In January 2026, Novo Nordisk A/S appointed Maziar Doustdar as CEO, marking the first leadership change since 2017. Doustdar, previously EVP of North America, immediately outlined a three-pillar strategy: deepen market penetration for semaglutide-based therapies, accelerate oral GLP-1 rollouts, and diversify beyond diabetes. He set targets of 15% annual revenue growth through 2028, driven by the recent launch of the oral formulation of Wegovy. With Eli Lilly’s oral GLP-1 delayed until late 2026, Novo Nordisk expects to capture at least 60% share of the U.S. obesity market in 2026, up from 45% in 2025, and to expand margins by 200 basis points through optimized manufacturing at new sites in Denmark and the U.S.

Novo Nordisk’s R&D pipeline features six candidates in Phase II/III, led by amycretin (a next-generation GLP-1 agonist) and CagriSema (a dual-agonist combining semaglutide with amylin and calcitonin analogs). Amycretin’s Phase II trials reported a 13.1% mean weight loss at 12 weeks versus 7.4% for Wegovy, with gastrointestinal adverse events in only 8% of patients versus 14% for the comparator. CagriSema’s ongoing global study, enrolling 1,200 participants, is expected to read out in Q3 2026. Novo Nordisk has allocated DKK 15 billion ($2.25 billion) to obesity-focused R&D in 2026, a 25% increase from 2025.

For the full year 2025, Novo Nordisk reported revenues of DKK 290 billion and operating profit of DKK 125 billion, representing year-over-year increases of 25% and 30%, respectively. Management forecasts 2026 revenue growth of 18% to DKK 343 billion, with adjusted EPS up 20% to DKK 38.50. Capital expenditure is set at DKK 40 billion, primarily for expanding the oral product lines’ manufacturing capacity. Investors should monitor the uptake rate of oral Wegovy—which has reached 120,000 scripts in its first quarter—and margin impact from price concessions secured under the U.S. Drug Pricing Act.

Risks include increased competition from Eli Lilly’s oral GLP-1 candidate, potential reimbursement headwinds in Europe, and pending patent expirations for semaglutide outside the U.S. by mid-2026. Novo Nordisk will report Q4 2025 results on February 18, where analysts will focus on U.S. volume growth, margin trajectory in obesity drugs and any guidance updates for the DKK 100 billion Chinese market opportunity following Wegovy’s mid-2024 approval there.