Novo, the Danish pharmaceutical company behind the weight-loss drug Wegovy, outlined its strategy to introduce multiple new “blockbuster” medicines and expand sales through 2035 during a capital markets event in London on Monday. Despite the ambitious plans, the company’s shares declined as investors expressed reservations about the growth outlook and competitive challenges.

Novo intends to launch over five drugs projected to generate peak annual sales exceeding $1 billion by 2030, focusing on obesity, diabetes, and other therapeutic areas such as blood and endocrine disorders, liver diseases, and cardiovascular conditions. The company aims to achieve annual revenue growth between 2026 and 2030 in line with industry peers and projects sales of more than 150 billion Danish kroner (£17.2 billion) from its drug pipeline by 2035.

Addressing the gathering, CEO Mike Doustdar emphasized the company’s goal to broaden its portfolio beyond obesity and diabetes, while planning to scale production capacity to treat more than 60 million patients globally with Wegovy by 2030. Wegovy, which contains semaglutide, an appetite-suppressing GLP-1 receptor agonist, was the first oral drug of its kind to launch in the United States in January and helped position Novo as a leader in the weight-loss market.

However, Novo is facing increasing competition. U.S.-based Eli Lilly, the world’s largest pharmaceutical firm, markets tirzepatide, known as Mounjaro for diabetes, and Zepbound for obesity, both offering alternative treatments in the weight-loss segment. Additionally, special pharmacies producing lower-cost compounded copies and political pressure over drug pricing in the U.S. have intensified challenges for Novo.

The company’s strategic update also revealed plans to maintain a broadly stable operating margin and deliver an attractive dividend per share. Nonetheless, investors appeared underwhelmed by these targets, which implied a modest annual growth rate of around 3.6 percent. Following the announcement, Novo’s shares fell by approximately 8 percent on the Copenhagen stock exchange, extending declines that have seen the stock lose nearly 20 percent this year and more than 70 percent from its 2024 peak.

Novo’s leadership has been navigating a difficult patent landscape. Semaglutide’s patent protections have already expired or are expiring soon in several markets, including India, Brazil, Turkey, China, and are expected to lapse in Europe and the U.S. by the early 2030s. Sales of products totaling about £26.2 billion are forecast to lose patent exclusivity between 2032 and 2034, threatening revenue streams. This has increased pressure on Novo to develop next-generation drugs capable of commanding premium prices.

Among upcoming launches, Novo highlighted CagriSema, a next-generation combination treatment expected to debut early next year. The company also presented new positive data on CagriSema’s efficacy in weight loss for patients with diabetes, although industry analysts remain cautious about its ability to compete effectively against Eli Lilly’s tirzepatide.

Earlier this year, Mike Doustdar, who succeeded Lars Fruergaard Jorgensen as CEO in July 2025, led a workforce reduction from an initially planned 9,000 job cuts to approximately 13,000, driven mainly by reduced hiring. The leadership changes accompany Novo’s broader efforts to adapt to a more consumer-driven market, with self-pay sales of Wegovy now accounting for half of the business.

Despite the challenges, Novo continues to emphasize its goal to sustain innovation and diversify its reach across multiple therapeutic areas, seeking to retain a competitive position amid growing market and regulatory pressures.