Novo Nordisk presented a strategy to offset the expected loss of exclusivity for Ozempic and Wegovy by launching more than five multi-blockbuster medicines before 2030, advancing at least 10 Phase 3 programs and targeting more than DKK 150 billion in risk-adjusted pipeline sales by 2035. Investors remained unconvinced, sending the shares down roughly 8% after the London investor day, as semaglutide is expected to account for about 75% of 2026 sales and lose U.S. patent protection in 2032. Novo forecast revenue growth broadly in line with major pharmaceutical peers from 2026 through 2030, plans to expand oral GLP-1 capacity tenfold and aims to treat more than 60 million patients by 2030. New CagriSema data showed weight loss in late-stage trials, but the candidate previously failed to demonstrate non-inferiority to Eli Lilly's tirzepatide. Novo expects an FDA decision on CagriSema in the fourth quarter of 2026 and faces continuing competition from Lilly, whose Zepbound has overtaken Wegovy among injectable obesity treatments.