Novo Nordisk is reshaping its strategy around obesity and diabetes, CEO Maziar Mike Doustdar said at the 44th Annual J.P. Morgan Healthcare conference on 13 January, 2026.
In a presentation at the conference, taking place January 12-15 in San Francisco, Doustdar acknowledged that 2025 was a difficult year for Novo Nordisk, with GLP-1 sales failing to meet expectations. Doustdar outlined Novo Nordisk’s strategic 2026 priorities, which included accelerating commercial execution, including rolling out semaglutide 7.2mg, launching the oral Wegovy pill, expanding and mastering cash-pay channels in the US, improving product availability, and continuing the strengthening their R&D pipeline, by bringing in several new assets for obesity and diabetes into the clinic and progressing the late-stage pipeline. Overall, this places Novo Nordisk in a favourable position in the obesity space.
Doustdar highlighted the Wegovy pill as a key competitive advantage, launching well ahead of Eli Lilly’s orforglipron, and delivering 16.6% weight loss, comparable to injectable Wegovy, which he said no other oral therapy has matched in a Phase III trial. He also pointed to superior tolerability, with only 7% discontinuation with Wegovy pill versus up to 24% seen with competitor therapies at the highest dose, and downplayed concerns over fasting requirements for the Wegovy pill, noting that this was not an issue for the 1.5 million patients on Rybelsus, indicated for diabetes, and that Lilly’s orforglipron pill required a 2–4 hour fasting period for some patients who take statins. To broaden access, Novo is relaunching NovoCare Pharmacy and partnering with Costco, Amazon and WeightWatchers, banking on the Wegovy pill to expand their overall obesity market.
On injectables, Doustdar described the 7.2mg Wegovy dose as part of a “learning arc,” arguing that higher semaglutide doses can deliver around 20% weight loss and that much of the perceived “third‑generation” edge of competitors is dose-driven rather than molecular. He suggested semaglutide may still have unique benefits, including cardiovascular and organ benefits, and wants to “change the narrative” toward dose‑equivalent comparisons. Recent price cuts were framed as “business 101”: necessary to widen access and pull patients from low‑cost compounded products, even if halving prices causes short‑term earnings pressure, which he described as the only realistic path to eventually treating 1–2 billion patients.
International operations remain a major growth lever, with Doustdar citing Novo’s long‑standing presence in 85 markets and its manufacturing footprint as structural advantages. While he acknowledged 2026 headwinds from semaglutide loss of exclusivity in a number of markets and mounting competition from Lilly, he pointed to a strong outlook driven by the Wegovy pill, the 7.2mg injection and upcoming launches such as CagriSema. Looking ahead, Doustdar said Novo Nordisk’s “must‑wins” span both late‑ and early‑stage obesity R&D, anchored in a deep, obesity‑focused R&D pipeline that spans both highly efficacious combinations and better‑tolerated monotherapies, with amylin biology at the core. Key late‑stage assets include CagriSema (semaglutide + amylin), which has demonstrated about 23% weight loss with only 3.7% discontinuation due to gastrointestinal (GI) side effects and is being advanced into higher‑dose “forte” regimens, as well as amycretin, while cagrilintide monotherapy is positioned for patients willing to trade some efficacy for near‑placebo‑like tolerability. With a tighter focus on obesity and diabetes and a steady stream of early-Phase, first-in-human assets, Novo Nordisk aims to remain a long‑term leader across multiple obesity segments rather than relying on a single flagship product.
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