Novo Nordisk shares fell roughly 8% after executives presented a long-term strategy aimed at managing the looming loss of exclusivity for Wegovy and Ozempic. The company is targeting more than DKK 150 billion ($23.0 billion) in risk-adjusted pipeline sales by 2035, including revenue from existing assets, while forecasting compound annual revenue growth from 2026 through 2030 in line with major pharmaceutical peers. Chief Executive Mike Doustdar said Novo is redirecting restructuring savings toward research and development and building a more diversified business. Investors remained unconvinced, with the company facing intensifying competition from Eli Lilly, whose Zepbound has overtaken Wegovy among injectable obesity treatments. Semaglutide is expected to account for roughly 75% of Novo's 2026 sales, while its U.S. patent expires in 2032. Novo plans to launch more than five multi-blockbuster drugs before 2030, advance at least 10 Phase 3 programs and serve more than 60 million patients globally by the end of the decade. New CagriSema data showed meaningful weight loss, but the candidate previously missed a key non-inferiority endpoint against Lilly's tirzepatide. Novo expects an FDA decision on CagriSema for obesity in the fourth quarter of 2026 and plans a phased launch of next-generation therapies beginning in early 2027. The company's ability to execute its pipeline, compete with Lilly and pursue acquisitions will shape whether investors view its valuation as an opportunity or a value trap.