# Novo's growth plan fails to impress investors > The Danish drugmaker's strategy to diversify beyond weight-loss drugs disappoints the market as patent expiry looms. - Title: Novo's growth plan fails to impress investors · CNBC - Summary: The Danish drugmaker's strategy to diversify beyond weight-loss drugs disappoints the market as patent expiry looms. Novo Nordisk shares fell seven point… - Keywords: novo nordisk, semaglutide, wegovy, ozempic, eli lilly, weight loss drugs, patent expiry, pharmaceutical, stock decline, business, finance, Novo's - Source: CNBC — https://cnbc.com/2026/09/21/novo-nordisk-stock-sales-target-obesity-drugs.html - Author: Elsa Ohlen - Published: 2026-09-21T08:23:50+00:00 - Read time: 1 min - Topics: novo nordisk, semaglutide, wegovy, ozempic, eli lilly, weight loss drugs, patent expiry, pharmaceutical, stock decline, business, finance ## Novo shares plunge on strategy Novo Nordisk shares fell seven point seven percent on Monday after the Danish drugmaker unveiled long-term growth plans that failed to ease investor concerns. ## The patent cliff looming CEO Mike Doustdar told investors the real problem is semaglutide, the active ingredient in Wegovy and Ozempic, loses patent protection in twenty thirty-two in the U.S., which accounts for over half of Novo's sales. > The elephant in the room was that semaglutide will lose key patent exclusivity starting early next decade. ## Novo faces fierce competition Eli Lilly has grabbed majority market share in injectable GLP-1 drugs with Mounjaro and Zepbound despite launching years after Novo. Lilly shares gained fifty-two percent over the past year while Novo fell twenty-seven percent. ## Doustdar's diversification plan Novo aims to launch more than five drugs with multi-blockbuster potential by twenty thirty and generate over twenty three billion dollars in risk-adjusted pipeline sales by twenty thirty-five. ## Expanding beyond obesity Doustdar said Novo will build out its portfolio around blood and endocrine disorders, liver disease, and cardiovascular disease while keeping obesity and diabetes as its foundation. > We plan to come on the other side of the loss of exclusivity as a bigger company than we are today and a much more diversified version of it. ## Investors wanted more ambition Investment strategist Jacob Pedersen said Novo's target for growth in line with industry peers suggests slower expansion than investors historically expected from the company. > The investors, they are very particular in what they want from Novo, and this doesn't add up to it. ## A strategic reversal Doustdar's diversification marks a shift from his strategy last year when Novo sharpened focus on obesity and diabetes. Novo also announced a rebrand from Novo Nordisk to Novo and a culture revamp to meet Lilly's competition. ## What happens next Novo will be more active in business development and expects adjusted sales and operating profit to be down six percent to flat in twenty twenty-six at constant exchange rates. ## Key takeaway Novo Nordisk shares fell seven point seven percent after the company unveiled a long-term growth strategy that failed to address investor concerns about losing patent protection for its blockbuster obesity drug semaglutide in twenty thirty-two.