Novo Nordisk is now just called Novo. A small change in the address, nothing more, because the legal name remains unchanged. Just as the oil company British Petroleum is always abbreviated as BP, says CEO Mike Doustdar. But the Danish pharmaceutical company is about more. It's about what comes after the hype surrounding the active ingredient semaglutide and the deep crash and loss of market share in recent years.
Novo wants to reposition itself and develop areas outside of its core business of diabetes and obesity. Related therapeutic areas have been chosen, such as liver diseases, especially fatty liver disease (MASH), blood and hormonal diseases, in which Novo has a “long tradition”, and cardiovascular diseases, for which active ingredient candidates are being clinically developed. Doustdar wants to quickly put an end to the recent failure of several studies with the heart drug Ziltivekimab: “That will not stop us from continuing on the path that feels right,” said the company boss on Tuesday on the sidelines of a diabetes congress in Milan.
Novo wants to have at least ten phase 3 programs running by the end of 2030: five of them from the core segment of diabetes and obesity, the remaining five from other therapeutic areas. And the goals go even further: Novo wants to bring at least five blockbuster drugs onto the market by 2030. This refers to prescription drugs that generate annual sales of more than one billion US dollars worldwide. The company also aims to achieve sales of more than 150 billion Danish kroner (around 20 billion euros) in 2035 with drug candidates that are now still in clinical development.
The ambitious projects show that the Danes are serious. They want to regain their old strength and regain the trust of investors. In view of the tough competition for weight loss products and expiring patents for the Wegovy and Ozempic active ingredient semaglutide in markets such as Canada, China and Brazil, Novo shares had to cope with a loss in value of more than 75 percent by September 2026 since their all-time high of more than 1,033 crowns in June 2024. For this year, the company expects, at best, stagnating sales and profits.
But that should remain an exception. Company boss Mike Doustdar does not want to give precise forecasts. However, he predicts growth for investors over the next few years up to 2030 that is at least at the level of Novo's competitors, i.e. in the mid-single-digit range.
The product offensive will begin with the obesity drug Cagrisema, which will initially come onto the market as an injection in early 2027. It combines the Wegovy molecule semaglutide, which mimics the gut hormone GLP-1, with cagrilintide, a mimic of the body's own hormone amylin. In this way, the weight loss mechanism is supposed to strengthen, because both semaglutide and cagrilintide lower blood sugar and create a feeling of satiety.
Recently, Novo presented new study data comparing Cagrisema with competitor Eli Lilly's Mounjaro active ingredient tirzepatide. The result: After 60 weeks, participants who took a low dose (one milligram) of Cagrisema weekly achieved a weight loss of 12.4 percent - compared to the 9.1 percent weight loss achieved by participants who took five milligrams of tirzepatide over the same period. A difference that is manageable at first glance. Company boss Doustdar therefore refers to another study in which a dose of one milligram of Cagrisema led to a weight loss of 21 percent after 68 weeks. This is comparable to what a patient achieves with 15 milligrams of the competing drug.
For Doustdar, the dosages are crucial – at least psychologically. “It's not about the scientific side, but about the conviction that you can achieve the best possible result with less active ingredient,” said the Novo boss of the F.A.Z. He is sure to convince doctors and patients to change their weight loss preparation.
There are also other advantages. Cagrisema is also intended to help patients maintain muscle mass and healthy bones despite rapid weight loss. Loss of muscle mass has so far been an undesirable side effect of the previously approved weight loss preparations Wegovy and Ozempic, as well as those of US competitor Eli Lilly. Novo head of research Martin Holst Lange emphasizes that maintaining muscle strength is important for patients in order to cope with everyday life. “We have very compelling data on the pipeline products Zenagamtide and Cagrisema,” said Lange. They showed that patients were able to maintain and sometimes improve their muscle strength and functional ability despite a significant weight loss of more than 20 percent. Novo therefore wants to focus more on a higher quality of weight loss with future active ingredients.
The pharmaceutical company doesn't have much time to advance its research pipeline. The patents for semaglutide continue to expire. In the USA and Europe, the active ingredient will lose its exclusivity after 2031. In Canada, where patent protection expired at the beginning of 2026, prices have fallen sharply since then. Generic drug manufacturers, including recently the Swiss company Sandoz, now offer preparations for around a third of the original price. Nevertheless, Novo plans to “vigorously defend” its sales volumes of Wegovy and Ozempic and keep sales volumes high. Company boss Doustdar names three advantages. Firstly, Novo is the company with the highest volume when it comes to the intestinal hormone GLP-1. “Many of the competitors will not be able to achieve the volumes and scale overnight,” he says. Secondly, Novo benefits from the fact that many patients prefer the branded product. As a third point, Doustdar points to relationships with doctors and patients. They would associate the company with high standards.
The Danish company also doesn't want to give up one trump card: the market for oral preparations. Since the introduction of the Wegovy pill in the USA at the beginning of the year, the number of users has risen to more than 1.5 million within eight months. In the United States, oral therapies account for approximately one-third of all obesity prescriptions. According to Novo's own information, it serves around 80 percent of prescriptions for oral GLP-1 therapies. At the same time, the company wants to introduce tablet forms for other medications, including Cagrisema and the diabetes drug Zenagamtide. Competitor Eli Lilly only received approval for its weight loss pill Foundayo in the USA in April. Novo now also retains this advantage in Europe: the Wegovy pill came onto the market in Great Britain in July 2026 and has been available in Germany for a good month.
According to Emil Kongshøj Larsen, who heads operations for Novo globally, Germany as a third target market was a logical step. With almost 20 million people living with overweight or obesity, there is a great medical need. “At the same time, Germany is one of the European countries where treatment rates are comparatively low,” Larsen told the F.A.Z. In Denmark and Great Britain the treatment rates are many times higher. He hopes that the Wegovy pill will change that in the future. “On the one hand, we hope that family doctors will be more involved in the treatment through a tablet preparation,” says the manager. Many patients felt more comfortable with tablets. “On the other hand, there is telemedicine,” says Larsen. Some telemedicine companies operating in Germany are doing good work. According to Larsen, they could accompany patients, for example in gradually increasing the dose or recording health values.
In general, Novo Nordisk wants to work more closely with telemedicine providers in the future. Subscriptions for GLP1 drugs offered there could help make obesity therapy more affordable and retain patients long-term. At the same time, Novo is increasingly seeking dialogue with governments in order to reduce treatment costs and thus open up a customer channel other than self-payers.
According to company boss Doustdar, an important prerequisite is that governments recognize obesity as a chronic disease, not just a “lifestyle problem.” After that, two things would happen: “Firstly, they feel more obliged to seriously think about financing the treatment from the solidarity community instead of leaving those affected to fend for themselves,” says Doustdar. He points to countries such as France and Great Britain, where patients have already had access to reimbursement for weight loss products. “Second, obesity must be viewed as an investment and not a cost.” According to the Novo boss, this could reduce the risks of secondary illnesses and thus save money.
In Germany, politicians and health experts are arguing about whether therapy with weight loss injections should be reimbursed by statutory health insurance companies. The federal government takes the position that long-term data from studies is still missing. In addition, the coffers are already facing a billion-dollar deficit. In order to stop this, drug manufacturers are sometimes supposed to grant health insurance companies higher discounts on their prices. “We must work with the German government to find a way to help reduce healthcare costs and at the same time benefit society without increasing costs,” says Doustdar. “Instead, demanding across-the-board lower prices for all medicines will not solve the problems in the healthcare system.”
