Weight-loss drug Wegovy made Novo Nordisk Europe’s most valuable company. Finding its next blockbuster drug is proving difficult
A clinical trial failure and U.S. competition have been tough for the Danish pharmaceutical firm. CFO Karsten Munk Knudsen says the company is doubling down on innovation and its weight loss pills as it looks toward its next stage of growth.
In September 2025, Danish pharmaceutical giant Novo Nordisk announced it would be cutting 9,000 jobs in a bid to cut costs by $1.2 billion. The company's CFO, Karsten Munk Knudsen, stated that the business has been experiencing a "rocky road" and that it needs to focus on its growth assets, including the weight-loss drug Wegovy, as well as continuing to invest in R&D to develop future "winners and growth drivers."
Novo Nordisk's hopes for future growth were pinned on a cardiovascular drug called ziltivekimab, but phase III trials for the drug were unsuccessful last week. This setback led to a 10% drop in the company's share price. Novo Nordisk CEO Mike Doustdar confirmed that the company would be launching Wegovy in Germany soon, with more European countries expected to follow.
Despite the challenges, Knudsen expressed confidence in the company's ability to overcome recent adversity, stating that Novo Nordisk has the global infrastructure, manufacturing footprint, and R&D pipeline to succeed in the long-term.
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