Novo Nordisk's weight-loss pill, a tablet form of Wegovy, has attracted over 1.5 million users since January, marking a scientific and commercial win. Yet investors remain anxious, driving the share price down roughly 70 percent from its mid-2024 peak. The looming expiration of the key U.S. patent on semaglutide early next decade fuels uncertainty. CEO Mike Doustdar, who took over in August 2025 after his predecessor was ousted by the Novo Nordisk Foundation, argues the market overlooks the company's broad pipeline. "We have more assets than people are giving us credit for," he told The New York Times, rejecting a zero-sum rivalry with Eli Lilly.

Drastic changes followed leadership turmoil, including the resignation of the chair and independent board members, with foundation chair Lars Rebien Sorensen assuming the company chair role. Novo laid off about 9,000 employees in the largest Danish restructuring ever. Doustdar is shifting rhetoric toward serving "customers, not patients," rebranding Rybelsus as "the Ozempic pill" and pursuing aggressive litigation to defend market share. He dismisses concerns about becoming a cosmetics company, insisting it is "irresponsible not to go in that direction" given the demand for safe, effective treatments.