Novo shares slide as drugmaker lays out post-Wegovy growth strategy

Novo shares fell as much as 7% on Monday after the company laid out new growth ambitions to revive its fortunes in the booming obesity drug market.The Danish company seeks to convince investors it can compete in an increasingly crowded field it helped pioneer.The company said it aims to launch more than five drugs with "multi-blockbuster" potential by 2030 and generate more than 150 billion Danish kroner ($23 billion) in pipeline sales by 2035, including current assets.It also expects revenue growth between 2026 and 2030 to be in line with industry peers.Copenhagen-listed shares fell as much as 7%, to later pare some losses to trade 4.8% lower at 11:10 am local time."Investors hoped for a project 'miracle' that could turn the momentum around short term," Per Hansen, savings economist at Nordnet, told CNBC. "For obvious reasons that miracle does not exist."'The elephant in the room'CEO Mike Doustdar told investors at the company's Capital Markets Day in London that the "elephant in the room" was that semaglutide, the active ingredient in weight-loss and diabetes medicines Wegovy and Ozempic, will lose key patent exclusivity starting in the early next decade. It expires in 2032 in th...