Novo Nordisk wants to keep its crown leading the weight loss drugs pack-despite outlook downgrades and lawsuits, its CFO has a plan | Fortune

"In its Q3 2025 results released November 5, Novo reported expected sales growth for the year of between 8 and 11% at constant exchange rates, and operating growth profit now between 4% and 7%. Compared to the same time last year, Novo was predicting 22% operating profit growth and sales growth of 24%. Novo Nordisk shares dropped on the update before quickly rebounding, but its stock remains on a downward trajectory. Its share price has fallen more than 50% year to date."

"The success of these drugs, used to treat diabetes and obesity, has naturally caught the attention of Novo's competitors. America's Eli Lilly, for example, is seeing growing demand for its Mounjaro product and is keen for a pill form of the medication to be pushed speedily through the U.S. approvals process. Novo Nordisk has a pill form of its own products to come, but the fact remains that until it can conjure its next rabbit from the hat, the outlook is weakening."

""The ultimate defence in our industry is in innovation," Knudsen told Fortune in an exclusive interview. "So clearly we do everything we can to push innovation forward: That could be the Wegovy pill that we hope to launch next year in the U.S., that could be our third-generation product CagriSema that we hope to submit in the coming months, and then push and increasing forward also amycretin. So innovation is really the silver bullet here.""

Novo Nordisk's GLP-1 drugs Ozempic and Wegovy drove major sales, but key patents begin expiring and competitors such as Eli Lilly are advancing rival products and pill forms. The company revised 2025 guidance lower, forecasting sales growth of 8–11% and operating profit growth of 4–7%, down from prior projections of 24% and 22% respectively. Share price volatility followed the update, with the stock down more than 50% year to date. A company-wide restructuring cost DKK 9 billion. Novo is prioritizing innovation through a Wegovy pill, third-generation CagriSema, and amycretin to defend market share.

Read at Fortune