DaVita’s stock was down 16%, while Baxter and Intuitive Surgical were down 9% and 6%
The trial success of Novo Nordisk’s hit drug against kidney failure sent shares of kidney dialysis services firms plummeting on Wednesday.
Baxter International BAX, -9.90%, which is planning to spin off its kidney care division, fell 9%, putting it on track for its lowest close since Oct. 19, 2015, when it closed at $34.02. “We see kidney disease as one of the areas where GLP-1s could potentially negatively impact the size of the relevant patient population over time,” said analysts at Citi led by Veronika Dubajova. “The early stopping of the FLOW trial indeed suggests such an impact; it also points to a somewhat faster effect than we had previously contemplated.”
Novo Nordisk’s Ozempic is the GLP-1 drug specifically for patients with Type 2 diabetes. The trial was of 3,534 people with Type 2 diabetes, with a median age of nearly 67 years, two-thirds of whom were at very high risk for chronic kidney disease progression.
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Dialysis company shares plunge after Ozempic trial success vs. kidney troubleSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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