Novo Nordisk's American depositary shares fell nearly 8% after CEO Mike Doustdar addressed semaglutide's loss-of-exclusivity risk at a London investor day. Its U.S. patent expires in 2032, and Wegovy and Ozempic account for about 75% of revenue.
BMO Capital Markets analyst Evan Seigerman said investors need clearer evidence about Novo's next-generation medicines, calling the company a “show-me story.” He said its targets imply about 3.6% annual revenue growth through 2030, already in line with expectations. Eli Lilly CEO Dave Ricks said 700,000 seniors had entered the weight-loss market through Medicare's Bridge program, and 70% were using Lilly medicines; Lilly held about 61% of the U.S. obesity-and-diabetes GLP-1 market in Q2 2026, versus Novo's 39%.
Novo's next update is due Nov. 4, covering results for the first nine months of 2026 and offering a fresh look at Wegovy and Ozempic prescription trends and U.S. pricing. An FDA decision on CagriSema, Novo's next-generation obesity drug, is expected in Q4 2026. Even if approved, Wall Street will still want evidence that patients, insurers and doctors prefer it to Lilly's Zepbound and eventual generic semaglutide.
