By Stine Jacobsen and Maggie Fick
COPENHAGEN, Aug 5 (Reuters) – Novo Nordisk CEO Mike Doustdar faces investors and analysts on Wednesday under pressure to restore confidence in the drugmaker’s longer-term growth prospects after an upgraded 2026 outlook failed to reassure markets.
The Danish drugmaker raised its full-year profit and sales outlook late on Tuesday but disappointed investors who focused instead on a narrow sales miss for its new Wegovy pill and a trial setback for its next-generation obesity drug CagriSema.
Its U.S.-listed ADRs slipped 6%, indicating a likely fall when the stock opens in Copenhagen on Wednesday. The shares, which had been rallying since March, are down 5% this year.
NOVO NEEDS A ‘STRONG PIPELINE’ AHEAD OF PATENT EXPIRIES
With the quarterly numbers out, attention is shifting from financial performance this year to whether Doustdar can convince investors Novo has a credible growth story beyond semaglutide.
“They need to have a strong pipeline to withstand the pressure when semaglutide hits the patent gap,” said Morten Gregersen, chief portfolio manager at Danish Novo shareholder Formuepleje. “There is another disappointment from Cagrisema, and it probably underlines the biggest strategic problem for Novo.”
Investors will be looking for details on a call with management at 1100 GMT on U.S. sales of oral Wegovy, the implications of the latest CagriSema data, broader R&D priorities and whether recent pipeline setbacks increase the likelihood of acquisitions or licensing deals.
The CagriSema results marked the latest setback following earlier trial disappointments, adding to investor concerns over Novo’s next-generation obesity medicines as well as its ability to develop its portfolio beyond obesity and diabetes.
“This puts the spotlight on Novo Nordisk’s pipeline and its robustness,” AL Sydbank said in a note to clients, adding that while Novo’s earnings should have prompted a sigh of relief from investors, the data and impairment charges had dented sentiment.
(Reporting by Stine Jacobsen, Maggie Fick, Bhanvi Satija; Editing by Adam Jourdan and Rashmi Aich)
