Novo shares fall as much as 9% as investors question pricing power and deals

Novo shares fell as much as 9% intraday on 21 September 2026 and were down about 4.4% by midday in Copenhagen after recovering some losses. Analysts called the new targets underwhelming and questioned pricing power and deal strategy ahead of semaglutide patent expiries in the early 2030s. CEO Mike Doustdar said the setbacks would push Novo to speed up research and pursue more deals rather than become more cautious.

• Intraday low down as much as 9% on 21 September; about 4.4% lower by midday
• Investors questioned pricing power ahead of semaglutide patent expiries in the early 2030s
• CagriSema launch targeted for early 2027; cagrilintide and high-dose CagriSema in 2028
• CEO said after setbacks Novo would accelerate research and seek more deals