Shares of Novo Nordisk declined by approximately 8% following the company’s capital markets day held on September 21 in London, where executives outlined strategic plans amid growing investor concerns over pricing power and patent expirations. The Danish pharmaceutical firm, known for its weight-loss and diabetes drugs, presented targets to launch more than five blockbuster medications by 2030 and to generate over 150 billion Danish kroner (£17.2 billion) in pipeline sales by 2035.
Novo Nordisk’s CEO, Mike Doustdar, who took over in July 2025, addressed the challenges posed by the impending loss of patent exclusivity for semaglutide, the key active ingredient in its leading drugs Wegovy and Ozempic. Semaglutide has already lost patent protection in markets including India, Brazil, Turkey, and China this year, with European and U.S. patents expected to expire in the early 2030s. Analysts estimate that products accounting for approximately £26.2 billion in sales will face generic competition between 2032 and 2034.
Despite these hurdles, the company aims to expand its obesity and diabetes portfolio while diversifying into treatments for blood and endocrine disorders, liver diseases, and cardiovascular conditions. Doustdar noted plans to scale production capacity to reach over 60 million patients worldwide with its Wegovy pill by 2030. This product, launched in oral form in the U.S. earlier this year, builds on the success of its injectable counterpart, which propelled Novo to become one of Europe’s most valuable public companies in 2023.
Investors, however, responded with caution. Analysts cited the company’s growth targets, including a projected annual revenue increase of about 3.6% through 2030—similar to industry norms—as underwhelming and largely anticipated. Concerns also persist regarding Novo Nordisk’s ability to maintain premium pricing for future obesity drugs amid intensifying competition, notably from Eli Lilly, whose products tirzepatide (Mounjaro) and Zepbound are challenging Novo’s market share.
The company’s recent pipeline includes CagriSema, a next-generation combination drug showing positive weight-loss results in diabetic patients, slated for launch in early 2027. Still, market watchers remain skeptical about its capacity to compete effectively against rival therapies.
In addition to its product strategy, Novo disclosed ongoing workforce reductions surrounding a broader restructuring, increasing planned job cuts from 9,000 to 13,000. The company also intends to sustain a stable operating margin and continue offering an attractive dividend per share.
Overall, while Novo Nordisk seeks to reassure investors about its ability to navigate upcoming patent expirations and maintain growth, the share price decline reflects persistent uncertainty over the company’s pricing power and pipeline robustness in a competitive and evolving pharmaceutical landscape.