On September 24, Novo-Nordisk A/S fell 3.02% in regular trading, trading at $38.24/share with turnover of $463 million, hitting a recent low. The decline extends a multi-session selloff triggered by the company's Capital Markets Day held earlier this week.
New CEO Mike Doustdar publicly acknowledged the company has \"over-promised and under-delivered,\" stating that rebuilding investor confidence is now a priority as its flagship semaglutide products approach a patent cliff in the early 2030s. While Novo pledged to launch at least five multi-blockbuster drugs by 2030 and generate over $23 billion in incremental pipeline sales by 2035, the market viewed these targets as reiterated rather than upgraded, lacking concrete growth details.
Selling pressure has been compounded by Morgan Stanley's earlier downgrade to underweight with a $40 price target, institutional shareholders including Baillie Gifford publicly urging acquisitions to reduce over-90% revenue dependence on semaglutide-based drugs, and the termination of two late-stage ziltivekimab cardiovascular trials. Although CagriSema showed a 12.4% weight loss versus 9.1% for Eli Lilly's tirzepatide in head-to-head data, the results failed to reassure investors amid broader pipeline concerns.
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