Novo Nordisk shareholders are urging the Danish drugmaker to pursue acquisitions and develop new medicines to reduce its heavy dependence on blockbuster weight-loss treatments Ozempic and Wegovy. The pressure mounts ahead of the company's first capital markets day under CEO Mike Doustdar, who took over last year and has since cut over 9,000 jobs and rebranded the company. Investors warn that Novo generates over 90% of sales from diabetes and obesity drugs, leaving it vulnerable as rival Eli Lilly dominates the US obesity market with Zepbound and Mounjaro. Flossbach analyst Eugen Uretzki stressed that asset development remains unproven and urgent given Lilly's lead. Baillie Gifford's Julia Angeles called for a clear transition strategy, including partnerships to explore experimental treatments and next-generation obesity drugs that reduce muscle loss.

While Novo still leads in oral obesity drugs and plans to launch CagriSema next year, it faces patent expirations for semaglutide starting in the 2030s and recent pipeline setbacks, including a late-stage heart drug failure. Sales are projected to drop up to 6% this year. One former long-term investor stated Novo is "in trouble" and needed M&A "long ago" to replace semaglutide revenue.