Investors didn't buy the comfort pitch. Novo's Copenhagen-listed stock sank as much as 7% on Monday, then was still off 5.4% by 12:30 pm in the Danish capital. A separate Nasdaq readout showed Novo Nordisk A/S last traded at 39.75, down 3.50 or 8.08%, at 10:31 am EDT. Heading into Monday's session, the shares were already down 27% over the past year, while Eli Lilly had climbed 52% in the same span.
At its Capital Markets Day in London, Novo said it is targeting more than five new medicines by 2030 that it believes could each be big sellers, and wants its pipeline to deliver over 150 billion Danish kroner in risk-adjusted sales by 2035, including assets already in-house. It also projected that revenue growth from 2026 to 2030 will track roughly with the broader pharma pack, without offering more detail. Novo added it plans to be more active in dealmaking, and noted that business development was not baked into the 2030 sales target.
The company recently shortened its name from Novo Nordisk to Novo and is revamping its culture. Doustdar told CNBC those moves are "parts of the same package" aimed at meeting fierce competition from Lilly.
Even amid uncertainty, steady strategies help protect and grow your financial future. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
Doustdar addressed what he called the "elephant in the room": key patent protection for semaglutide - the active ingredient in Wegovy and Ozempic - starts to fall away early next decade. The U.S. patent expires in 2032, and last year, the U.S. generated over half of Novo's sales.
Beyond obesity and diabetes, Novo plans to branch into adjacent categories, including blood disorders and diseases of the endocrine system, the liver, and the cardiovascular system. Wegovy's oral pill debuted in the U.S. at the start of this year and is being introduced in other countries, but it still makes up only a small share of total revenue. In injectables, Lilly has seized a majority of the GLP-1 market with Mounjaro and Zepbound, despite arriving years after Novo's shots. A run of clinical setbacks and leadership shake-ups over the past year has also weighed on sentiment.
Monday's pitch didn't match the market's appetite for bigger numbers, according to Jacob Pedersen, an investment strategist at Danish lender Middelfart Sparekasse. "The investors, they are very particular in what they want from Novo, and this doesn't add up to it," he told CNBC, noting that growth "in line" with a broad set of pharma peers points to a slower trajectory than many have come to expect. Back in August, Novo said it sees adjusted sales and operating profit in 2026 landing between down 6% and flat at constant exchange rates.
Novo is signaling a grind: protect today's cash cows, broaden the pipeline, and lean into deals, all while key U.S. protection on semaglutide runs out in 2032 and Lilly presses its lead. The company's outlook for 2026 - down 6% to flat for adjusted sales and operating profit at constant FX - is a reminder that the numbers could look softer before any diversification pays off. If you own or follow Novo, the trade-off is clear enough to weigh yourself: nearer-term pressure versus longer-term shots on goal through 2030 and 2035.
Choosing calm, long term habits can shield savings and unlock new opportunities. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
