Novo Nordisk Targets Five Multi-Blockbusters by 2030 as Oral Wegovy Gains Traction

Key Points

• Novo Nordisk aims to launch at least five “multi-blockbuster” products by 2030 and generate more than DKK 150 billion in risk-adjusted pipeline sales, while diversifying beyond semaglutide into obesity, diabetes, blood, endocrine, liver and cardiovascular treatments.
• Oral Wegovy is gaining traction: about 1.5 million patients currently use the pill, U.S. prescriptions average roughly 285,000 per week, and the company plans capacity for 10 times as many patients by the end of the decade.
• The company expects its blood and endocrine business to grow more than 50% from 2026 to 2030, while targeting mid-single-digit revenue growth and a broadly stable operating margin through 2030.

Novo Nordisk A/S NYSE: NVO outlined an updated strategy at its Capital Markets Day centered on diabetes and obesity, expansion into blood and endocrine disorders, liver disease and cardiovascular conditions, and a growing focus on consumer-facing prescription medicine channels.

The company said it aims to launch at least five “multi-blockbuster” products by 2030 and generate more than DKK 150 billion in risk-adjusted sales value from its pipeline in less than 10 years. Management also said it expects revenue growth through 2030 at a compounded annual rate in line with pharmaceutical industry peers, which CFO Karsten Knudsen described as mid-single digits.

Growth Strategy Extends Beyond Semaglutide

Novo Nordisk said it expects to emerge from semaglutide’s loss of exclusivity as a larger and more diversified company. Management acknowledged that generic competition and price pressure will affect semaglutide following loss of exclusivity, but said it intends to compete for volume while introducing newer products before that point.

The company’s planned obesity portfolio includes CagriSema, cagrilintide monotherapy, higher-dose CagriSema, zenagamtide and triple agonist candidates. It expects CagriSema to launch in obesity, subject to regulatory approval, in early 2027. Martin Lange, executive vice president of R&D and chief scientific officer, said Novo Nordisk expects a U.S. regulatory decision on CagriSema in the fourth quarter, while results from the REDEFINE 11 trial are expected in the first quarter of the following year.

Lange said the company is seeking to serve different patient groups rather than relying on one product. CagriSema combines semaglutide and cagrilintide, while cagrilintide monotherapy is being positioned for patients seeking moderate weight loss with a potentially more tolerable profile.

In diabetes, Novo Nordisk highlighted CagriSema’s potential to improve glycemic control and weight loss. Lange said the company plans a regulatory submission for CagriSema in type 2 diabetes in the second half of next year, following REDEFINE 3 data, with a potential launch in 2028.

Oral Medicines and Manufacturing Scale

Oral obesity medicines were a central theme of the presentations. Management said it believes many patients prefer pills over injectable treatments and plans to expand both its oral pipeline and manufacturing capacity.

The company said 1.5 million patients are currently using the Wegovy pill and that it plans to build manufacturing capacity sufficient for 10 times that number of patients by the end of the decade. Novo Nordisk said it has launched the Wegovy pill in three international markets and plans additional launches, including Mexico and more than 20 countries over the next 12 months.

In the U.S., Jamey Millar, executive vice president of U.S. Operations, said Wegovy pill prescriptions averaged about 285,000 per week. He said 90% of Wegovy pill prescriptions are self-pay and that 80% of people entering the Wegovy franchise through the pill are new to GLP-1 treatments.

Ed Cinca, senior vice president of marketing and patient solutions, said Novo Nordisk has observed real-world weight-loss outcomes broadly consistent with clinical trial results during the early months following launch. He also said oral obesity medicines now account for about one-third of the overall obesity prescription market.

Kasper Mejlvang, executive vice president of Global Manufacturing and Supply, said the company has expanded production capacity across Denmark, the U.S., France and Brazil. He said Novo Nordisk’s yeast-based fermentation platform and oral delivery technology provide manufacturing advantages, while the company also plans to use external partnerships and internal capabilities for synthetic peptides and other modalities.

New Growth Engines

Novo Nordisk identified blood and endocrine disorders as a new growth engine and said it expects the business to grow by more than 50% from 2026 to 2030. Habib Bennaceur, senior vice president of Rare Disease, highlighted three potential blockbuster launches: FREHEMGO in hemophilia, etavopivat in sickle cell disease, and zaltinibar in hemato-renal disorders.

Bennaceur said FREHEMGO received a positive opinion from the Committee for Medicinal Products for Human Use and an initial approval in Saudi Arabia. He described data from the FRONTIER program showing high proportions of patients with zero treated bleeds across dosing schedules.

For sickle cell disease, Bennaceur said etavopivat reduced vaso-occlusive crises by 27% annually and generated a hemoglobin response in nearly half of patients in a study with co-primary endpoints. Novo Nordisk plans to file for sickle cell disease by the end of the year and later evaluate the drug in thalassemia.

The company also outlined plans in liver disease and cardiovascular medicine. In liver disease, it highlighted efruxifermin for advanced MASH, particularly fibrosis stage F4, and said it is also evaluating the asset in alcohol-related liver disease. In cardiovascular disease, Novo Nordisk said it remains committed to pursuing inflammation-related approaches despite the neutral ZEUS trial for ziltivekimab, including assets targeting IL-6 and NLRP3 pathways.

Financial and Capital Allocation Targets

Knudsen said Novo Nordisk aims to maintain a broadly stable operating margin through 2030, supported by manufacturing productivity and lower selling, general and administrative expenses as a percentage of sales. The company expects research and development spending to continue growing faster than revenue as it advances and diversifies its pipeline.

The company expects capital expenditures to decline from a peak reached last year. Mejlvang said Novo Nordisk expects capital expenditures this year to fall below DKK 55 billion and move toward an industry-level mid-single-digit percentage of sales by 2030.

Management said capital allocation will prioritize internal investment, dividends, business development and share repurchases. Knudsen said Novo Nordisk intends to continue pursuing bolt-on transactions but did not rule out larger acquisitions if they fit the company’s scientific and strategic priorities.

About Novo Nordisk A/S (NYSE:NVO)

Novo Nordisk A/S is a Danish healthcare company headquartered in Bagsværd, Denmark. Founded in 1923, the company develops and manufactures pharmaceutical products focused primarily on diabetes and obesity care, as well as treatments for rare blood disorders and growth disorders.

Its diabetes portfolio includes insulin products and medicines in the glucagon-like peptide-1 (GLP-1) class, including Ozempic, Rybelsus and Wegovy. The company also offers treatments for obesity, hemophilia and other rare conditions, along with growth hormone therapies.

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