Novo Nordisk Balances Pipeline Bets and US Restructuring as Shares Languish 25% Below Year-Start Levels

Novo Nordisk plans 108 US HQ job cuts by 31 December, reports 22.4% CagriSema weight loss, and sees FDA extend its Denecimig review.

Novo Nordisk is pressing ahead on two fronts at once: deepening its obesity and haemophilia pipeline while trimming its North American administrative footprint. The Danish drugmaker disclosed plans to cut 108 positions at its US headquarters in Plainsboro, New Jersey, according to a filing with the state's Department of Labor & Workforce Development. The reductions are scheduled to take effect by 31 December, reflecting what the company describes as shifting requirements in regional administration as it reshapes its US operating model.

The workforce adjustment lands alongside a steady flow of scientific and licensing news. At the annual meeting of the European Association for the Study of Diabetes (EASD) on 30 September, Novo presented detailed results for its drug combination CagriSema. Over 52 weeks, the candidate delivered a 22.4% reduction in body weight versus placebo. The company also examined effects on appetite, binge-eating episodes, organ fat and bone markers.

Separately, Novo published findings from the OCTANE study, which draws on anonymised treatment data from the telemedicine platform Ro. That real-world evidence complements the company's clinical trial programme, offering a view of how its therapies perform outside controlled study settings.

Denecimig Review Slips, Guidance Holds

On the regulatory side, the US Food and Drug Administration has extended its review of Novo's haemophilia A candidate Denecimig. The delay stems from ongoing remediation work at a manufacturing site rather than any shortfall in clinical efficacy or safety data, according to the company. No new decision date has been set. Novo said the holdup will not affect its financial outlook for 2026, and — subject to approval — it is targeting a US launch in the first half of 2027.

To shore up its pipeline, the group continues to look outside its own labs. Roughly a week ago it licensed the oral GLP-1/GIP agonist HRS-1596 from Chinese developer Jiangsu Hengrui Pharmaceuticals, securing worldwide rights outside Greater China. The candidate is ready for Phase I testing, with the transaction expected to close in the fourth quarter of 2026, pending regulatory clearances.

Those external bets sit within a broader strategic framework laid out at the company's capital markets day on 21 September. Novo aims to bring more than five so-called multi-blockbusters to market by 2030, and is targeting pipeline revenue exceeding DKK 150 billion by 2035. The company stressed that these figures do not constitute an official financial forecast.

Buyback Keeps Capital Flowing

Shareholder returns remain a priority even as development spending mounts. Under its ongoing repurchase programme, Novo bought back 35,379,179 shares between the start of February and 25 September, for a total of DKK 9,939,842,031.

Competitive pressure in the core obesity market is intensifying. Rival Eli Lilly has released Phase 2 data for its obesity combination eloraTZP, showing weight loss of up to 23.3% after 48 weeks, according to Reuters. That backdrop has weighed on sentiment. The stock closed Friday at EUR 33.06, leaving it down 25% since the start of the year. Market watchers are now focused on resolving the manufacturing deficiencies and on how the company's partnerships progress.