CSL shares eased slightly on Monday, but comments from the company’s CEO failed to reverse last week’s Ozempic-related sell-off.
CSL investors backed the ASX biotechnology juggernaut’s assessment that the clinical need for drugs to treat kidney and heart diseases is much broader than the potential for drugs like Ozempic to mitigate the incidence of such ailments with severe weight loss.
Platypus fund manager Prasad Patkar agreed, saying impact on CSL’s business from GLP-1s was “small if any at all”. pharmaceutical developer Novo Nordisk halted a study early because the efficacy of Ozempic in treating kidney disease was immediately apparent Speaking at Monday’s inaugural capital markets day in Sydney, CEO Paul McKenzie addressed the sell-off head on: “There’s been a lot of talk about GLP-1s ... To give you the punchline, based on the high-level results, we do not see GLP-1s as having a material impact on the business,” he said.
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