Novo Nordisk targets five blockbusters by 2030 as shares drop up to 9% in London

Long-term targets and pipeline roadmap

Novo Nordisk presented its multi-year strategy to investors on Monday during its Capital Markets Day in London. Chief executive Mike Doustdar stated that the Danish drugmaker plans to launch more than five blockbuster medicines with annual sales exceeding $1 billion before 2030. The company projects these pipeline treatments will generate over 150 billion Danish crowns ($23 billion) in sales in 2035, compared to total group revenue of 309.06 billion Danish crowns in 2025. Beyond its core diabetes and obesity units, the business is seeking expansion across cardiovascular conditions, liver disease, endocrine disorders, and hematology.

It is time to further diversify the company.

Obesity therapies and manufacturing expansion

The company plans to launch its CagriSema combination therapy early next year, followed by standalone cagrilintide and a high-dose version of CagriSema in 2028 before advancing zenagamtide. Management targets reaching more than 60 million patients worldwide by 2030. To meet oral therapy demand, Novo plans a tenfold manufacturing expansion to supply 15 million patients with weight-loss pills by the end of the decade. Novo also aims to have at least five oral compounds in clinical trials before the end of this year, alongside five late-stage programs in diabetes and obesity and five in other therapeutic fields. In the United States, Novo's oral Wegovy pill has reached 7 million prescriptions to date, with 90% paid through direct cash channels.

We need to push harder, and we will.

Market reaction and patent expirations

Shares in Novo Nordisk dropped up to 9% in Copenhagen trading following the presentation, closing down around 5% to 6% at 264 Danish crowns compared to Friday's close of 281.60 crowns. The decline occurred as investors questioned the firm's pricing power and dealmaking approach ahead of patent expirations for semaglutide, the active ingredient in Ozempic and Wegovy. While patent protection in the United States and Europe lasts into the early 2030s, exclusivity expired earlier this year in Canada, India, Brazil, and Turkey, opening markets to cheaper generic versions. Nordnet investment economist Per Hansen noted the absence of specific clinical trial data during the event.

They are selling the shares because they see no concrete news that can drive the share price higher.

Revenue outlook and workforce reduction

For the 2026 to 2030 period, Novo forecasts annual revenue growth in line with pharmaceutical industry peers and a stable operating margin. Calculations by JPMorgan using an assumed 3.7% compound annual growth rate place 2030 revenue at roughly 340 billion Danish crowns, about 6% below Bloomberg consensus estimates of 362 billion crowns. The company faces competition from United States rival Eli Lilly, whose injectable Zepbound is projected by LSEG data to generate over $7 billion more than Wegovy this year. Novo also confirmed that 13,000 employees have left under a restructuring initiative, comprising an initial 9,000 cuts and 4,000 subsequent exits.