Novo Nordisk Chief Signals Dealmaking Push as Pipeline Bet Faces Sceptical Market
Published on 09/22/2026 at 14:10 | Editorial boerse-global.de
Novo Nordisk is preparing to plug holes in its drug portfolio through acquisitions and partnerships, chief executive Mike Doustdar said Tuesday, as the Danish pharma group tries to steady investor nerves after a bruising stretch for its shares.
Speaking to CNBC, Doustdar said the company would pursue takeovers and alliances wherever it spotted scientific or strategic gaps in its own offering, keeping a close watch on firms with superior active ingredients already developed or nearing market launch. The balance sheet, he stressed, is strong enough to absorb larger transactions. Targets would extend beyond obesity into areas such as cardiovascular, blood and endocrine disorders.
In a separate appearance on Bloomberg TV, the CEO conceded that Novo Nordisk must rebuild trust with investors step by step, warning that promising too much and delivering too little erodes credibility fast.
A Steep Climb Back From the Highs
The remarks came on the heels of a sharp selloff. A day earlier, the stock shed roughly 8% after the company laid out long-term targets. By Tuesday the shares were trading at EUR 34.39, down 1.3%, leaving them some 37% below their 52-week peak. Measured from the start of the year, the decline stands at 22%, with the stock last changing hands at EUR 34.51 in a separate reading. The 52-week low sits at EUR 30.25.
What is weighing on sentiment is the approaching loss of exclusivity on semaglutide, the molecule behind Wegovy and Ozempic — two products that together account for about three-quarters of group revenue. Patent protection lapses sequentially across Europe and the US in the early 2030s, with the key American market expiring in 2032. Meanwhile, rival Eli Lilly is intensifying competition in the obesity treatment arena.
Should investors sell immediately? Or is it worth buying Novo Nordisk?
New Products Carry the Growth Story
Management has countered with a promise of more than five market launches with blockbuster potential by 2030, alongside risk-adjusted pipeline revenue exceeding DKK 150 billion by 2035. A parallel ambition targets more than $23 billion in fresh revenue over the coming years, with Doustdar aiming to market future products more like consumer goods.
Central to that effort is FREHEMGO, the first FVIIIa mimetic to allow prophylaxis through a pre-filled pen at weekly, biweekly or monthly intervals. Novo Nordisk plans initial launches in European countries in the fourth quarter of 2026, followed by a broader EU rollout from early 2027. The European Commission's final decision on marketing authorisation is expected within a few months of the positive CHMP recommendation.
Clinical data have reinforced the case. The Phase 3 REIMAGINE 5 trial showed CagriSema at a 1.0 mg/1.0 mg dose delivering 12.4% weight loss at week 60, against 9.1% for tirzepatide at the 5 mg dose, with non-inferior HbA1c reduction. In the Phase 3 REDEFINE 9 study, the same candidate produced 21% weight loss at week 68 versus placebo in overweight or obese adults.
Capital allocation is moving in step. Buybacks have reached a transaction volume of around DKK 9.63 billion.
Analysts Stay on the Sidelines
The market, however, is not yet convinced. Deutsche Bank reiterated its sell rating after the recent company appearances and trimmed its price target to DKK 245. Analyst Emmanuel Papadakis pointed to disappointed expectations on several fronts and vague details on potential acquisitions. Citi kept its neutral stance, noting that guidance for a merely broadly stable operating margin fell short of hopes.
Sceptics worry that the shift toward a broader healthcare group will bring higher distribution costs and lower-margin revenue. Competition in the newly targeted indications is fierce, and a slower-than-planned rollout of FREHEMGO from early 2027 would put Doustdar's growth assumptions under strain. According to media reports, the stock fell as much as 7.7% in early trading yesterday as the pipeline expansion announcements missed market expectations.
For now, the coming formal approval steps set the frame. As long as the shares hold their 52-week low of EUR 30.25, there is room for stabilisation built on the new product authorisations. Should that support give way amid persistent doubts over the 2030 earnings targets, a further re-rating of the growth outlook looms. The first real test of demand in hemophilia A will come with the planned launch in the first European countries in the fourth quarter of 2026.
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Novo Nordisk Stock: New Analysis - 22 September
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