Novo Nordisk's shares have plunged from more than $140 in June 2024 to about $38, after competition from drug compounders and Eli Lilly, U.S. pricing pressure, clinical setbacks and looming patent expirations weakened the outlook for its Ozempic and Wegovy franchise. At a capital markets day earlier this week, executives outlined plans for at least five multi-blockbuster medicines by 2030 and $23 billion in annual peak sales five years later, but the stock fell another 8% after the presentation. At the same time, venture funding for biotechnology has recovered from its sector downturn, led in part by AI drug discovery companies. Isomorphic Labs raised $2.1 billion, while at least 12 AI-focused biotech companies have secured venture rounds of $100 million or more since the start of 2024.