Novo Nordisk is open to deals as it broadens beyond obesity, targeting more than five multi-blockbuster drug launches by 2030 and over DKK 150 billion ($23 billion) in pipeline sales by 2035. Obesity and diabetes generated over 90% of 2025 sales.
The plan does not mean Novo is leaving obesity: it aims to have at least five Phase 3 programs in obesity and diabetes and at least five in other therapeutic areas. Its portfolio includes oral Wegovy, CagriSema and zenagamtide, as well as work in cardiovascular, kidney, liver and rare diseases.
U.S. injectable Wegovy sales fell 22% at constant exchange rates in the second quarter of 2026 because of lower realized prices, while combined injectable and pill sales rose 4%. The report warns that acquisitions could hurt returns if Novo pays heavily for medicines that fail to reach blockbuster sales.
