Novo Nordisk Shareholders Push for Dealmaking as Pipeline Questions Loom Over Capital Markets Day

Novo Nordisk's top investors want faster acquisitions and a credible post-Ozempic pipeline as the stock falls 15% this year and patents lapse in some markets.

With Novo Nordisk's Capital Markets Day set for Monday, the Danish drugmaker's largest investors are turning up the heat. Their demand: move faster on acquisitions and prove the pipeline can stand on its own once the current GLP-1 boom cools.

The anxiety stems from a lopsided revenue base. More than 90% of group sales now ride on two products — Ozempic and Wegovy, the GLP-1 blockbusters used to treat diabetes and obesity. That concentration has left shareholders pressing for a credible post-Ozempic story.

Eugen Uretzki, an analyst at Flossbach, argued that the development potential of Novo's own drug candidates still has to be proven. Julia Angeles of Baillie Gifford said the company must clearly explain the transition beyond Ozempic, suggesting targeted partnerships for experimental treatment approaches as one route. CEO Mike Doustdar has signaled openness to bolt-on acquisitions that would complement existing operations.

Market Reaction and Patent Pressure

The stock closed Friday at EUR 37.58, down 15% since the start of the year and 31% below its 52-week high of EUR 54.86.

Adding to the urgency are looming patent expirations. Semaglutide's protection runs into the 2030s in the European Union and the United States, but the patent lapses this year in countries including India, Brazil, Canada and Turkey. Meanwhile, US rival Eli Lilly is intensifying competition in the lucrative weight-loss market.

Mixed Results in Late-Stage Research

The pressure on management comes against a split picture from recent clinical work. On September 7, Novo reported data from the late-stage STEP Young trial of semaglutide: with full treatment adherence, 40.4% of participating children aged six to under twelve were no longer classified as obese after 68 weeks. The study met its primary endpoint for reducing body mass index.

The same day brought a setback elsewhere. According to Reuters, Novo halted two additional trials of ziltivekimab in heart failure ahead of schedule. An independent data monitoring committee saw only a low probability of a different outcome versus an earlier, unsuccessful late-stage study. A separate trial in patients who had suffered a heart attack continues, with results expected in the first half of 2027.

Pipeline Bright Spots and New Partnerships

Not everything has gone sideways. Oral Wegovy recorded 161,065 weekly prescriptions on September 11 — more than three times as many as rival Lilly. For the combination treatment CagriSema, a regulatory filing was submitted in December, with market launch targeted for next year.

Novo is also widening its search for future therapies through outside deals. On Thursday, Reuters reported an agreement with Orbis Medicines covering drug discovery and licensing worth up to USD 1.4 billion, focused on oral approaches to cardiometabolic disease. As part of the pact, Novo is taking a strategic stake in Orbis.

In research operations, management is working with AI developer Anthropic to shorten documentation and preclinical processes. Novo will present new data from its cardiometabolic portfolio at the EASD 2026 meeting in Milan, scheduled for September 28 to October 2.

Rebranding and What Comes Next

Organizational changes are running alongside the scientific work. Since September 14, the company has used the shortened name "Novo" in day-to-day business and introduced an internal strategy called "The Novo Way," while "Novo Nordisk A/S" remains its legal name. Further details on the business direction are expected on September 21 at the Capital Markets Day.

Monday's investor event will show whether these steps are enough to satisfy shareholders.