Novo stock falls as much as 7% despite $23 billion sales target for blockbuster obesity drugs

Novo shares fell as much as 7% on Monday after the company laid out new growth ambitions to revive its fortunes in the booming obesity drug market. The Danish company seeks to convince investors it can compete in an increasingly crowded field it helped pioneer. The company said it aims to launch more than five drugs with "multi-blockbuster" potential by 2030 and generate more than 150 billion Danish kroner ($23 billion) in pipeline sales by 2035. It also expects revenue growth between 2026 and 2030 to be in line with industry peers. The announcement was intended to help convince investors it can compete in an increasingly crowded field it helped pioneer but the company's Copenhagen-listed shares fell as much as 7% in morning trading.