Novo Nordisk Pledges New Blockbusters to Offset Patent Cliff; Shares Fall 6%

Novo Nordisk shares fell about 6% on September 21 as CEO Mike Doustdar unveiled a pipeline plan that investors said lacked differentiation and left uncertainty over the company's post-2032 outlook. At an investor day in London, Novo outlined at least five new "multi-blockbusters" and a target of 150 billion Danish kroner (roughly $23 billion) in pipeline sales by 2035, against 2025 total sales of 309.06 billion kroner. Revenue is expected to grow only in line with large drugmakers through the decade, short of guidance investors sought into 2032, when Ozempic and Wegovy lose U.S. patent protection. Semaglutide is already off patent in Canada, India, Brazil and Turkey, and loses exclusivity in China this year. Doustdar called the patent cliff the "elephant in the room" but said lower prices drive higher volumes. Novo shares are down roughly 22% year-to-date and 73% from their June 2024 peak. Analysts called the targets conservative, saying the burden of proof remains.