Novo outlines $23 billion 2035 revenue target, but investors react with a 7% share drop

Novo’s chief executive used the recent Capital Markets Day to lay out a long‑term growth plan that targets $23 billion in annual sales by 2035. The strategy emphasizes expanding beyond its flagship obesity and diabetes medicines into blood and endocrine disorders, liver disease and cardiovascular conditions.

To support the revenue goal, the company said it will bring five multi‑blockbuster drugs to market by 2030, naming candidates such as cagrilintide and the combined CagriSema formulation. These launches are intended to offset the upcoming loss of exclusivity on its best‑selling semaglutide product.

Investors responded cautiously, with Novo’s share price falling about 7 percent to $40.20 after the presentation. Analysts at BMO Capital Markets had anticipated the slide, noting that the market had already priced in similar growth expectations.

Despite reporting a profit of 127.7 billion Danish crowns (roughly $19.6 billion) for the full year 2025, the company’s forward‑looking statements did not convince investors that the ambitious targets are fully achievable.