Novo Shares Fall 5.4% After 2030 Strategy Fails to Impress Investors

Novo shares fell as much as 7% on Monday before paring losses to 5.4% by midday in Copenhagen after the Danish drugmaker's 2030 strategic plan, unveiled at a Capital Markets Day in London, failed to satisfy investors seeking a more decisive turnaround. The company targets more than five drugs with multi-blockbuster potential by 2030, over 150 billion Danish kroner ($23 billion) in risk-adjusted pipeline sales by 2035, and revenue growth from 2026 to 2030 in line with industry peers. CEO Mike Doustdar said semaglutide — the active ingredient in Wegovy and Ozempic — begins losing patent exclusivity in the early 2030s, starting in the U.S. in 2032, a market accounting for over half of Novo's 2025 sales. Analysts were skeptical. Middelfart Sparekasse strategist Jacob Pedersen said benchmarking growth against broad pharma peers signals ambition well below market expectations. Novo held roughly 39% of the obesity drug market in the second quarter versus Eli Lilly's 61%, and its stock fell 27% over the prior twelve months.