Novo Nordisk Lays Out 2035 Revenue Ambitions as CagriSema Data Sharpens Obesity Race
Published on 09/28/2026 at 16:31 | Editorial boerse-global.de
Novo Nordisk used its capital markets day on 21 September to sketch a far-reaching growth blueprint, telling investors it intends to bring more than five blockbuster medicines to market by 2030 and to generate pipeline revenue exceeding 150 billion Danish kroner by 2035. The Danish drugmaker paired those long-range targets with fresh clinical evidence for its next-generation metabolic candidate, CagriSema, which posted head-to-head results against a rival therapy from Eli Lilly.
The 2035 revenue projection rests on internally developed, risk-adjusted programs and explicitly excludes any contribution from future acquisitions, the company said. Management also signaled that its balance sheet leaves room for larger takeovers should opportunities arise.
CagriSema clears a competitive bar
In a late-stage trial involving patients with diabetes, CagriSema delivered an estimated average weight reduction of 12.4%, Novo Nordisk reported on 21 September. At a 1-milligram dose, the candidate outperformed tirzepatide, the competing treatment from US rival Eli Lilly. A separate study in patients with obesity showed a 21% weight loss at a 1.0-milligram dose versus placebo. Those results are central to Novo Nordisk's effort to hold its lead in the weight-loss therapy arena.
Deals broaden the research toolkit
Beyond the clinic, the company is widening its technological footprint. On 16 September it struck a partnership with Anthropic to test Claude models across drug discovery, development workflows and software creation. A day later, on 17 September, Novo Nordisk signed an agreement worth up to USD 1.4 billion with Orbis Medicines to develop oral therapies for cardiometabolic diseases.
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The licensing activity continued on the Friday with a worldwide deal for Nanexa's PharmaShell technology valued at up to EUR 1.17 billion. That arrangement covers as many as five development programs and includes EUR 615 million in upfront payments plus development and regulatory milestones.
Speaking on 22 September, chief executive Mike Doustdar said, according to Reuters, that weight-loss pills could account for as much as half of the global obesity drug market by 2030.
Social commitments run alongside the pipeline
Novo Nordisk also extended its partnership with UNICEF on 22 September, committing an additional USD 18 million between 2026 and 2030 for prevention programs across seven countries. Those efforts are expected to reach more than 80 million children.
Shares stay under pressure
Equity investors have yet to reward the ambitious roadmap. The stock closed Friday at EUR 34.05 and was trading at EUR 33.76 on the day of the latest update, down 0.9%. Year to date the shares have fallen 23%, leaving them 38% below their 52-week high as the market looks for a durable floor following the recent strategic announcements.
Shareholders are weighing the pipeline promises against intensifying competition and persistent pricing pressure. Whether the technology alliances and a broader portfolio can deliver on expectations will shape how the company is valued in the years ahead.
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