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

Novo Nordisk CEO Maziar Mike Doustdar waits for the start of the pharmaceutical company’s annual general meeting in Copenhagen, Denmark, March 26, 2026. Tom Little | ReutersDanish 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.Stock Chart IconStock chart iconNovo shares are lagging behind its chief competitor Eli Lilly's.Sydbank analyst Soren Hansen, who attended Novo's Capital Markets Day, told CNBC the announcements were "all about trust."Asked about this, Novo CEO Mike Doustdar said: "The reaction of the market is a testament t...