Novo Nordisk CEO faces high-stakes debut as board overhaul, Pfizer clash shake company
Novo Nordisk’s new CEO Mike Doustdar will make his first major public test this week as the drugmaker prepares to unveil third-quarter earnings amid a deep leadership shakeup, aggressive restructuring, and an escalating fight with U.S. rival Pfizer.
Doustdar, who took the helm in August, has been tasked with reviving momentum at the Danish pharmaceutical giant after a dramatic reversal in fortunes. Once Europe’s most valuable listed company thanks to soaring demand for obesity drug Wegovy, Novo Nordisk has seen its shares plunge 50% this year as competition intensifies from Eli Lilly’s Zepbound, News.Az reports, citing Reuters.
The earnings release on Wednesday comes just weeks after the influential Novo Nordisk Foundation asserted tighter control over the company, accusing executives of moving too slowly in the obesity drug arms race. The shake-up will see the outgoing chair and all six independent directors depart at an extraordinary shareholder meeting on November 14, with former CEO Lars Rebien Sørensen expected to take the chairmanship.
Analysts say the focus will be squarely on Doustdar’s turnaround strategy, tone, and clarity on future growth. The company has already announced a major restructuring — including 9,000 job cuts — and has slashed its guidance three times this year. Its top-end full-year outlook of 8–14% sales growth is now seen as increasingly difficult to achieve.
Doustdar also faces scrutiny over Novo’s surprise $9 billion attempt to derail Pfizer’s takeover of U.S. biotech Metsera, a move that has triggered a legal showdown between the two rivals and raised questions about whether the new chief plans further bold deal-making.
Beyond competitive pressure, analysts warn that Novo’s dependence on semaglutide — the compound behind Wegovy and diabetes drug Ozempic — poses a risk. The ingredient underpins around 60% of future revenue, and early signs suggest the once-booming U.S. obesity drug market may be cooling, with Lilly overtaking Novo in prescription volumes earlier this year.
With investor confidence shaken and the obesity drug race accelerating, Doustdar enters his first earnings call with little margin for error — and the spotlight firmly on whether he can restore the company’s dominance in one of the pharmaceutical industry’s most lucrative markets.
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