The stock of Novo (NVO) is down 4% after the European pharmaceutical company unveiled a new long-term growth strategy.
The maker of weight-loss and diabetes drugs Ozempic and Wegovy said it plans to launch more than five new medications by 2030 that have “multi-blockbuster” potential.
Management at the Danish drugmaker said that the new prescription drugs should generate more than 150 billion Danish kroner ($23 billion U.S.) in sales for the company by 2035.
Novo also said that it expects its revenue growth between 2026 and 2030 to be in line with industry peers and rivals such as Eli Lilly (LLY), without providing any details.
The growth strategy has been unveiled weeks after Novo announced a global rebrand, changing its name from “Novo Nordisk” previously.
The company is trying to counter perceptions that it is falling behind in the global weight-loss drug market and losing share to Eli Lilly.
At the company’s Capital Markets Day in London, England, Novo CEO Mike Doustdar told investors that Novo is trying to address the “elephant in the room.”
The elephant is that semaglutide, the active ingredient in both Wegovy and Ozempic, will lose its patent exclusivity in the U.S. starting in 2032.
The United States is Novo’s largest market and accounted for more than half the company’s sales in 2025.
Loss of patent exclusivity will enable other companies to make cheaper generic versions of weight-loss and diabetes drugs, potentially hurting sales of Novo’s two blockbuster medications.
While Novo launched its Wegovy weight-loss pill in the U.S. at the beginning of this year, it currently accounts for a small portion of the company’s revenue.
Novo’s share of the global weight-loss drug market is currently estimated at around 38% compared to 60% for Eli Lilly.
NVO stock has declined 28% over the past year to trade at $43.24 U.S. per share.
