce demand for BDX's products
Despite this, brokerage expects injectables to play an important role in the obesity treatment paradigm, adding that orals will be mostly used for maintenance
BDX stock dipped 14.5% in 2025
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