Novo's new strategy hinges on something it can't manufacture: investor trust

Danish drugmaker Novo took the world by storm with its diabetes and weight loss drugs Ozempic and Wegovy. But this week, the company failed to reassure investors that it has a plan to compete after semaglutide, the active ingredient in those medicines, loses exclusivity in key markets in the early 2030s. It announced plans to launch more than five potential blockbuster drugs by 2030 at its Capital Markets Day on Monday. Shares fell 8% , compounding two years of decline. Barclays analysts noted "limited new disclosure to increase confidence," while Jefferies said it failed to "derisk the trajectory or offer a strategic reset." Meanwhile, shares in Novo's chief rival, Eli Lilly, are up 58% over the past 12 months.