Novo Nordisk Loses Ground as London Strategy Day Fails to Quell Semaglutide Fears
Published on 09/21/2026 at 16:51 | Editorial boerse-global.de
Novo Nordisk used its capital markets day in London to sketch out a pipeline vision stretching to the middle of the next decade. Investors, however, were looking for reassurance about the near term — and came away unpersuaded. Shares of the Danish drugmaker fell 6.5% to EUR 35.18 on the day, extending their year-to-date decline to 20%.
At the center of the unease is the looming loss of patent protection for semaglutide, the molecule behind Wegovy and Ozempic. CEO Mike Doustdar called the expiry of US exclusivity in 2032 the single biggest challenge facing the company, acknowledging that investors are right to focus on it. More than half of group revenue is generated in the United States.
Pipeline Targets and a Cost-Cutting Drive
Doustdar told the assembled analysts and investors that Novo aims to bring more than five new medicines with blockbuster potential to market by 2030. By 2035, risk-adjusted revenue from the product pipeline is targeted at more than DKK 150 billion, equivalent to roughly USD 23 billion. For the 2026–2030 stretch, management is guiding for annual revenue growth merely in line with that of international industry peers.
Hopes for more concrete answers — particularly on larger acquisition plans — went unmet, even as US rival Eli Lilly continues to take share in the obesity therapy market. Meanwhile, the internal restructuring launched in autumn 2025 has been broadened: the job cuts now cover 13,000 positions worldwide, with the savings earmarked primarily for clinical research and development.
The company also used the event to shorten its brand presence to "Novo," following a revamped identity introduced on 14 September. The legal name, Novo Nordisk A/S, stays as is. Under the banner "The Novo Way," the group is placing emphasis on customer focus, competitiveness, clarity and integrity — a cultural push Doustdar had previewed to staff on 15 September.
Should investors sell immediately? Or is it worth buying Novo Nordisk?
CagriSema Data Land With a Muted Reception
On the scientific front, Novo released phase 3 results for CagriSema, its combination of cagrilintide and semaglutide. In diabetes patients, a 1 mg dose produced an estimated average weight reduction of 12.4% over 60 weeks, beating Eli Lilly's tirzepatide at a 5 mg dose, which delivered 9.1%. On blood sugar control, the treatment proved non-inferior.
Observers stayed cautious nonetheless. BMO analyst Evan Seigerman described the low-dose data as encouraging but assigned them only limited weight in terms of overall market impact. Novo plans to launch CagriSema in early 2027, with a US Food and Drug Administration decision on the application due in the fourth quarter of 2026.
EU Panel Backs Two Medicines
Regulatory progress in Europe had arrived in the days before the London gathering. On Friday, the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion for once-weekly Sogroya (somapacitan) in children with idiopathic short stature, with a final European Commission decision expected during 2026. A day earlier, the same panel had recommended approval for FREHEMGO (denecimig) in hemophilia A for adults and children, dosed via a prefilled pen at weekly, biweekly or monthly intervals.
Simultaneously published phase 3b data in the Journal of Thrombosis and Haemostasis showed that switching directly from emicizumab to denecimig — without a washout phase or loading dose — was tolerated over 26 weeks, with no unforeseen safety concerns.
Setbacks in Cardiology and Two Research Alliances
The forward-looking messaging follows setbacks in cardiology. On 7 September, two trials of the candidate ziltivekimab in heart failure were halted. A separate study in patients who have suffered a heart attack continues, with results expected in the first half of 2027.
Alongside its clinical work, Novo advanced collaborations in research and technology. One agreement with Orbis includes upfront and milestone payments plus tiered royalties, complemented by a strategic stake in the partner. A separate arrangement brings Anthropic's Claude models and Claude Science into selected research workflows to speed up drug discovery and support software development. Financial terms of that deal were not disclosed.
For a company betting on a leaner brand and a deeper pipeline, the proof of a durable growth acceleration beyond today's bestsellers remains the task at hand.
Ad
Novo Nordisk Stock: New Analysis - 21 September
Fresh Novo Nordisk information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
