Another piece of bad news for all $NVO shareholders 📉

Novo Nordisk presented new targets through 2035 at today's Capital Markets Day in London. But investors expected a better outlook and shares traded in Copenhagen wrote off as much as 7% in the morning.

The Danish pharmaceutical company wants to launch more than 5 drugs by 2030 with potential annual sales in the billions of dollars.

By 2035, the pipeline (the term for drugs the company is still developing and not yet approved or on sale) should generate over 150 billion Danish kroner, or about 23 billion dollars annually.

Other targets include revenue growth from 2026 to 2030 comparable to a selected group of competitors, roughly stable operating margins, and a tenfold increase in capacity for oral obesity treatment. The company stressed that this is not an official outlook.

The stock reaction suggests investors wanted a clearer answer to the main question: what will replace semaglutide (the active ingredient behind Novo Nordisk's best-selling drugs: Ozempic, Wegovy, and Rybelsus).

Its patent protection has already ended in markets like Canada and Brazil and will begin to expire elsewhere after 2030.

The stock is more than 70% below its 2024 peak, while competitor $LLY continues to gain market share. Morgan Stanley $MS lowered its rating to underweight ahead of the event, citing weaker medium-term growth.

Well...it's just going to keep being a struggle with this stock.