Novo Nordisk (NVO) shares tumbled nearly 6% in Copenhagen trading as the Danish drugmaker’s long-term strategic goals failed to reassure skeptical investors.
The company used its London Capital Markets Day to unveil its 2030 ambitions, marking the first major strategic reset under new CEO Mike Doustdar.
Novo said it wants revenue from 2026 to 2030 to grow at a compound annual rate “in line with industry peers,” a group it defined to include Eli Lilly, AstraZeneca, Gilead, Johnson & Johnson, and AbbVie.
The company also wants to launch more than five drugs with blockbuster potential by 2030 and generate over DKK 150 billion in risk-adjusted pipeline sales by 2035.
Novo outlined at least five Phase 3 programs each in obesity, diabetes, and other therapeutic areas as part of that broader pipeline commitment.
The biggest concern hanging over the presentation was the looming patent expiration for semaglutide, the active ingredient powering both Wegovy and Ozempic.
Doustdar acknowledged the issue directly, calling semaglutide’s patent situation “the elephant in the room,” with key exclusivity set to expire starting in 2032 in the United States.
The U.S. market accounted for more than half of Novo’s overall sales last year, making the patent cliff a particularly acute concern for shareholders and analysts alike.
Despite the pressure, Doustdar projected confidence, saying: “We plan to come on the other side of the LOE as a bigger company than we are today and a much more diversified version of it.”
Doustdar also detailed a diversification push beyond Novo’s traditional obesity and diabetes base, targeting blood and endocrine disorders, liver disease, and cardiovascular disease.
Novo rebranded from Novo Nordisk to Novo last week alongside a new corporate culture framework as it works to close a significant gap with rival Eli Lilly (LLY).
In the second quarter, Novo held roughly 39% of the obesity drug market while Lilly commanded about 61%, reflecting the competitive pressure the company faces heading into its strategic reset.
NVO stock had shed 27% over the prior twelve months heading into Monday’s session, a stark contrast to Eli Lilly’s 52% gain across the same stretch.
Investors were clearly hoping for more immediate catalysts, with shares sliding to their lowest level since April following the Capital Markets Day presentation.
“Investors hoped for a project ‘miracle’ that could turn the momentum around short term,” Per Hansen, savings economist at Nordnet, told CNBC. “For obvious reasons that miracle does not exist.”
