Novo Nordisk bets on weight-loss pills to reverse its slide

Novo Nordisk, maker of Ozempic and Wegovy, is struggling with a share price 70% below its 2024 peak despite the successful launch of its weight-loss pill, which has attracted over 1.5 million users since January. CEO Mike Doustdar, who took over in August 2025 amid board upheaval and a 9,000-employee layoff, argues investors overlook the company's drug pipeline and broader customer focus. He emphasizes serving customers beyond traditional patients, a strategy some question as cosmetic. The company faces key challenges including US patent expiry on semaglutide early next decade, competition from Eli Lilly, and disappointing trial results for its next-generation drug CagriSema. Novo is expanding in the US and pursuing litigation, but investors remain skeptical about near-term catalysts.