Novo shares fall as much as 9% despite bullish Capital Markets Day targets

Shares in Novo (NOV: N), the Danish pharma major, fell as much as 9% on Monday as investors questioned the company's pricing power and dealmaking strategy, even as management laid out ambitious new targets at its Capital Markets Day in London.

Chief executive Mike Doustdar said Novo aims to launch more than five blockbuster drugs by 2030 and to deliver more than 150 billion Danish kroner ($23 billion) in pipeline sales by 2035, as the company seeks to reassure markets it can navigate the early-2030s patent expiries facing semaglutide, the active ingredient in its Ozempic and Wegovy franchises.