Finance
Novo Nordisk CEO faces baptism of fire amid board shakeup, Pfizer fight
Published by Global Banking & Finance Review®
Posted on November 4, 2025
3 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on November 4, 2025
3 min readLast updated: January 21, 2026
Novo Nordisk's new CEO faces scrutiny amid board changes and rivalry with Pfizer, impacting the obesity market strategy.
By Maggie Fick and Bhanvi Satija
LONDON (Reuters) -Novo Nordisk's new CEO is set to face intense investor scrutiny this week as the Wegovy-maker shakes up its board and pursues a bidding war with U.S. rival Pfizer.
The drugmaker will release third quarter results on Wednesday, the first for Mike Doustdar who was tasked in August with turning around the Danish company's fortunes.
Novo, facing tougher competition from U.S. rival Eli Lilly in the lucrative obesity market, has seen its stock slide 50% this year, a sharp turn around from a peak in 2024 when it had been Europe's most valuable listed firm.
ALL EYES ON NEW CEO
Novo's earnings come just two weeks after controlling shareholder, the Novo Nordisk Foundation, seized control of the board, accusing its leadership of moving too slowly in the weight-loss drug race, especially in the U.S.
The outgoing chair and all six independent directors will step down at an extraordinary shareholder meeting set for November 14, with ex-CEO and Foundation chairman Lars Rebien Sorensen in line to become board chairman.
Paul Major, a healthcare-focused portfolio manager at Bellevue Asset Management, said attention would be on strategy and outlook.
"What matters is what Doustdar signals about the future, and the tone in which it's delivered," he said, adding the CEO and incoming board appeared aligned on the challenge Novo faced in a turnaround plan that has seen 9,000 jobs cut.
TD Cowen analyst Michael Nedelcovych said he wanted insight about Novo's shock $9 billion move last week to hijack Pfizer's takeover of U.S. obesity biotech Metsera, which has prompted a legal battle between the pair.
"I am curious... whether that speaks to a broader predilection on his part to do deals of similar either size or pace or kind," he said.
FOCUS ON 2025 TARGETS, 2026 GROWTH
Novo has cut its guidance three times so far this year and analysts said that the high end of its full-year outlook of 8%-14% sales growth looks challenging and could be lowered.
BMO analyst Evan Seigerman said he was looking for comments on how Novo plans to get past its restructuring and revive growth in its obesity business.
Jefferies analyst Michael Leuchten said Novo's outlook is constrained by its dependence on semaglutide, the active ingredient in its obesity and diabetes drugs which underpins about 60% of future revenues, given signs of market slowdown.
"It looks like the obesity market in the U.S. is running out of steam, and we don't fully understand why," he said, with new patient starts and prescription volumes "underwhelming".
(Reporting by Maggie Fick and Bhanvi Satija; Editing by Adam Jourdan and Alexander Smith)
A CEO, or Chief Executive Officer, is the highest-ranking executive in a company, responsible for making major corporate decisions and managing overall operations.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, ensuring accountability and transparency.
Stock market competition occurs when companies vie for investors' attention and capital, impacting their stock prices and market position.
A board of directors is a group of individuals elected to represent shareholders and oversee the management of a company.
A turnaround plan is a strategy implemented by a company to improve its financial performance and restore profitability.
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