Novo Nordisk is setting its sights on more than DKK 150 billion, equivalent to roughly $23 billion, in annual risk-adjusted sales from pipeline medicines by 2035 as the pharmaceutical company prepares for a broader phase of growth. The target was outlined during its 2026 Capital Markets Day in London and forms part of a strategy to reduce its reliance on a relatively concentrated portfolio of diabetes and obesity medicines.
Key takeaways: Novo Nordisk
- The company plans to introduce more than five multiblockbuster medicines by 2030 while increasing the number of late-stage programs moving toward commercialisation.
- The strategy comes as the market for diabetes drugs continues to expand while competition within the GLP-1 category becomes more intense.
- The company generated DKK 309.06 billion in total revenue in 2025, meaning the potential pipeline sales targeted for 2035 would represent a significant additional revenue stream if the medicines progress successfully through development and reach the market.
The company plans to introduce more than five multiblockbuster medicines by 2030 while increasing the number of late-stage programs moving toward commercialisation. Novo also expects to have at least five Phase 3 programs focused on obesity and diabetes and another five Phase 3 programs across other therapeutic areas by the end of the decade.
The strategy comes as the market for diabetes drugs continues to expand while competition within the GLP-1 category becomes more intense. Novo intends to protect its established position in diabetes and obesity while increasing its exposure to blood disorders, endocrine diseases, liver conditions and cardiovascular medicine. The broader pipeline is intended to create additional sources of revenue as the company enters the next stage of its growth cycle.
Novo’s pipeline target is substantial when compared with its existing business. The company generated DKK 309.06 billion in total revenue in 2025, meaning the potential pipeline sales targeted for 2035 would represent a significant additional revenue stream if the medicines progress successfully through development and reach the market.
Chief Executive Officer Mike Doustdar said the company plans to continue investing in diabetes while expanding its obesity portfolio and establishing larger positions in additional therapeutic areas. The approach signals a shift from relying primarily on the commercial strength of a small number of major franchises toward building a wider collection of high-value medicines.
Novo Builds a Broader Late-Stage Development Pipeline
A central element of the strategy is the expansion of Novo Nordisk’s Phase 3 pipeline. By 2030, the company wants at least 10 Phase 3 programs across its portfolio, split between obesity and diabetes and other areas of medicine.
The target includes programs already in development as well as medicines expected to enter or complete Phase 3 trials during the period. For Novo, expanding this late-stage base is important because it increases the number of potential products that could reach the market during the next decade.
The company is also targeting more than five new multiblockbuster launches by 2030. Such medicines would need to achieve substantial commercial scale, giving Novo additional products capable of contributing meaningfully to revenue rather than depending heavily on its existing best-selling brands.
The diversification strategy covers blood and endocrine disorders, liver disease and cardiovascular medicine. These areas give Novo access to patient populations outside its traditional focus while also allowing the company to build on existing expertise in metabolic health.
The financial targets extend beyond pipeline sales. Novo expects revenue growth from 2026 through 2030 to remain broadly in line with pharmaceutical industry peers, while maintaining a relatively stable operating margin. The company has also outlined an objective of delivering an attractive dividend per share, pointing to a strategy that combines investment in future products with continued shareholder returns.
The scale of the company’s patient ambition is similarly significant. Novo wants its medicines to reach more than 60 million patients globally by 2030. Reaching that figure will require not only successful drug development but also substantial expansion of manufacturing, distribution and market access capabilities.
Manufacturing capacity has become particularly important as demand for obesity medicines continues to rise. Novo intends to build enough capacity to serve 10 times more patients with oral GLP-1 obesity treatments, highlighting the company’s expectation that tablets could become an important part of the next phase of the weight-management market.
Oral GLP-1 Medicines Become a Key Growth Opportunity
The focus on oral treatments comes as Novo Nordisk faces a more competitive obesity market. The company established a major position in the modern weight-loss medicine category through Wegovy, while Ozempic and other products have supported one of the industry’s largest diabetes franchises.
Eli Lilly has increasingly challenged that position with Mounjaro and Zepbound, raising the competitive pressure around GLP-1-based medicines. As injectable treatments become more widely available, companies are looking for ways to reach patients who may not want or be able to use injectable therapies.
Novo’s Wegovy pill is central to that effort. The oral formulation launched in the United States in January 2026, giving the company a new way to approach the obesity market beyond its established injectable product.
The early prescription figures have added significance to the strategy. The Wegovy pill recorded more than 200,000 weekly prescriptions during the week ending April 17, while Novo reported approximately 1.3 million prescriptions during the first quarter. The company said cumulative prescriptions had exceeded 2 million since launch at that point and described the launch as the strongest GLP-1 volume launch in the U.S.
The company believes tablets could bring more patients into obesity treatment by offering an alternative to injections. That potential is particularly relevant as pharmaceutical companies compete to expand the overall treated population rather than simply capture existing demand.
For Novo Nordisk, the oral strategy also fits with its broader manufacturing plans. Producing medicines in tablet form at significantly greater scale could help the company address demand from a wider patient base if oral GLP-1 treatment continues to gain acceptance.
The longer-term challenge will be translating the pipeline into approved products and sustained commercial demand. Novo’s 2035 target depends on multiple development programs progressing through clinical trials, regulatory review and eventual market adoption.
Its strategy nevertheless provides a clear picture of where the company intends to take its business. Diabetes and obesity remain central to Novo Nordisk’s plans, but the company is simultaneously building a wider pipeline, expanding manufacturing and pursuing oral treatment options. If those efforts progress as planned, the portfolio could look substantially different by the end of the next decade, with growth distributed across a broader range of medicines and patient populations.
Frequently asked questions about Novo Nordisk
What is the latest news on Novo Nordisk?
Novo Nordisk is setting its sights on more than DKK 150 billion, equivalent to roughly $23 billion, in annual risk-adjusted sales from pipeline medicines by 2035 as the pharmaceutical company prepares for a broader phase of growth.
Why does this development matter?
For Novo, expanding this late-stage base is important because it increases the number of potential products that could reach the market during the next decade.
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