Smith Blasts Novo, Coloplast in Danish Life Science Rebuke

Terry Smith slammed two of Denmark’s largest life sciences companies — Novo Nordisk A/S and Coloplast A/S — after they weighed on the equity fund run by the man often dubbed ‘Britain’s Warren Buffett.’

Novo’s “ability to snatch defeat from the jaws of victory in respect of its leadership in weight loss drugs continues to be remarkable,” Smith wrote in his semiannual letter to shareholders. The fund manager also said he is waiting with “increasingly thin patience” for Novo and medical device manufacturer Coloplast to announce replacements for their ousted chief executives.