Novo Nordisk’s ambitious growth plan fails to fully reassure investors

Novo Nordisk unveiled a plan to launch more than five “multi-blockbuster” drugs by 2030 and generate over DKK 150 billion (about $23 billion) in risk-adjusted pipeline sales by 2035.

The strategy aims to reduce Novo’s dependence on Ozempic and Wegovy as semaglutide faces patent expirations in the early 2030s and Eli Lilly gains ground in obesity drugs.

The company plans to expand beyond diabetes and obesity into blood and endocrine disorders, liver and cardiovascular disease, and a new “Consumer Rx” model for prescription medicines marketed more directly to patients.

Consumer Rx areas under consideration include immune-mediated inflammatory diseases, pain and addiction, and men’s and women’s health. Novo stressed this would not mean entering the over-the-counter market.

Novo expects CagriSema to launch early next year, with high-dose CagriSema and standalone cagrilintide targeted for 2028. It also plans to greatly expand oral GLP-1 capacity and serve more than 60 million patients globally by 2030.

Investors were underwhelmed by the targets, viewing them as lacking detail and offering no clear near-term answer to slowing growth. Novo shares fell as much as 7% after the presentation.